How long does an insurance company have to pay on a claim (such as a theft under my renters insurance)? Are there laws stating a certain period of time that a company would have?
Your state has some form of regulation that defines what is acceptable conduct in the insurance industry. Many states have enacted an “Unfair Insurance Practices Act” or an “Unfair Claims Settlement Practices Act”. Or, the regulations may be found in a broader law that encompasses all trade practices.
