South Dakota § 58-12-34 Acts constituting unfair claims practices.

South Dakota Statutes

§ 58-12-34 — Acts constituting unfair claims practices.

South Dakota·Title 58 INSURANCE·Ch. 58-11A INSURANCE CLAIMS AND BENEFITS

Any of the following acts by an insurer, if committed in violation of § 58-12-33 , is an unfair claims practice:

(1)Knowingly misrepresents to a claimant or an insured a relevant fact or policy provision relating to coverages at issue;

(2)Fails to acknowledge with reasonable promptness pertinent communications with respect to claims arising under its policies;

(3)Fails to adopt and implement reasonable standards to promptly complete claim investigations and settlement of claims arising under its policies;

(4)Fails to make a good faith attempt to effectuate prompt, fair, and equitable settlement of claims submitted in which liability coverage, and causation of claims have become reasonably clear;

(5)Compels an insured or beneficiary to institute a suit to recover an amou

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Any of the following acts by an insurer, if committed in violation of § 58-12-33 , is an unfair claims practice: (1) Knowingly misrepresents to a claimant or an insured a relevant fact or policy provision relating to coverages at issue; (2) Fails to acknowledge with reasonable promptness pertinent communications with respect to claims arising under its policies; (3) Fails to adopt and implement reasonable standards to promptly complete claim investigations and settlement of claims arising under its policies; (4) Fails to make a good faith attempt to effectuate prompt, fair, and equitable settlement of claims submitted in which liability coverage, and causation of claims have become reasonably clear; (5) Compels an insured or beneficiary to institute a suit to recover an amount due under its policies by offering substantially less than the amount ultimately recovered in a suit brought by the insured or beneficiary; (6) Refuses to pay claims without conducting a reasonable claim investigation; (7) Fails to affirm or deny coverage of claims within a reasonable time after having completed a claim investigation related to the claim; (8) Attempts to settle a claim for less than the amount that a reasonable person would believe the insured or beneficiary is entitled by reference to written or printed advertising material accompanying or made part of an application; (9) Attempts to settle a claim on the basis of an application that was materially altered without notice to, or knowledge or consent of, the insured; (10) Makes a claim payment to an insured or beneficiary without indicating the coverage under which each payment is being made; (11) Unreasonably delays a claim investigation or payment of a claim by requiring both a formal proof of loss form and subsequent verification that would result in duplication of information and verification appearing in the formal proof of loss form; (12) Fails, in the case of a claim denial or offer of compromise settlement, to promptly provide a reasonable and accurate explanation of the basis for such action; or (13) Fails to provide forms necessary to present a claim within fifteen days of a request with reasonable explanations regarding their use.

South Dakota § 58-12-34 (Acts constituting unfair claims practices.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.