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Introduced Senate Bill (S)

DIGEST

Insurance proceeds held by a mortgagee. Requires a mortgagee that is a joint payee of available insurance proceeds (proceeds) on a claim for property loss to an insured building or other structure to deposit the proceeds in a separate and segregated account. Provides that an insured is entitled to the interest accrued on proceeds held in a separate and segregated account, which shall be payable at the time of the final distribution of the proceeds. Insurance proceeds held by a mortgagee. Requires a mortgagee that is a joint payee of available insurance proceeds (proceeds) on a claim for property loss to an insured building or other structure to deposit the proceeds in a separate and segregated account. Provides that an insured is entitled to the interest accrued on proceeds held in a separate and segregated account, which shall be payable at the time of the final distribution of the proceeds.