Article Forty-Four
| No: 596/1 |
The Company shall settle individual policyholder’s claims in a period not to exceed fifteen (15) days from the date of receiving all requested and necessary documentation related to the claim, another fifteen (15) day period shall be extended with a notification to the regulatory compliance officer with reason(s) of such extension. The Company shall settle commercial entities’ claims in a period not to exceed forty-five (45) days after receipt of all requested and necessary documentation including the report of the loss assessor who must be appointed by the company within one week from the loss notification’s date. If this period is exceeded, the regulatory compliance officer must be notified and provided with reason(s) for such delay.