Relating to the effectiveness of notices of lapse for certain insurance policies; and declaring an emergency.
Catchline/Summary:
Provides that insurer may not issue individual long term care insurance policy until insurer receives written designation of full name and residential address of at least one person to whom insurer can send notice of lapse or termination because of failure to pay premium, or receives written waiver of right to designate person to receive notice.Provides that insurer may not issue individual long term care insurance policy until insurer receives written designation of full name and residential address of at least one person to whom insurer can send notice of lapse or termination because of failure to pay premium, or receives written waiver of right to designate person to receive notice. Specifies exceptions.
Requires individual long term care insurance policy to provide for reinstating coverage after lapse if insurer receives proof that policy owner was cognitively impaired or had loss of functional capacity before grace period for premium payments expires.
Provides that notice of insurance policy's lapse is not] effective unless] only if insurer sends written notice to policy owner at least 25] 30 days before date of lapse and includes explanation of reason for lapse. Specifies methods for sending notice and what constitutes proof of notice].
Becomes operative January 1, 2016.
Declares emergency, effective on passage.
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