Bill
Bill > A2005
NJ A2005
Requires notice prior to lapse of life insurance policy due to nonpayment of premium.
summary
Introduced
01/14/2020
01/14/2020
In Committee
01/14/2020
01/14/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill requires an insurer to provide notice to the holder of an individual life insurance policy, and any producer of record on that policy, that the policy will lapse due to nonpayment of premium. The notice must be provided to the holder and any producer of record at least 10 days prior to the lapse of the policy and shall be accomplished by regular mail, electronic mail, and telephone to the holder of the life insurance policy and any producer of record, as appropriate, based on information provided by the insured and the producer and on record with the insurer. The notice required by the bill shall be in addition to any other notice concerning nonpayment of premium or lapse of the life insurance policy required under the terms of the policy.
AI Summary
This bill requires an insurance company to provide at least 10 days' notice to the policyholder and any insurance agent on record before a life insurance policy lapses due to non-payment of the premium. The notice must be provided through regular mail, email, and telephone, using the contact information on file with the insurer. This notice is in addition to any other notice about non-payment or lapse required by the policy terms. The bill applies to life insurance policies issued on or after the 90th day following its enactment.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Introduced, Referred to Assembly Consumer Affairs Committee (on 01/14/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/A2500/2005_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A2500/2005_I1.PDF |
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