summary
Introduced
03/29/2021
03/29/2021
In Committee
02/17/2022
02/17/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
For legislation relative to preventing fraud in life and accident and health insurance policies. Financial Services.
AI Summary
This bill seeks to amend the existing law to allow insurance companies to assert fraud as a defense to a claim or grounds for rescission of a life, accident, or health insurance policy, even if a certain period of time has passed since the policy was issued. The bill specifies that this defense must be pertinent to the policy and that inadvertent mistakes by the insured do not constitute fraud. The bill also requires any action for rescission to be brought within three years of the insurer discovering or reasonably discovering the fraud. The bill applies to all life, accident, and health policies delivered or issued in the Commonwealth after the effective date, as well as any policies that have not become incontestable prior to the effective date.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
Bill reported favorably by committee and referred to the committee on Senate Ways and Means (on 02/17/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/S727 |
| Bill | https://malegislature.gov/Bills/192/S727.pdf |
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