Insurance and Real Estate Committee
JOINT FAVORABLE REPORT
Bill No.: SB-1050
Title: AN ACT CONCERNING NOTICES PROVIDED BY LIFE INSURERS.
Vote Date: 3/22/2021
Vote Action: Joint Favorable
PH Date: 3/18/2021
File No.:
Disclaimer: The following JOINT FAVORABLE Report is prepared for the benefit of the
members of the General Assembly, solely for purposes of information, summarization and
explanation and does not represent the intent of the General Assembly or either chamber
thereof for any purpose.
SPONSORS OF BILL:
Insurance and Real Estate Committee
REASONS FOR BILL:
This bill will require each insurer that delivers or issues an individual or group life insurance
policy in this state to: (1) At least annually, give a written policy status notice to each
beneficiary and owner of, person whose life is insured under and insurance producer who
negotiated and sold such policy; and (2) send any notice cancelling such policy to each
owner of such policy.
RESPONSE FROM ADMINISTRATION/AGENCY:
None Expressed
NATURE AND SOURCES OF SUPPORT:
None Expressed
NATURE AND SOURCES OF OPPOSITION:
Eric George, President, Insurance Association of CT stated this bill can be quite
burdensome and problematic for life insurance carriers. For group insurance the employer
group is the recordkeeper and the insurer would not know who the beneficiary of the policy is
until a claim is filed and the policyholder would be the employer-group not the individual
insured.
For both individual and group life insurance, the requirements contained in SB 1050 would be
intrusive. Specifically, an insured may not want the beneficiary to know that they are a
beneficiary. If SB 1050 were to become law, it is likely that insureds will complain about such
notices as there may be valid reasons why they did not want an individual to know they are a
beneficiary. It is also important to know that life insurance carriers already need to comply
with statutory notice requirements.
Reported by: Diane Kubeck
Date: March 30, 2021
Page 2 of 2 SB-1050


Statutes affected:
Raised Bill:
INS Joint Favorable:
File No. 326: