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2016 SESSION

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HB 307 Insurance companies; clarifies and updates provisions regarding notices to applicants, etc.

Introduced by: Kathy J. Byron | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Insurance notices. Clarifies and updates provisions regarding notices from insurance companies to applicants and policyholders. The measure amends the requirement that insurers give insureds notice when increasing the premium on their policies due to accidents to clarify that insurers are required to inform insureds that they have 60 days to seek a review by the Bureau of Insurance of the application of a surcharge. The notice requirements regarding uninsured motorist coverage (UM/UIM) is updated to allow the practice under which insurers give applicants the opportunity to request UM/UIM limits equal to their liability limits or to request lower UM/UIM limits, as long as the lower limits are at least $25,000/$50,000/$20,000. Other changes clarify which notices are required to be given on new business policies only rather than on new and renewal business policies.


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