INDEPENDENT COUNSEL-INSUREDS

Creates the Insured's Independent Counsel Act. Provides that if an insurer has a duty to defend an insured under a policy of insurance and a significant and actual conflict of interest arises that imposes a duty on the insurer to provide independent counsel to the insured, unless the insured waives the right to independent counsel in writing, the insurer shall provide independent counsel to the insured. Provides that the phrase "significant and actual conflict of interest" excludes specified circumstances. Adds provisions governing: the selection of independent counsel; retention of other counsel by an insured; duties of the independent counsel; privileged information; waiver of the right to select independent counsel; and cooperation between the insurer, insured, and independent counsel.