Committee advances technical fixes to life‑insurance surrender law with delayed effective date
Senate Bill 519 would set an effective date of Jan. 1, 2026, extend a surrender response window to 60 days and tie interest for certain transactions to an insurance‑code provision; sponsor said the changes resolve constitutional and practical uncertainties.
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The committee considered amendments to a life‑insurance surrender statute intended to clarify when a policy surrender becomes effective, extend a surrender processing window and standardize the interest calculation.
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