According to a poll done by GBOA Strategies, July 30-August 3, 2023, of 1,000 Registered voters in the state of Michigan.
Good Faith. Your Right.
The Insurance Industry’s Responsibility.
SUPPORT THE POLICYHOLDER BILL OF RIGHTS
The upcoming Policyholder Bill of Rights establishes rights that protect you, your loved ones, and your property by requiring the insurance industry to act in good faith. This bill:
ENSURES that the insurance industry has a duty to honor their contracts and obligations in good faith and allows for legal recourse when the industry fails.
ESTABLISHES the right of consumers to have their claims investigated properly and handled fairly.
REQUIRES insurance companies to promptly pay valid, rightful claims on home, auto, life, and business policies.
PROTECTS consumers from loss based on policyholder needs, and not on insurance company profits.
CREATES reasonable industry standards for investigating and paying claims, as well as reasonable industry standards to protect consumers, businesses, and insurance companies.
You pay your premiums. They need to keep their promises.
What is Insurance Good Faith?
The insurance industry has created a culture where company profits are placed ahead of the interests of policyholders. The insurance industry uses corporate tactics to delay and deny the payment of claims without a reasonable basis and force policyholders to file lawsuits simply to get their claims paid. These tactics violate the Good Faith and Fair Dealing required of insurance companies and engaging in these tactics is known as Bad Faith conduct.
DELAY: Insurance companies use their economic advantage to unreasonably delay payment of claims. By holding onto their policyholder’s money, the insurance industry pressures policyholders into taking less than the insurance company is contractually obligated to pay.
DENY: The insurance industry systematically denies legitimate claims without any reasonable basis because their studies have shown many policyholders give up rather than attempt to take on their insurance company and their army of lawyers.
DEFEND: The insurance industry has the resources to engage in costly and protracted litigation against those policyholders that dare question the delay and deny tactics and are forced to file a lawsuit. Without laws protecting policyholders, the insurance industry has no fear of running roughshod over their premium paying customers.
Good Faith. Your Right. The Insurance Industry’s Responsibility.
The Legislation
The Policyholder Bill of Rights has been introduced in both the Michigan State House and State Senate with over 50 sponsors from both political parties. You can view the legislation below: