ACTION ALERT: VOTE NO ON SB-76
The Colorado Legislature is considering SB-76 which proclaims to "prohibit financial rewards for denying insurance claims." Of course companies DON'T and by law already can’t specifically reward decisions to reject claims, but it is part of the job of claims and other employees to investigate insurance claims to ensure that they pay the amount that customers are entitled to under the policy. It’s also their responsibility to investigate and deny fraudulent claims.
Because of the broad language of SB 76, in essence it asserts that insurance company employees, whose job it is to review claims, will be breaking the law if they don’t pay the full amount being requested on every single claim immediately and without any question.
Different from health insurance, auto and homeowner insurance claims frequently involve an insurance company PROTECTING their own customer from another person who claims that their customer is financially responsible for paying medical bills, to fix their car or to pay thousands of dollars in pain and suffering. Consumers expect their own insurance company to defend them against paying unfair or even fraudulent claims.
We need your help to make certain that the Colorado Legislature understands that SB-76 will harm insurance consumers, raise car and homeowners insurance rates, and increase fraud.