California Insurance Code

§ 10113.71

INS § 10113.71 Effective Jan 1, 2014Div. 2 · Part 2 · Ch. 1 · Art. 1

Statute text

(a)Each life insurance policy issued or delivered in this state shall contain a provision for a grace period of not less than 60 days from the premium due date. The 60-day grace period shall not run concurrently with the period of paid coverage. The provision shall provide that the policy shall remain in force during the grace period.

(b)(1) A notice of pending lapse and termination of a life insurance policy shall not be effective unless mailed by the insurer to the named policy owner, a designee named pursuant to Section 10113.72 for an individual life insurance policy, and a known assignee or other person having an interest in the individual life insurance policy, at least 30 days prior to the effective date of termination if termination is for nonpayment of premium.

(2)This subdivision shall not apply to nonrenewal.

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Legislative history

Amended by Stats. 2013, Ch. 76, Sec. 137. (AB 383) Effective January 1, 2014.