"An Act relating to enforcement of insurance unfair claim settlement practices by a person affected by a violation; permitting penalties for a single-act unfair claim settlement practice; and providing for an effective date. "

Under AS 21.36.125, the Unfair Claims Settlement Practices Act sets standards for insurance companies to abide by. This act was enacted to protect Alaskans from unfair insurance settlement practices, including slow or deceptive claims handling. These regulations define what is acceptable conduct in the insurance industry.

HB 350 strengthens the Unfair Claims Settlement Practices Act and further encourages Insurers to abide by fair and acceptable standards by increasing penalties. This bill would set higher standards than what are currently in place and would be a benefit to Alaskans.

Some states laws allow for judges to award attorney's fees as well as punitive damages on behalf of the plaintiff suing an insurance company in violation of the Unfair Claims Settlement Practices Act. HB 350 would give the same advantage to Alaskans.

HB 350 would allow a person harmed by an unfair claims settlement to seek a remedy in court if the person is harmed by the violation.

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