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House Bill 503 — Life insurance, notice

House Bill 503 — Life insurance, notice

by
Parrish Miller
February 12, 2024

Bill Description: House Bill 503 would require life insurance providers to abide by policy holder requests to send final notices by certified United States mail, with a signed return receipt, at the insurer's expense. 

Rating: -1

Does it give government any new, additional, or expanded power to prohibit, restrict, or regulate activities in the free market? Conversely, does it eliminate or reduce government intervention in the market?

Currently, Idaho law requires life insurance providers to send lapse or termination notices by first class U.S. mail at least 14 days prior to the effective date of the lapse or termination.

House Bill 503 would amend Section 41-1830, Idaho Code, to say, "The policy owner may choose to receive a final notice and any subsequent notices of the lapse or termination to be sent by certified United States mail, with a signed return receipt."

The bill also says, "Such a final and subsequent notice shall be sent at the insurer's expense at least ten (10) days prior to the effective date of the lapse or termination to the policy owner and to the policy owner's designee at the address or addresses provided by the policy owner for purposes of receiving such notice."

Finally, it requires that "if the policy owner fails to notify the policy owner's insurer that the policy owner has chosen to have all final notices of a lapse or termination mailed by certified United States mail with a signed return receipt to the policy owner and the policy owner's designee, then the policy owner and the policy owner's designee shall each receive by first class United States mail one (1) notice for a final notice and one (1) notice for any subsequent notices of a lapse or a termination. The final letter shall be sent to the policy owner and to the policy owner's designee at least ten (10) days prior to the date of a lapse or termination of the policy."

The government should not be micromanaging the communication methods used by service providers and their clients, nor should it require the use of expensive government services to do business.

(-1)

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