Montana SB530 revises insurance laws to mandate insurer notice periods for nonrenewals and cancellations of certain policies.

Montana SB530 generally revises insurance laws relating to nonrenewals and cancellations of certain insurance policies. It requires insurers to provide reasons for nonrenewal and mandates notice periods for cancellations and nonrenewals. The bill specifies that insurers must give at least 45 days' notice for nonrenewals and cancellations, except for nonpayment of premiums. It also allows insureds to cure issues identified in the notice and requires insurers to consider these actions. The bill amends various sections of the Montana Code Annotated to implement these changes.

Montana SB530 revises insurance laws to mandate insurer notice periods for nonrenewals and cancellations of certain policies.

Montana SB530 generally revises insurance laws relating to nonrenewals and cancellations of certain insurance policies. It requires insurers to provide reasons for nonrenewal and mandates notice periods for cancellations and nonrenewals. The bill specifies that insurers must give at least 45 days' notice for nonrenewals and cancellations, except for nonpayment of premiums. It also allows insureds to cure issues identified in the notice and requires insurers to consider these actions. The bill amends various sections of the Montana Code Annotated to implement these changes.