The Property Casualty Insurers Association of America (PCI) is trumpeting research indicating that a 2007 bad faith law enacted in Washington State has increased the cost of insurance for consumers.
The study, released by the Insurance Research Council (IRC), examined the impact of the Insurance Fair Conduct Act (IFCA), enacted by the Washington State Legislature. The act “provides legal remedies for policyholders, including the ability to seek punitive damages in court if their claims are unreasonably denied by their insurance companies or their insurance company violates particular regulations governing unfair claims settlement practices.”
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