Prohibits a person from being denied life insurance for preexisting conditions or previous denials.
Impact
If enacted, S0465 would result in critical changes to the state's insurance regulations. It would invalidate any existing language in life insurance applications or policies that includes preexisting condition exclusions, thereby extending coverage to a broader spectrum of the population. This change is aimed at ensuring that residents of Rhode Island can secure life insurance regardless of their health history, which is particularly relevant in the context of rising healthcare costs and the need for robust financial protection for families in the event of untimely death.
Summary
S0465, introduced in the Rhode Island General Assembly, aims to enhance access to life insurance for individuals with preexisting conditions. This bill proposes an amendment to the current statutes governing life insurance policies, specifically prohibiting insurers from denying life insurance coverage based on preexisting medical conditions or previous denials. The intended effect of this legislation is significant, as it seeks to remove barriers that have historically hindered individuals, particularly those with chronic health issues, from obtaining necessary life insurance protection.
Contention
Despite the bill's supportive intent, discussions surrounding S0465 may reveal points of contention among various stakeholders. Critics might argue that removing preexisting condition exclusions could lead to increased premiums for all policyholders as insurance companies adjust their risk assessments. Insurers might express concerns about the financial ramifications of such changes, contending that it may disrupt the balance of risk within the market. Furthermore, advocates for these changes will likely emphasize the moral imperative of ensuring equitable access to insurance for all, regardless of their medical history.
Provides a special enrollment period for applicants for Medicare Part B. Also prohibits state insurance carriers from denying/imposing conditions on new enrollees or discriminate on price based upon health status/claims experience/preexisting conditions.
Replaces the term "the drug naloxone" with the term "opioid antagonist" in chapters regulating life insurance policies and group life insurance policies.
Replaces the term "the drug naloxone" with the term "opioid antagonist" in chapters regulating life insurance policies and group life insurance policies.
Amends provisions re insurance producer appointments and clarifies language re insurance claims adjusters. Amends the RI life & health guarantee assoc act. Adds insurance data security and pet insurance acts and unfair discrimination prohibitions.
Amends provisions re insurance producer appointments and clarifies language re insurance claims adjusters. Amends the RI life & health guarantee assoc act. Adds insurance data security and pet insurance acts and unfair discrimination prohibitions.
Amends the definition of "small employer" for purposes of the small employer health insurance availability act to mean a business employing less than one hundred (100) employees rather than fifty (50) employees.