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Senate committee approves extending notice periods before large insurance premium increases
Summary
The Senate Insurance & Commerce Committee passed Senate Bill 70 to lengthen the notification time insurers must give agents and consumers before implementing premium increases of 25% or more.
Senate Bill 70 advanced out of the Senate Insurance & Commerce Committee after members voted to approve the measure that lengthens notice periods for large insurance premium increases.
Senator Jimmy Hickey presented Senate Bill 70 and said the bill would change notification requirements when a policyholder faces a premium increase of 25% or more. "What this does is it extends so that, if somebody's premium is gonna go up 25%,…
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