OIC Recieves Over 520 Insurance Fair Conduct Notices in One Year
The Insurance Fair Conduct Act (IFCA) requires a first-party claimant intending to file suit under the Act to provide 20 days written notice to the insurer and the Office of the Insurance Commissioner (OIC). Although IFCA did not take effect until December 6, 2007, following voter approval, the OIC has been receiving and tracking IFCA notices since May 22, 2007, shortly after the legislature and governor approved the law.
From May 22, 2007, to May 23, 2008, the OIC recieved over 520 IFCA notices. It is unknown how many resulted in litigation.
