summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd General Court
Bill Summary
For legislation relative to notify broker prior to termination of coverage. Financial Services.
AI Summary
This bill amends Chapter 175 of the General Laws to require life, disability, or long-term care insurance insurers to notify the policy owner's agent of record at least 21 days before the effective date of any lapse in coverage. The bill provides exceptions to this requirement, such as if the insurer has an online system that allows the agent to independently determine if a policy is about to lapse, or if the insurer has no record of the current agent of record, or if the agent is employed by the insurer or an affiliate. The purpose of this bill is to ensure that insurance agents are informed of any impending lapse in coverage for their clients, even though the agent is not responsible for the lapse.
Committee Categories
Business and Industry
Sponsors (5)
Last Action
Accompanied a study order, see S2636 (on 02/12/2024)
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/193/S650 |
| BillText | https://malegislature.gov/Bills/193/S650.pdf |
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