Chapter 175 of the General Laws is hereby amended by adding the following new section:-
(x)If the policy owner of a life, disability or long term care insurance policy has an agent of record, the insurer must also notify the agent of the impending lapse in coverage or mail or send electronically a copy of the notification of the impending lapse in coverage) to the agent at least 21 days before the effective date of any such lapse. Receipt of such notice does not make the agent responsible for any lapse in coverage. An insurer is not required to notify the agent under this section if any of the following applies:
(a)The insurer maintains an online system that pushes out a notice of pending lapse to the broker of record to independently determine if a policy is about to lapse.
(b)The insurer maintains a procedure that pushes out a notice that allows an agent to independently determine whether the notice of lapse has been sent to the insured.
(c)The insurer has no record of the current agent of record.
(d)The agent is employed by the insurer or an affiliate of the insurer.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.