Requiring certain insurers to send a written notice to policyholders of universal or variable life insurance if the policy contains a provision that allows the policyholder to reduce the face amount of the policy; requiring that the notice state that the policy allows for a reduction of the face amount as an option to retain coverage and a certain amount to be paid; and requiring that the notice be sent to the policyholder's last known address at the beginning of a certain grace period and at least 30 days before the termination of coverage.
Bill File Type: Pre-Filed
Effective Date(s): January 1, 2021
By Request of the Governor
( 16-219 )
Last Updated: 9/22/2020 2:50 PM