How many days does a New York insurance company have to pay a claim after receiving proof of loss?

In New York, once an insurance company receives proof of loss, they are required to pay the claim within 30 days. This timeframe is mandated by New York's Insurance Law, which aims to ensure that policyholders receive timely compensation for their covered losses. The 30-day period starts from the date the insurer receives the completed proof of loss, and this prompt payment requirement helps to protect consumers and promote efficient claims handling by insurance companies.

Given this regulation, 30 days is the correct and legally defined timeframe for payment, which underscores the importance of understanding state laws and insurance provisions in claims management. This rule is designed to encourage insurers to act promptly, thus facilitating the financial recovery process for insured individuals.