OLR Bill Analysis

SB 953

AN ACT CONCERNING DISCLOSURES FOR UNIVERSAL LIFE INSURANCE POLICIES.

SUMMARY:

This bill requires universal life insurance policies delivered or issued in Connecticut to include the following notice on the cover in 12-point type, boldface, and capitals:

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

By law, life insurance policies cannot be delivered or issued until they are filed with and approved by the insurance commissioner.

EFFECTIVE DATE: October 1, 2013

COMMITTEE ACTION

Insurance and Real Estate Committee

Joint Favorable

Yea

18

Nay

0

(03/14/2013)