Bill > S549

This bill requires insurance companies to provide specific written notice to the primary policyholder and their insurance agent at least 45 days before a policy's expiration date if there's a premium increase exceeding 15% or if there are any reductions, eliminations, or increased deductibles in coverage, unless these changes are due to an audit, a request from the insured, or a change in the nature of the risk itself. The notice for coverage changes must clearly describe the modifications and be separate from the renewal policy, and if the insurer fails to provide this notice, the existing coverage will remain in effect until proper notice is given or the insured obtains new coverage. If the insured chooses not to renew after receiving notice of changes, any earned premium for an extended period will be calculated proportionally at the lower of the current or previous year's rate.