HB14-1082

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HB14-1082 - Life Insurance Notice Of Cancellation

Passed/Signed into Law
Concerning A Requirement For Written Notice Of Cancellation Of Individual Life Insurance Policies.

The bill specifies that cancellation of a life insurance policy is valid only if the cancellation is for reasons allowed by law. The insurer must send a written notice of cancellation and the reason for the cancellation at least 30 days before the effective date of the cancellation of the individual life insurance policy. The notice must be mailed by  registered or certified mail, return receipt requested, or delivered to the last-known address of the policy owner, and the insurer must retain proof of mailing for 5 years. The bill also authorizes these notices of cancellation to be transmitted electronically to the last-known e-mail address of the policy owner on file with the insurer at least 30 days before the effective date of cancellation if the policy owner consents to receive information relating to the life insurance policy by electronic means, and the insurer retains proof of electronic transmission for 5 years.

Latest update: March 27, 2014
03/27/2014 Governor Signed
03/21/2014 Sent to the Governor
03/21/2014 Signed by the President of the Senate
03/21/2014 Signed by the Speaker of the House
03/18/2014 Senate Third Reading Passed - No Amendments
03/17/2014 Senate Second Reading Passed - No Amendments
03/12/2014 Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole
02/28/2014 Introduced In Senate - Assigned to Business, Labor, & Technology
02/26/2014 House Third Reading Passed - No Amendments
02/25/2014 House Second Reading Passed with Amendments - Committee
02/20/2014 House Committee on Business, Labor, Economic, & Workforce Development Refer Amended to House Committee of the Whole
01/10/2014 Introduced In House - Assigned to Business, Labor, Economic, & Workforce Development