Bill
Bill > H0503
ID H0503
ID H0503Amends existing law to provide an option for certain lapse and termination notices to be sent by certified mail.
summary
Introduced
02/08/2024
02/08/2024
In Committee
02/09/2024
02/09/2024
Crossed Over
Passed
Dead
04/12/2024
04/12/2024
Introduced Session
2024 Regular Session
Bill Summary
RELATING TO LIFE INSURANCE; AMENDING SECTION 41-1830, IDAHO CODE, TO PRO- VIDE THAT A POLICY OWNER MAY CHOOSE TO RECEIVE CERTAIN FINAL AND SUB- SEQUENT NOTICES OF LAPSE OR TERMINATION, TO REVISE A PROVISION REGARD- ING APPLICABILITY, AND TO MAKE A TECHNICAL CORRECTION; AND DECLARING AN EMERGENCY AND PROVIDING AN EFFECTIVE DATE.
AI Summary
This bill amends existing Idaho law to provide an option for certain lapse and termination notices for individual life insurance policies to be sent by certified mail, with a signed return receipt, at the policy owner's request. The bill requires insurers to notify policy owners annually of their right to designate someone else to receive these notices and to update the designee's contact information. The bill also changes the effective date for these provisions from January 1, 2018 to January 1, 2025, and declares an emergency, making the bill effective on July 1, 2024.
Committee Categories
Business and Industry
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Business Committee (House)
Last Action
House Business Committee (13:30:00 2/27/2024 Room EW41) (on 02/27/2024)
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://legislature.idaho.gov/sessioninfo/2024/legislation/H0503/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/H0503.pdf |
| Fiscal Note/Analysis - Statement of Purpose / Fiscal Note | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/H0503SOP.pdf |
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