This 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." The amendments ensure that coverage for unmarried children who are incapable of self-sustaining employment due to these disabilities will not terminate at a specified age, provided that proof of incapacity is submitted within thirty-one days of reaching that age. Additionally, the bill clarifies that insurers are not required to cover dependents who do not meet the conditions of the policy regarding evidence of insurability.

Furthermore, the bill revises 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 previous term "mental retardation." These changes aim to modernize the language used in insurance policies and community health definitions, promoting inclusivity and better reflecting current understanding of disabilities. The act is set to take effect immediately upon passage.