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Any person transacting a business of insurance who participates in the investigation, adjustment, negotiation, or settlement of a claim:
(1) shall fully disclose to a first-party claimant all relevant benefits and other provisions of coverage under which a claim may be covered;
(2) may not deny a claim on the ground that the first-party claimant failed to exhibit the property without written proof of demand and the unwarranted delay or refusal by the first-party claimant to do so;
(3) may not, except where there is a time limit specified in the coverage document, make statements, written or otherwise, requiring a first-party claimant to give written notice of loss, statement of claim, proof of loss, or similar affidavit within a specified time limit;
(4) may not request a first-party claimant to agree to a compromise or enter into a release that extends beyond the subject matter that gives rise to the claim payment; and
(5) may not issue a check, draft, warrant or other claim payment in partial settlement of a loss or claim under a specified coverage, which contains language that releases or compromises the issuer or its principal from any other liability.
History: Eff. 5/6/89, Register 110
Authority: AS 21.06.090
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Last modified 7/05/2006