Regulation .06 Response by Claimant to Settlement Offer.
Regulation .06 Response by Claimant to Settlement Offer.LinkCopy Citation
A.
In General. After receipt of a settlement offer, a claimant may:
(1)
Accept the offer; or
(2)
In writing, reject the offer and make a counteroffer based on:
(a)
Dealer quotations for a substantially similar motor vehicle;
(b)
Advertisements for a substantially similar motor vehicle; or
(c)
Any other source of valuation for a substantially similar motor vehicle.
B.
Duty of Insurer. If an insurer rejects a claimant's counteroffer made pursuant to §A(2) of this regulation, the insurer shall, within 5 business days, send to the claimant a written explanation in clear and understandable language of why the information relied on by the claimant in the counteroffer does not provide a more accurate valuation than the information relied on by the insurer in its offer.