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2013 SESSION

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CHAPTER 93 An Act to amend and reenact § 38.2-232 of the Code of Virginia, relating to notice of lapse of certain insurance policies. [S 777] Approved March 5, 2013

 

Be it enacted by the General Assembly of Virginia:

1.  That § 38.2-232 of the Code of Virginia is amended and reenacted as follows:

§ 38.2-232. Notice of lapse or pending lapse of certain life and accident and sickness insurance policies.

A. Every insurer, health services plan, or health care plan that issues a policy, contract, or plan of insurance or annuity as defined in §§ 38.2-102 through 38.2-109 shall provide the policy owner, contract owner, or plan owner with a written notice prior to the date that the policy, contract, or plan will lapse for failure to pay premiums due.

This section B. The provisions of subsection A shall not apply (i) to group policies, contracts, or plans of group insurance, or (ii) where to individual policies, contracts, or plans of insurance if the insurer, health services plan, or health care plan, (a) as a general business practice, provides its policy owners, contract owners, or plan owners with written notices of premiums due, or (iii) where the insurer, health services plan, or health care plan (b) has furnished its policy owner, contract owner, or plan owner with written notice separate from that contained in the policy that the failure to pay premiums in a timely manner will result in a lapse of such policy, contract, or plan.

2.  That the provisions of this act are declarative of existing law.