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Bill > S198


NJ S198

Requires notice prior to lapse of life insurance policy due to nonpayment of premium.


summary

Introduced
01/11/2022
In Committee
01/11/2022
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 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 insurer to provide at least 10 days' notice to the holder of an individual life insurance policy, and any producer of record on that policy, before the policy lapses due to nonpayment of the premium. The notice must be sent by regular mail, email, and telephone, as appropriate, based on the information provided by the insured and the producer and on record with the insurer. This notice is in addition to any other notice required under the terms of the policy regarding nonpayment of the premium or lapse of the policy. The bill applies to life insurance policies issued on or after the 90th day following the bill's enactment.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Commerce Committee (on 01/11/2022)

bill text


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