Establishes the standards to be satisfied by a third-party claimant when delivering a time-limited demand to an insurer.  This includes requiring the third-party to deliver all supporting documents, records, and relevant information to provide the insurer with a fair and reasonable opportunity to investigate and evaluate the claims presented without the risk of having unfair settlement claim practices or insurance bad faith claim alleged against the insurer.

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Amends the state’s bad faith law to prevent a third-party claimant from bringing an action for bad faith in connection with the handling of an insurance claim.  A third-party may bring a claim for fraud if they have suffered damages from the handling of an insurance claim but it cannot be under any other theory or cause of action.

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