Regulation .05 Contents of Settlement Offer.
Regulation .05 Contents of Settlement Offer.LinkCopy Citation
A.
In General. A settlement offer made by an insurer pursuant to Regulation .04 of this chapter shall:
(1)
State the amount being offered;
(2)
Inform the claimant that, on request from the claimant, the insurer shall provide the claimant in writing:
(a)
A copy of the settlement offer;
(b)
The method used to arrive at the value of the motor vehicle, including identification of any books, manuals, or databases used;
(c)
A detailed explanation of the insurer's calculation of the motor vehicle's total loss value, including the calculation of any value added to the motor vehicle by options;
(d)
A list of all deductions that will be made from the value of the motor vehicle; and
(e)
A copy of the inspection guidelines relied on by the insurer to determine the condition of the vehicle at the time of the loss; and
(3)
Inform the claimant that the claimant may, in writing, reject the settlement offer and make a counteroffer in accordance with Regulation .06 of this chapter.
B.
If a claimant makes a request under §A(2) of this regulation, the insurer shall provide a response within 7 business days of the date of the request.