H-4689              _______________________________________________

                                          SUBSTITUTE HOUSE BILL NO. 1321

                        _______________________________________________

State of Washington                              50th Legislature                              1988 Regular Session

By House Committee on Financial Institutions & Insurance (originally sponsored by Representatives Lux, Chandler, Nutley, Betrozoff, Meyers and Baugher; by request of Office of Insurance Commissioner)

Read first time 2/1/88 and passed to Committee on Rules.

AN ACT Relating to life insurance; adding a new section to chapter 48.23 RCW; and providing an effective date.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 48.23 RCW to read as follows:

          Each life insurer shall inform the policyowner at least once every five years in writing of the nonforfeiture options that may be available under the policy.  This information shall generally describe nonforfeiture options and recommend that the policyowner contact his or her agent for further information but need not describe the specific options applicable to the policyowner receiving the notice.  The requirements of this section do not apply to policies providing only term insurance.

NEW SECTION. Sec. 2.     This act shall take effect January 1, 1989.