Idaho H0881 amends insurance law to revise notice requirements for lapse or termination of individual life insurance policies.

Idaho H0881 amends Section 41-1830 of the Idaho Code to revise provisions regarding notice of lapse or termination of individual life insurance. The bill mandates that insurers notify policy owners at least 60 days before a policy lapses or terminates due to nonpayment of premium. Policy owners can designate a person to receive this notice in addition to themselves. Insurers must annually notify policy owners of their right to make, change, or update a designee. Policy owners can request notices by certified mail or commercial delivery service, with a potential cost not exceeding $40.

Idaho H0881 amends insurance law to revise notice requirements for lapse or termination of individual life insurance policies.

Idaho H0881 amends Section 41-1830 of the Idaho Code to revise provisions regarding notice of lapse or termination of individual life insurance. The bill mandates that insurers notify policy owners at least 60 days before a policy lapses or terminates due to nonpayment of premium. Policy owners can designate a person to receive this notice in addition to themselves. Insurers must annually notify policy owners of their right to make, change, or update a designee. Policy owners can request notices by certified mail or commercial delivery service, with a potential cost not exceeding $40.