Bill > H0265

This bill amends Idaho's existing life insurance law to provide additional notification options for policy owners with life insurance policies over $50,000. Currently, insurers must send a lapse or termination notice by first-class mail at least 14 days before the policy ends due to non-payment. The new provision allows policy owners to request that these critical notices also be sent via certified mail with return receipt, which provides additional proof of delivery. To do this, policy owners must submit a written request to their insurer at least 90 days before a potential lapse, and the insurer must acknowledge the request in writing. The certified mail notice must be sent at least 10 days before the policy's termination, and if the certified mail is undeliverable or refused, the insurer has no further obligation. The bill also updates the applicability date to January 1, 2026, and declares an emergency provision making the law effective immediately upon passage, specifically on July 1, 2025. The law continues to allow policy owners to designate an additional person to receive lapse notifications and requires insurers to annually remind policy owners of their right to update contact information for this designated person.

Business and Industry

Ways and Means Committee (H)

https://legislature.idaho.gov/sessioninfo/2025/legislation/H0265/