Bill Text: MS SB2627 | 2017 | Regular Session | Introduced
Bill Title: Life insurance policies; require insurers to add to policy proceeds a refund of any unearned premium actually paid.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2017-01-31 - Died In Committee [SB2627 Detail]
Download: Mississippi-2017-SB2627-Introduced.html
MISSISSIPPI LEGISLATURE
2017 Regular Session
To: Insurance
By: Senator(s) Branning (By Request)
Senate Bill 2627
AN ACT TO REQUIRE ALL LIFE INSURANCE POLICIES DELIVERED OR ISSUED FOR DELIVERY IN THIS STATE TO REQUIRE AN INSURER TO ADD TO THE POLICY PROCEEDS A REFUND OF ANY PREMIUM ACTUALLY PAID FOR ANY PERIOD BEYOND THE DATE IN WHICH THE DEATH OF THE INSURED OCCURS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. All life insurance policies, except as otherwise stated herein, delivered or issued for delivery in this state, shall contain in substance the following provision:
That if the death of the insured occurs within the grace period provided in the policy, the insurer may deduct from the policy proceeds the portion of any unpaid premium applicable to the period ending with the date such death occurred, and if the death of the insured occurs during a period for which the premium has been paid, the insurer shall add to the policy proceeds a refund of any premium actually paid for any period beyond the date in which such death occurred. This paragraph shall not apply to single premium or paid-up policies.
SECTION 2. Section 1 of this act shall be codified as a separate section within Chapter 7, Title 83, Mississippi Code of 1972.
SECTION 3. This act shall take effect and be in force from and after July 1, 2017.
