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2011 SESSION

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HB 2529 Life insurance; required disclosure.

Introduced by: Lynwood W. Lewis, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Life insurance; required disclosure.  Requires an insurer to provide written notice to the owner of a life insurance policy if (i) an individual insured is age 60 or older or is known to be terminally ill or chronically ill and (ii) the individual requests the surrender of the policy, the individual requests an accelerated death benefit, the insurer sends a notice of lapse of the policy, or the State Corporation Commission otherwise requires the sending of the notice. The notice is required to include information regarding alternatives to the lapse or surrender of the life insurance policy.


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