2019 -- S 0329

========

LC001275

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

____________

A N   A C T

RELATING TO INSURANCE -- LIFE INSURANCE POLICIES AND RESERVES

     Introduced By: Senators Nesselbush, Goldin, Lawson, Bell, and Quezada

     Date Introduced: February 13, 2019

     Referred To: Senate Commerce

     It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 27-4 of the General Laws entitled "Life Insurance Policies and

Reserves" is hereby amended by adding thereto the following section:

     27-4-31. Notice to insured of beneficiary.

     The insurer shall provide annual notice to the insured at the address provided by the

insured for purposes of billing and receiving notice of lapse or termination that states the name of

the policy beneficiary in a clear and conspicuous manner. The insurer shall provide instructions

and the necessary forms to change the beneficiary.

     SECTION 2. This act shall take effect on October 1, 2019.

========

LC001275

========

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO INSURANCE -- LIFE INSURANCE POLICIES AND RESERVES

***

     This act would require an insurer of life insurance to provide annual notice to the insured

and would also provide instructions and necessary forms to change the beneficiary.

     This act would take effect on October 1, 2019.

========

LC001275

========

LC001275 - Page 2 of 2