H.F. 132 Section 1. Section 508.25, Code 2019, is amended to read as 1 follows: 2 508.25 Policy forms —— approval. 3 It shall be unlawful for any insurance company transacting 4 business within this state, under the provisions of this 5 chapter , to write do any of the following: 6 1. Write or use any form of policy or contract of insurance, 7 on the life of any individual in this state, until a copy 8 of such form of policy or contract has been filed with and 9 approved by the commissioner of insurance. 10 2. Fail to provide at least thirty calendar days’ advance 11 written notice, by certified mail to a policyholder’s last 12 known address, prior to a change in the policyholder’s premium. 13 3. Terminate a policyholder’s coverage for failure to pay a 14 premium if notification pursuant to subsection 2 is not given 15 to the policyholder. 16 EXPLANATION 17 The inclusion of this explanation does not constitute agreement with 18 the explanation’s substance by the members of the general assembly. 19 This bill relates to notifications by life insurance 20 companies to policyholders of changes in premiums. 21 The bill requires an insurance company to provide at least 30 22 calendar days’ advance written notice to a policyholder of a 23 change in the policyholder’s premium. The notice must be sent 24 by certified mail to the policyholder’s last known address and 25 the insurance company cannot terminate coverage if the notice 26 has not been sent as required. 27 -1- LSB 1666YH (2) 88 ko/rn 1/ 1