SENATE BILL No. 396
DIGEST OF INTRODUCED BILL
Citations Affected: IC 27-1-12-45.
Synopsis: Notice of life insurance cancellation. Specifies requirements
related to a notice of cancellation, intention not to renew, or reasons for
cancellation of a life insurance policy.
Effective: July 1, 2012.
January 9, 2012, read first time and referred to Committee on Insurance and Financial
Second Regular Session 117th General Assembly (2012)
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SENATE BILL No. 396
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 27-1-12-45; (12)IN0396.1.1. -->
SECTION 1. IC 27-1-12-45 IS ADDED TO THE INDIANA CODE
AS A NEW
SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2012]: Sec. 45. (a) Proof of mailing:
(1) of a notice of cancellation, intention not to renew, or
reasons for cancellation of a life insurance policy; and
(2) to the named insured at the address shown in the policy;
is sufficient proof of notice.
(b) If the reason for cancellation does not accompany or is not
included in a notice of cancellation of a life insurance policy, the
insurer shall specify in writing the reason for the cancellation upon
written request of the named insured. The request must be mailed
or delivered to the insurer at least fifteen (15) days before the
effective date of the cancellation.
(c) A writing described in subsection (b) must be mailed or
delivered to the named insured within five (5) days after the
insurer receives the written request under subsection (b).