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REFERENCE TITLE: insurance; time-limited offer; settlement demand |
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State of Arizona Senate Fifty-seventh Legislature Second Regular Session 2026
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SB 1414 |
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Introduced by Senator Bolick
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AN ACT
amending title 20, chapter 2, article 1, arizona revised statutes, by adding section 20-243; relating to the transaction of insurance business.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 20, chapter 2, article 1, Arizona Revised Statutes, is amended by adding section 20-243, to read:
20-243. Time-limited offer; settlement demand; thirty days; notice requirements
A. Except as otherwise provided by law, when an insurer receives a settlement demand that pertains to a third-party demand from any source, the insurer has thirty days to review and respond to the settlement demand.
B. For the purposes of determining the time limit set forth in subsection A of this section, the thirty days begins on the date shown by the postmark or other official mark of the United States postal service that is stamped on the settlement demand or on the date the settlement demand was emailed or sent by fax, if the settlement demand was sent by email or fax. If there is a dispute as to whether the insurer complied with the time limit set forth in subsection A of this section, the insurer may establish the date by competent evidence.