Utah Statutes
§ 31A-22-430 — Policy notification.
Utah·Title 31A Insurance Code·Ch. 31A-22 Contracts in Specific Lines·Part 31A-22-4 Life Insurance and Annuities
(1)(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.
(1)(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
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Legislative History
Amended by Chapter 221, 2021 General Session
Nearby Sections
15
§ 31A-1-101
Short title.§ 31A-1-102
Purposes.§ 31A-1-103
Scope and applicability of title.§ 31A-1-104
Authorization to do insurance business.§ 31A-1-105
Presumption of jurisdiction.§ 31A-1-106
Residual unlicensed domestic insurers.§ 31A-1-107
Licensees under former Title 31.§ 31A-1-108
Corporations in the process of organizing.§ 31A-1-109
Name of licensee.§ 31A-1-110
Scope of a license.§ 31A-1-201
Construction.§ 31A-1-202
Effect of repeal of former provisions.§ 31A-1-203
Interpretive rules.§ 31A-1-205
Severability.§ 31A-1-301
Definitions.