Anti-Scam Insurance Administrative Relief Act

PART I — PRELIMINARIES

1. Short Title and Enactment
(1) This Act may be cited as the ‘Anti-Scam Insurance Administrative Relief Act’

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by Representative EATB.

(4) This Act has been co-sponsored by President of the Senate Talion77.

(5) This Act amends the following acts:

(a) Debt Recovery Quick Fix Act

2. Reasons and Intent

(1) Currently, the law mandates that the Department of Commerce must individually track every single insurance policy's due date and manually inform players and companies when they miss a payment.

(2) This places a massive, unnecessary organisational and administrative burden on the Department of Commerce to act as a collection agency and micromanage individual accounts.

(3) The responsibility of keeping track of insurance coverage and making timely payments should lie squarely on the insured party, not the government.

(4) By shifting this responsibility, the Department of Commerce can focus its resources on verifying claims and processing payouts rather than chasing down missed payments.

PART II — AMENDMENTS TO THE DEBT RECOVERY QUICK FIX ACT

1. Amendments to Government Anti-Scam Insurance

(1) Section 5 of the Debt Recovery Quick Fix Act shall be amended as follows:
"5 - Government Anti-Scam Insurance
(1) The DoC is to run Anti-Scam Insurance, which provides players and companies with protection against entities declared bankrupt.
(2) The Insurance will cost an initial rate of $1,500 per month, payable to the government. The DoC will initially cover 70% on claims up to $25,000 submitted by insured players and companies. All of these figures may be adjusted internally by the DoC once per 30 days, and the public must be informed of such changes through an announcement. Claims will be submitted and reviewed on a case-by-case basis by the DoC.
(3) Players are automatically insured for free for the first month after their joindate. Claims by the uninsured may be submitted for an incident that occurred within a player's first month after joindate.
(4) Players and companies that have missed an insurance payment will be informed by the DoC and be given a window of one week to pay. Missing two consecutive payments will result in coverage immediately suspended until payment is sufficiently provided.
(4) It is the sole responsibility of the insured players and companies to track their coverage dates and submit their monthly insurance payments on time. Failure to submit a payment by its due date will result in the immediate and automatic suspension of coverage, without the requirement of a notice or grace period from the DoC. Coverage shall remain suspended until the required payment is sufficiently provided.
(5) Any damages that are not part of any actual financial loss are not eligible. (e.g. Punitive Damages, Emotional Distress), as well as inflation costs and opportunity costs."