Requires insurers to notify agents of impending lapses in life, disability, or long-term care insurance policies.

Massachusetts S729 mandates that insurers notify the agent of record for life, disability, or long-term care insurance policies at least 21 days before a lapse. This notification must be sent to the agent either directly or via mail or electronic means. The bill ensures that agents are informed of impending lapses, though it clarifies that receipt of such notice does not hold agents responsible for any lapses. Exceptions apply if the insurer uses an online system, has a procedure for agent notifications, lacks a current agent record, or if the agent is employed by the insurer.

Requires insurers to notify agents of impending lapses in life, disability, or long-term care insurance policies.

Massachusetts S729 mandates that insurers notify the agent of record for life, disability, or long-term care insurance policies at least 21 days before a lapse. This notification must be sent to the agent either directly or via mail or electronic means. The bill ensures that agents are informed of impending lapses, though it clarifies that receipt of such notice does not hold agents responsible for any lapses. Exceptions apply if the insurer uses an online system, has a procedure for agent notifications, lacks a current agent record, or if the agent is employed by the insurer.