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Relating to the status of personal automobile or residential property insurance policy summary documents.
No significant fiscal implication to the State is anticipated.
HB 1555 would clarify that a document providing a plain language summary of an automobile insurance policy or a residential property insurance policy, or of an endorsement to an insurance policy, is not part of the actual policy or endorsement form. Furthermore, such a summary would not modify the provisions of the policy it summarizes nor be admissible as evidence of the coverage provided by the insurance policy it summarizes.
The purpose of this bill is to ensure that insurance companies can provide plain language summaries without fear that those summaries will be considered part of the coverage or be used as proof of coverage.
This bill would benefit consumers by making insurance companies more comfortable printing plain language policy summaries. It would also benefit insurance companies by ensuring that those summaries are not misused for a purpose they are not intended for. This enhances free markets and limited government. For these reasons we support HB 1555.