Common use of Loss Payment Procedure Clause in Contracts

Loss Payment Procedure. A. Claimants must be paid for covered claims in accordance with regulatory requirements. For purposes of this paragraph A., the term “Claimants” means individuals or organizations that make a Claim under the Policy(ies). B. Claims Administrator will establish procedures to make timely payments (within agreed to and statutory time frames) of qualified loss when due, and shall have the authority to commit funds from the Claim Loss Fund Account. Drafts or checks should be issued in a timely manner and in accordance with the applicable rules, regulations and laws applicable of the jurisdiction(s) involved. C. Claims Administrator will retain copies of, or facsimile copies of, checks for seven (7) years from the date of bank clearance.