INSURANCE Insurance Generally: Provide for Limited Release of Settling Insurance Carrier and Insured Tortfeasor for Claims Arising out of Motor Vehicle Accidents Covered by Two or More Insurance Carriers

For claims arising out of motor vehicle accidents in which there is multiple insurance coverage, the Act provides that one carrier may settle with the claimant by paying its policy limits and thereby release itself and its insured from further liability except to the extent other insurance coverage may apply. The Act further provides that any carrier not settling shall continue to be liable to the extent of its policy limits. The Act maintains the status quo for bad faith and negligent refusal to settle.