Researcher: RP Page 1 4/29/21
OLR Bill Analysis
SB 1050 (File 326, as amended by Senate "A")*
AN ACT CONCERNING NOTICES PROVIDED BY LIFE INSURERS.
SUMMARY
Beginning January 1, 2022, this bill requires that insurers delivering
or issuing individual or group life insurance policies in Connecticut, or
their third-party administrators, annually send a written notice
disclosing the policy’s status to each (1) policyholder or insured life (if
the policy’s insured life is different than the policyholder) and (2)
insurance producer of record for 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.
*Senate Amendment “A” allows third-party administrators to send
the policy status notice and makes technical changes.
EFFECTIVE DATE: January 1, 2022
COMMITTEE ACTION
Insurance and Real Estate Committee
Joint Favorable
Yea 17 Nay 1 (03/22/2021)