What is the timeframe for an insurer to accept or deny a claim after proof of loss is executed?

The timeframe for an insurer to accept or deny a claim after the proof of loss has been executed is typically set at 15 working days. This requirement ensures that insurers process claims in a timely manner, promoting fair treatment for policyholders. By establishing this 15-day guideline, regulations help to maintain efficiency and accountability within the insurance industry, allowing claimants to receive updates and decisions regarding their claims without excessive delays. This timeframe is designed to balance the need for insurers to thoroughly assess claims while providing policyholders with a reasonable expectation of when they can expect a response.

Other timeframes, such as 10, 30, or 60 working days, might reflect varying standards or regulations but do not align with the standard practice outlined for this particular process.