Bill
Bill > S526
NJ S526
Requires notice prior to lapse of life insurance policy due to nonpayment of premium.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 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, that the policy will lapse due to nonpayment of premium. The notice must be provided at least 10 days prior to the lapse of the policy and shall be sent by regular mail, electronic mail, and telephone. The notice required by this bill is in addition to any other notice concerning nonpayment of premium or lapse of the life insurance policy that may be required under the terms of the policy. The bill applies to policies of life insurance issued on or after the 90th day following enactment.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/09/2024)
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://www.njleg.state.nj.us/bill-search/2024/S526 |
| BillText | https://pub.njleg.gov/Bills/2024/S1000/526_I1.HTM |
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