2017 Regular Session
|At the request of:||(at the request of Senate Interim Committee on Business and Transportation)|
|Bill Title:||Relating to renewal of an insurance policy by an affiliated company.|
Permits insurer in lieu of renewing policy to offer insured replacement policy if insurer provides notice to insured and insurance producer at least 45 days before date on which policy subject to renewal expires.
Permits insured to cancel policy at any point before replacement policy becomes effective. Provides that earned premium for period in which policy was in effect before cancellation must be calculated on pro rata basis using lower of current rate or previous year's rate. Provides that new rates and changes in terms for replacement policy that insured accedes to become effective on day after previous policy expires. Provides that proof of mailing of notice is sufficient proof of notice.
|Chapter Number:||Chapter 250|
|Fiscal Impact:||No Fiscal Impact|
|Revenue Impact:||No Revenue Impact|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||Chapter Number Assigned|
|Potential Conflicts of Interest/Vote Explanations:||Potential Conflicts of Interest/Vote Explanation Documents|