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2014 SESSION

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HB 719 Long-term care insurance; notice of lapse or termination of policy, reinstatement.

Introduced by: Jennifer L. McClellan | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Long-term care insurance; notice of lapse and reinstatement. Requires an insurer issuing a policy of long-term care insurance to give the policyholder or certificateholder, and a person designated by the policyholder or certificateholder, notice of lapse or termination of the policy or certificate for nonpayment of premium. The notice is required to be sent by certified mail or commercial delivery. The policy shall not lapse until at least 60 days have passed since the notice is sent. The policy or certificate shall include a provision that allows the coverage to be reinstated after lapsing if the insurer is provided proof that the policyholder or certificateholder was cognitively impaired or had a loss of functional capacity before the expiration of the grace period. Currently, a State Corporation Commission regulation requires that a 30-day notice of termination for nonpayment of premium be sent by first-class mail.


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