The bill amends the Insurance Company Law of 1921 to update language regarding the coverage of dependents under insurance policies. Specifically, it changes the terminology used to describe individuals with disabilities, replacing "mental retardation or physical handicap" with "intellectual or physical disability." This change applies to policies issued after January 1, 1968, ensuring that coverage for unmarried children who are incapable of self-sustaining employment due to such disabilities does not terminate at a specified age, provided that proof of incapacity is submitted within thirty-one days of reaching that age. The bill also clarifies that insurers are not required to cover dependents who do not meet the conditions of the policy regarding evidence of insurability.

Additionally, the bill modifies the definition of "community health reinvestment activity" to include programs for the prevention and treatment of diseases or injuries, specifically mentioning "intellectual disabilities" and omitting the term "mental retardation." This reflects a broader commitment to improving health care accessibility and addressing various health needs within the community. The act is set to take effect immediately upon passage.