Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Life Health > Life Insurance

Utah Extends Exam Period For Replacement Policies

X
Your article was successfully shared with the contacts you provided.

The Beehive State is giving consumers extra time to decide whether they really want to trade in old life insurance policies and annuity contracts.

Utah has adopted a new law that will extend the “free look period” for replacement policies to 30 days, from 20 days, starting April 30, according to a notice from the Utah Insurance Department.

The Utah department is still in the process of revising replacement policy administrative rules to be consistent with state law.

Insurers must give customers at least 30 days to decide whether to keep exchange policies regardless of the content of filed policy forms, the Utah department says.

The department will not require a complete new filing for each non-compliant form, but it is asking insurers to submit an informational filing containing a list of the forms that will be corrected along with one sample of a corrected cover page.

A copy of a notice about the change is available


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.