Fair Claims Settlement Practices Regulations

Fair Claims Settlement Practices Regulations are rules that insurance companies must follow when handling claims. These regulations ensure that claims are processed promptly, fairly, and honestly. Insurers are required to investigate claims thoroughly, communicate clearly with policyholders, and avoid unnecessary delays or denials. They must also handle claims with good faith, provide reasons for any denial, and settle valid claims promptly. The goal is to protect consumers from unfair treatment and ensure they receive the benefits they are entitled to under their insurance policies.