Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Bill would let policyholders name a trusted third party to receive life-insurance lapse notices
Summary
Substitute House Bill 2428 would require insurers issuing individual life policies to send written notice at least 30 days before a coverage lapse for nonpayment, including to a designated third-party designee, with proof-of-delivery requirements; the Office of the Insurance Commissioner and consumer groups testified in support, insurers noted administrative costs and implementation date of Jan. 1, 2027.
Substitute House Bill 2428 would require insurers issuing individual life-insurance policies to send a written notice at least 30 days before coverage would lapse for nonpayment, and to deliver that notice to any third-party designee the policyholder designates.
Committee staff said the notice must be sent to the policyholder's last known address and any designated third party, and insurers must obtain proof of delivery (including certain mail confirmations or electronic read receipts). The requirement would…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
