HB2072 H B&I AM 3-16
The Committee on Banking & Insurance moves to amend the bill on page 2, section 2, line 10, by striking all of subsection (b) and inserting in lieu thereof the following:
" (b) All insurers who have sold any contract of insurance that is a variable premium adjustable life insurance policy, with either fixed accounts or variable accounts, shall issue an annual written statement to the policyholder within 20 days prior to the policy anniversary date advising the insured the length of time the policy will remain in force in the event current premiums are paid and in the event current premiums are not paid. The statement shall include the length of time the policy will remain in force based on current interest rates and guaranteed interest rates. The statement shall also include examples of the length of time the policy will remain in force assuming an annual rate of return of the existing principal amount accumulated for investment purposes under the policy, of zero percent, six percent and twelve percent. "
Adopted
Rejected