HLS 14RS-555 ORIGINAL
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Regular Session, 2014
HOUSE BILL NO. 286
BY REPRESENTATIVE THIBAUT
INSURANCE/LIFE: Requires life insurers to notify insureds relative to conversion option
AN ACT1
To enact R.S. 22:931(A)(12), relative to individual life insurance policies; to require insurers2
to notify insureds of when their conversion option will expire; and to provide for3
related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 22:931(A)(12) is hereby enacted to read as follows: 6
ยง931. Life insurance policies; standard provisions7
A. No policy of life insurance, except as stated in Subsection C of this8
Section, shall be delivered or issued for delivery in this state unless it contains in9
substance the following provision or provisions which, in the opinion of the10
commissioner of insurance, are more favorable to the policyholder:11
* * *12
(12) Conversion notice. A provision requiring that the insurer notify the13
policyholder of his option to convert his policy from term life insurance to14
permanent life insurance at least thirty-one days prior to the expiration of the15
conversion option, if such an option is applicable. Such notice shall be a separate16
notice or contained in either a premium notice or an annual premium summary.17
* * *18 HLS 14RS-555 ORIGINAL
HB NO. 286
Page 2 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Thibaut HB No. 286
Abstract: Requires prior notice of conversion option in individual life insurance policies.
Present law lists standard provisions to be contained in individual life insurance policies.
Proposed law adds a provision requiring that the insurer notify the policyholder of his option
to convert his policy from term life insurance to permanent life insurance at least 31 days
prior to the expiration of the conversion option, if such an option is applicable. Such notice
shall be a separate notice or contained in either a premium notice or an annual premium
summary.
(Adds R.S. 22:931(A)(12))