SB303 - Provides that insurers have the right to defend an insured without reservation before a claimant can contract to limit recovery to certain assets or insurance policies

SB 303

Provides that insurers have the right to defend an insured without reservation before a claimant can contract to limit recovery to certain assets or insurance policies

Sponsor:

Wieland

LR Number:

1306S.02C

Committee:

Insurance and Banking

Last Action:

5/12/2017 - Informal Calendar S Bills for Perfection--SB 303-Wieland, with SCS

Journal Page:

Title:

SCS SB 303

Calendar Position:

Effective Date:

August 28, 2017

Current Bill Summary

SCS/SB 303 - This act provides that an insurer must have refused the opportunity to defend an insured person without reservation before someone with an unliquidated claim for damages against the insured person may enter into a contract to limit their recovery to certain assets or insurance policies of the insured.

This act further provides that insurers must be notified of such contracts and have an opportunity to intervene as a matter of right before a judgment may be entered against an insured who has executed such a contract.

This act is similar to provisions in SS/SCS/HCS/HBs 339 & 714 (2017), and HB 714 (2017).

ERIC VANDER WEERD

Amendments