BILL · 2013–14 SESSION

SB 5976: Life insurance owner notices

Addressing the notice given to owners of life insurance policies about alternative transactions.

Summary

  • Term life insurance policies are exempt from the notification requirements under the Act, except when in the process of converting into a policy other than a term life policy. Term life insurance is defined as life insurance that provides a death benefit only if the insured dies during the period specified in the policy and coverage ceases without value if the insured survives until the end of such period.

From the Senate Bill Report (SB 5976), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · stalled on the Senate floor
  1. IntroducedJan 13, 2014
  2. Out of committeeJan 24, 2014
  3. Passed Senatestopped here
  4. Passed House
  5. Governor
  6. Law
Prime sponsor
Joe Fain (R-47)
Introduced
January 13, 2014 in the Senate
Last action
March 3, 2014
Companion bill
HB 2134

AN ACT Relating to notice given to owners of life insurance policies about alternative transactions;

Sponsors

Prime sponsor: Joe Fain (R-47)

1 co-sponsor (1 Democrat, 0 Republicans)

Votes

No recorded floor votes.

History

  1. Senate Rules "X" file.
  2. Passed to Rules Committee for second reading.
  3. Minority; do not pass.
  4. FIHI - Majority; do pass.
  5. First reading, referred to Financial Institutions, Housing & Insurance.
  6. Prefiled for introduction.

SB 5976 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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