CA SB575

Requires insurers to annually notify policyholders and certificate holders of the availability and dollar amount of shortened benefit period nonforfeiture benefits or contingent benefits upon lapse, with amounts calculated within 60 days of notice.

Mandates insurers mail election forms to policyholders allowing them to designate at least one additional person to receive annual notices, confirm a previously designated person, or waive designation of additional recipients.

Requires insurers to provide the insurer's name, address, and telephone number in annual notices for policyholder questions about the benefits.

Sets July 1, 2016 deadline for insurers to send election forms to individuals already holding contingent benefits upon lapse as of the bill's effective date.

Treats failure to return the election form within 90 days as a waiver of designation for additional notice recipients.