Question:  A number of our customers incurred hail and windstorm damage to their homes during our last storm.  The bank is a "loss payee."  Any special requirements relating to claim checks?
 
Answer:  Yes!  Within ten days of receipt of  the insurance proceeds, you must notify the insured of your requirements for release of the funds (e.g. receipt of invoice from roofer, inspection of repairs by the bank, or whatever these might be).  Then not later than ten days of receipt of a request from the insured for a release, you must turn over the funds or explain why they are not being released along with requirements for the release.  [This law is found at sections 557.002 thru 557.004 of the Insurance Code.]