Mike Feuer
- Democratic
Author
Existing law requires that life insurance policies contain certain provisions, including, but not limited to, an individual life insurance policy notice of the right to cancel a policy. Existing law requires life insurers to provide certain notices to individual life insurance policyholders, including, but not limited to, a notice of premium increases. This bill would require that every life insurance policy issued or delivered in this state contain a provision for a grace period of not less than 60 days from the premium due date and that the policy remains in force during the 60-day grace period. The bill would also require an insurer to give the applicant for an individual life insurance policy the right to designate at least one person, in addition to the applicant, to receive notice of lapse or termination of a policy for nonpayment of premium. The bill would require an insurer to provide each applicant with a form, as specified, to make the designation and to notify the policy owner annually of the right to change the designation. The bill would prohibit a notice of pending lapse and termination from being effective unless mailed by the insurer to the named policy owner, a named designee for an individual life insurance policy, and a known assignee or other person having an interest in the individual life insurance policy at least 30 days prior to the effective date of termination if termination is for nonpayment of premium. The bill would also make conforming changes.
Chaptered by Secretary of State - Chapter 315, Statutes of 2012.
Approved by the Governor.
Enrolled and presented to the Governor at 4:30 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 77. Noes 0. Page 6104.).
Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 4588.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 22 pursuant to Assembly Rule 77.
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time and amended. Ordered to third reading.
From committee: Do pass as amended. (Ayes 9. Noes 0.) (June 13).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on INS.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 51. Noes 24. Page 4820.)
Read second time. Ordered to third reading.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 8. Noes 3.) (May 2).
From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.
From printer. May be heard in committee March 22.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB1747 | HTML |
| 02/17/12 - Introduced | |
| 04/26/12 - Amended Assembly | |
| 05/09/12 - Amended Assembly | |
| 06/07/12 - Amended Senate | |
| 06/19/12 - Amended Senate | |
| 08/14/12 - Amended Senate | |
| 08/27/12 - Enrolled | |
| 09/14/12 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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