How many days do insurers have to close a claim once qualifying information is received?

Insurers are required to close a claim within 14 days of receiving all qualifying information relevant to that claim. This timeframe is set to ensure timely resolution of claims, providing a clear guideline for insurers to follow and helping to protect the interests of policyholders. Timeliness in claims processing minimizes uncertainty for the claimant and promotes a more efficient claims handling process.

While other timeframes such as 7, 21, or 30 days may seem reasonable, they do not reflect the regulatory standards that enforce 14 days as the required period. This specification is particularly important for maintaining fair practices within the insurance industry. The 14-day requirement encourages insurers to assess claims promptly and addresses the need for accountability and transparency in the claims process.