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CA AB2401
Bill
Status
Introduced
2/18/2020
Primary Sponsor
Insurance
Click for details
AI Summary
- Applies grace period and notice requirements to life insurance policies issued or delivered in California on or after January 1, 2013
- Requires insurers to provide at least 30 days' notice before lapsing or terminating an individual life insurance policy for nonpayment of premium
- Mandates notice be sent to the policy owner, designated beneficiary, and any known assignees by first-class mail within 30 days of premium becoming due and unpaid
- Requires insurers to offer applicants the right to designate at least one additional person to receive lapse or termination notices and to notify policy owners annually of their right to change designations
- Applies requirements to both individual and group life insurance policies
Legislative Description
Life insurance: nonpayment premium notice: lapse.
Last Action
Referred to Com. on INS.
3/12/2020
Committee Referrals
Insurance3/12/2020
Full Bill Text
No bill text available