To: All NAMIC Members Doing Business in Virginia
Deadline: Wednesday Feb. 28, 12 p.m. EST
Action: Ask Your State Delegate for a “NO” Vote on Problematic Bad Faith Bill
The Virginia House Courts of Justice Committee on Feb. 23 favorably reported a problematic bill that would significantly expand Virginia’s bad faith law for underinsured/uninsured motorist coverages.
Despite Virginia’s already strong consumer protection laws and regulations, an effort to create yet another cause of action against Virginia’s insurers has been introduced via SB 256. On its face, this bill isn’t necessary as there is a full and robust system to address bad actors through the Bureau of Insurance. The bill would create a “bad faith” action for underinsured/uninsured motorist coverages when an insured seeks coverage from their insurer due to another driver’s lack of adequate insurance.
SB 256 will substantially and materially impact the insurance industry and ultimately harm Virginia’s consumers from increased litigation, higher insurance costs, and an unpredictable court system.
Tell Your State Delegate to Vote “NO” on SB 256
If you have any questions or concerns, please don’t hesitate to contact me.
Post Details
Publish Date
February 26, 2024
News Type
- Action Alerts
Topics
- Virginia
Points of Contact
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