Introduced Version






SENATE BILL No. 396

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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.





Mishler




    January 9, 2012, read first time and referred to Committee on Insurance and Financial Institutions.







Introduced

Second Regular Session 117th General Assembly (2012)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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SENATE BILL No. 396



    A BILL FOR AN ACT to amend the Indiana Code concerning insurance.

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).