Committee Hears Bill Requiring 30‑Day Termination Notices and Third‑Party Designees for Life Policies
House Bill 2428 would require insurers to send written notice 30 days before terminating an individual life policy and allow policyholders to designate a third party to receive termination and reinstatement notices; proponents say it prevents unintentional lapses for vulnerable policyholders, while industry asks for a delayed effective date for implementation.
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A state House committee heard testimony Jan. 23 on House Bill 2428, which would require life insurers to send written notice of termination and the three‑year right to reinstate to both policyholders and any third‑party designee at least 30 days before ending an individual life insurance policy.
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