HB 14-1082 Summary

• Life insurers must provide written notice to policy owners at least 25 days before an individual life insurance policy lapses for nonpayment of premium.

• Notice must be delivered by first-class mail to the policy owner's last-known address, or by email if the policy owner has consented to electronic communications.

• The notice must include the reason for the policy lapse.

• An affidavit executed under penalty of perjury by an insurer officer, clerk, agent, or authorized person constitutes proof of notice.

• The requirement does not apply to policies with monthly or more frequent premium payment intervals; the effective date is January 1, 2015.