(a) Upon the payment in settlement of any third-party liability claim in excess of ten thousand dollars where the claimant is a natural person, the insurer shall mail to the claimant notice of such payment at the same time payment is made by the insurer. (b) The notice required pursuant to subsection (a) of this section shall be mailed to the last-known address of such claimant as furnished by such claimant's attorney or representative at the time of settlement. (c) Nothing in subsection (a) or (b) of this section shall (1) create any cause of action or proceeding for any person or entity against an insurer based upon a failure to provide notice as required by this section or defective notice, or (2) establish a defense for any party to any cause of action based upon a failure to provide notice as required by this section or defective notice.
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