Bill
Bill > A3077
NJ A3077
Requires notice prior to lapse of life insurance policy due to nonpayment of premium.
summary
Introduced
02/28/2022
02/28/2022
In Committee
02/28/2022
02/28/2022
Crossed Over
Passed
Dead
01/08/2024
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 notice to the holder of an individual life insurance policy, and any producer of record on that policy, at least 10 days prior to the lapse of the policy due to nonpayment of premium. The notice must be sent by regular mail, electronic mail, and telephone, and is in addition to any other notice required under the terms 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 (5)
Last Action
Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 02/28/2022)
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://www.njleg.state.nj.us/bill-search/2022/A3077 |
| BillText | https://pub.njleg.gov/Bills/2022/A3500/3077_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/A3500/3077_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A3500/3077_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A3500/3077_I1.PDF |
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