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NJ S526
Bill
Status
1/9/2024
Primary Sponsor
Jon Bramnick
Click for details
AI Summary
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Requires life insurance companies to notify policyholders and any producer of record at least 10 days before a policy lapses due to nonpayment of premium
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Mandates that notice be sent through multiple channels: regular mail, electronic mail, and telephone, based on contact information on file with the insurer
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Specifies that this required notice is in addition to any other lapse or nonpayment notices already required under the policy terms
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Takes effect 90 days after enactment and applies only to life insurance policies issued on or after the effective date
Legislative Description
Requires notice prior to lapse of life insurance policy due to nonpayment of premium.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
1/9/2024