An Act to provide prompt payment following settlement by insurance company

Summary

The bill adds a new Section 113A to Chapter 175 of Massachusetts law, obligating any insurance company that has agreed to fund a settlement to pay the plaintiff within 21 days of the plaintiff providing a duly executed release to the defendant. It targets civil cases where damages are settled and the insurer is responsible for the payment. The goal is to speed up the flow of settlement money to plaintiffs and reduce payment delays.

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