Rhode Island § 27-4-30 § 27-4-30. Unintentional policy lapse.

Rhode Island Statutes

§ 27-4-30 — § 27-4-30. Unintentional policy lapse.

Rhode Island § 27-4-30

Title 27Insurance

Ch. 27-4Life Insurance Policies and Reserves

This text of Rhode Island § 27-4-30 (§ 27-4-30. Unintentional policy lapse.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 27-4-30 (2026).

Text

§ 27-4-30. Unintentional policy lapse.
(a) Each insurer that delivers, or issues for delivery, an individual life insurance policy
            in this state on or after January 1, 2017, shall notify an applicant, in writing at
            the time of application for such policy, of such applicant's right to designate a
            third party to receive notice of cancellation of the policy based on nonpayment of
            premium. The applicant may make such designation at the time of application for such
            policy, or at any time such policy is in force, by submitting a written notice to
            the insurer containing the name and address of the third-party designee.
         
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§ 27-4-30. Unintentional policy lapse.

(a) Each insurer that delivers, or issues for delivery, an individual life insurance policy in this state on or after January 1, 2017, shall notify an applicant, in writing at the time of application for such policy, of such applicant's right to designate a third party to receive notice of cancellation of the policy based on nonpayment of premium. The applicant may make such designation at the time of application for such policy, or at any time such policy is in force, by submitting a written notice to the insurer containing the name and address of the third-party designee.

(b) The insurer's transmission to the third-party designee of a copy of a notice of cancellation based on nonpayment of premium shall be in addition to the transmission of the original notice to the policyholder. The copy of the notice of cancellation transmitted to the third party shall be governed by the same law and policy provisions that govern the notice being transmitted to the policyholder.

(c) The designation of a third party shall not constitute acceptance of any liability on the part of the third party or insurer for services provided to the policyholder.