Researcher: RP Page 1 4/7/21
OLR Bill Analysis
SB 1050
AN ACT CONCERNING NOTICES PROVIDED BY LIFE INSURERS.
SUMMARY
This bill requires, beginning January 1, 2022, that insurers delivering
or issuing individual or group life insurance policies in Connecticut
annually provide a written notice disclosing the policy’s status to each
(1) beneficiary and owner, (2) person insured under the policy, and (3)
insurance producer who negotiated and sold the policy.
The bill also requires these insurers to send any cancellation notices
to each policy owner. The cancellation notices are in addition to those
required under existing law to notify (1) life insurance applicants of
their right to designate a third party to receive policy cancellation
notices due to premium nonpayment and (2) insured employees of a
group life insurance policy’s cancellation.
The bill authorizes the insurance commissioner to adopt
implementing regulations.
EFFECTIVE DATE: January 1, 2022
COMMITTEE ACTION
Insurance and Real Estate Committee
Joint Favorable
Yea 17 Nay 1 (03/22/2021)