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2013 SESSION

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SB 777 Insurance; notice of lapse in coverage for certain life and accident and sickness policies.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Insurance; notice of lapse in coverage. Restates a provision enacted in 1991 that was intended to provide that the requirement that insurers issuing certain life and accident and sickness insurance policies provide notice of lapse for failure to pay the premium does not apply to group policies, contracts, or plans. In addition, the requirement does not apply to individual policies, contracts, or plans if the insurer, health services plan, or health care plan either (i) as a general business practice provides its policy owners, contract owners, or plan owners with written notices of premiums due or (ii) 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. The measure is declarative of existing law.


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