Modifies provisions relating to time-limited settlement demands to liability insurers

SB 1120 establishes specific requirements for "time-limited settlement demands" made by claimants against liability insurers in personal injury, bodily injury, or wrongful death cases. To be valid, these written demands must be sent via certified mail, remain open for at least 90 days, and include detailed terms like the settlement amount, injury descriptions, policy limits, and release language. Insurers must accept such compliant demands within the specified period, and non-compliant demands cannot be used as evidence of a reasonable settlement opportunity in lawsuits alleging extracontractual damages. This bill directly affects claimants seeking settlement and liability insurers handling these claims.