How long can an insurer request for additional time to evaluate or investigate the claim within the 15 business day evaluation period?

An insurer is allowed to request an extension of 5 business days to evaluate or investigate a claim within the initial 15 business days. This provision is designed to ensure that the insurer has enough time to adequately assess the circumstances surrounding the claim without causing undue delays. The additional time allows for thoroughness in evaluating the details and ensures that all necessary information is taken into consideration.

By granting just 5 extra business days, this regulation balances the insurer's need for further investigation while maintaining a sense of urgency for the claimants. It emphasizes the importance of timely communication and resolution of claims, which is vital in the insurance industry, ensuring that clients are not left in prolonged uncertainty regarding their claims.