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Office of the Revisor of Statutes

SF 2667 Senate Long Description

Changing the standard for the settlement of automobile insurance claims for damaged window glass from a competitive price basis to a fair and reasonable market price basis and specifying a time limit for payment of vendors by insurers; requiring the commissioner of commerce to determine the range of fair and reasonable market prices after conducting a market survey to determine the average price range of certain components of automobile glass repair or replacement, including a standard deviation at the low and high ends of the range, authorizing the commissioner to assess insurers and auto glass vendors for the cost of conducting the survey; authorizing and providing for insurer arbitration of invoice claims, providing for selection of an arbitrator, specifying certain time limits, placing responsibility for paying arbitrator fees on the loser of the arbitration and imposing a moratorium on further arbitration under certain conditions and certain sanctions on noncomplying glass companies and insurers; repealing the auto glass market survey revolving account (je)