CT HB05226

Requires insurance companies to allow retirees with individual life insurance policies to elect premium payment schedules including quarterly, biannual, and annual options upon request.

Requires policyholders of group life insurance policies to allow retirees who pay any part of the premium to elect from the same premium payment schedule options (quarterly, biannual, annual) upon request.

Clarifies that life insurance policies may include optional health insurance riders if filed with and approved by the Insurance Commissioner, and companies offering such policies must be licensed to sell health insurance in the state.

Takes effect October 1, 2012, and amends Section 38a-430 of the Connecticut General Statutes.