Bill Text: IA HF2242 | 2017-2018 | 87th General Assembly | Introduced

---

Bill Title: A bill for an act relating to notifications by life insurance companies to policyholders of changes in premiums.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2018-02-05 - Introduced, referred to Commerce. H.J. 207. [HF2242 Detail]

Download: Iowa-2017-HF2242-Introduced.html

---

House File 2242 - Introduced




                                 HOUSE FILE       
                                 BY  STAED, T. TAYLOR,
                                     GASKILL, and KEARNS

                                      A BILL FOR

  1 An Act relating to notifications by life insurance companies to
  2    policyholders of changes in premiums.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    TLSB 5467YH (4) 87
    ko/rj

PAG LIN



  1  1    Section 1.  Section 508.25, Code 2018, is amended to read as
  1  2 follows:
  1  3    508.25  Policy forms == approval.
  1  4    It shall be unlawful for any insurance company transacting
  1  5 business within this state, under the provisions of this
  1  6 chapter, to write do any of the following:
  1  7    1.  Write or use any form of policy or contract of insurance,
  1  8 on the life of any individual in this state, until a copy
  1  9 of such form of policy or contract has been filed with and
  1 10 approved by the commissioner of insurance.
  1 11    2.  Fail to provide at least thirty calendar days' advance
  1 12 written notice, by certified mail to a policyholder's last
  1 13 known address, prior to a change in the policyholder's premium.
  1 14    3.  Terminate a policyholder's coverage for failure to pay a
  1 15 premium if notification pursuant to subsection 2 is not given
  1 16 to the policyholder.
  1 17                           EXPLANATION
  1 18 The inclusion of this explanation does not constitute agreement with
  1 19 the explanation's substance by the members of the general assembly.
  1 20    This bill relates to notifications by life insurance
  1 21 companies to policyholders of changes in premiums.
  1 22    The bill requires an insurance company to provide at least 30
  1 23 calendar days' advance written notice to a policyholder of a
  1 24 change in the policyholder's premium. The notice must be sent
  1 25 by certified mail to the policyholder's last known address and
  1 26 the insurance company cannot terminate coverage if the notice
  1 27 has not been sent as required.
       LSB 5467YH (4) 87
       ko/rj