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Article: Insurers urge review of diminished value issue.(Iowa)
- Article from:
- Claims
- Article date:
- October 1, 2003
CopyrightCOPYRIGHT 2003 Insurance Week, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Iowa Administrative Rules Review Committee is being asked to issue a session delay on rule changes to Iowa Code 191-15 that pertain to diminished value in third party claims, enabling the legislature to review the matter when it convenes in 2004.
The changes recommended by the Division of Insurance would require that insurers consider diminished value as an additional measure of damages in all third party, automobile claims, based on its interpretation of Papenheim v. Lovell. In addition, insurers would be directed to maintain a system of supervision and control to ensure compliance.
"The obligations insurers have regarding diminished value have ...