When the topic of bad faith legislation arises in the states, the proverbial hair on the back of the neck rises for insurers nationwide.
If a policyholder were to ask why, the answer is simple: Legislation like this does not benefit consumers, nor does it improve insurance regulation. Its solely for the benefit of trial lawyers. It creates a double lawsuit windfall that clogs the courts, keeping meritorious suits from being heard. Such legislation also countermands the authority of state insurance regulation, and instead interjects a litigation shakedown and lottery-style pursuit of jackpots that ultimately hurt policyholders through increased costs and premiums.
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