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2021 Utah Code
Title 31A - Insurance Code
Chapter 22 - Contracts in Specific Lines
Part 4 - Life Insurance and Annuities
Section 430 - Policy notification.
Universal Citation:
UT Code § 31A-22-430 (2021)
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Effective 5/5/2021
31A-22-430. Policy notification.
Amended by Chapter 221, 2021 General Session
31A-22-430. Policy notification.
- (1)
- (a) An insurer that delivers or issues for delivery an individual life insurance policy in this state shall notify the applicant for the policy, in writing at the time of application for the policy, of an applicant's right to designate a third party to receive notice of lapse or cancellation of the policy based on nonpayment of premium.
- (b) An applicant may make a designation described in Subsection (1)(a) at the time of application for the policy, or at any time the policy is in force, by submitting a written notice to the insurer containing the name and address of the third-party designee.
- (2) In accordance with Subsection 31A-22-402(5), an insurer shall transmit a copy of a notice of lapse or cancellation of the policy based on nonpayment of premium to a third party designated in accordance with this section in addition to the transmission of the notice of lapse or cancellation of the policy to the policyholder.
- (3) The designation of a third party under this section does not constitute acceptance of any liability on the part of the third party or insurer for a service provided to the policyholder.
Amended by Chapter 221, 2021 General Session
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