Bill Text: CT SB00953 | 2013 | General Assembly | Comm Sub

Connecticut Senate Bill 953 (Prior Session Legislation)

Bill Title: An Act Concerning Disclosures For Universal Life Insurance Policies.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2013-04-19 - House Calendar Number 386 [SB00953 Detail]

Download: Connecticut-2013-SB00953-Comm_Sub.html


General Assembly		*Raised Bill No. 953*
*January Session, 2013*		LCO No. 3109
		_____SB00953INS___031513____
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
(INS)

AN ACT CONCERNING DISCLOSURES FOR UNIVERSAL LIFE INSURANCE POLICIES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 38a-430 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2013):

(a) No life insurance or annuity policy or contract shall be delivered or issued for delivery to any person in this state, nor shall any application, rider or endorsement be used in connection therewith, until a copy of the form thereof shall have been filed with and approved by the commissioner. The commissioner shall adopt regulations, in accordance with the provisions of chapter 54, establishing a procedure for review of such policies. The commissioner shall issue an order disapproving the use of any such form at any time if it does not comply with the requirements of law, or if it contains a provision or provisions that are unfair or deceptive or that encourage misrepresentation of the policy. The commissioner shall specify the reason for the commissioner's disapproval. The provisions of section 38a-19 shall apply to any such order issued by the commissioner.

(b) No universal life insurance policy shall be delivered or issued for delivery to any person in this state unless it bears on its cover, in not less than twelve-point boldface type in capital letters, the following:

NOTICE

THE PREMIUMS THAT YOU PAY FOR THIS POLICY MAY INCREASE IN THE FUTURE. IT IS IMPORTANT THAT YOU READ AND UNDERSTAND THIS POLICY.

[(b)] (c) Nothing in this chapter shall preclude the issuance of a life insurance contract including, but not limited to, a long-term care policy as provided in section 38a-458, that includes an optional health insurance rider, provided the optional health insurance rider is filed with and approved by the Insurance Commissioner pursuant to section 38a-481. Any company offering such policies for sale in this state shall be licensed to sell health insurance in this state pursuant to the provisions of section 38a-41.