SB 974 – Modifies provisions relating to cancellation or nonrenewal for automobile and homeowner's insurance policies

• Sponsor: Wasson
• LR Number: 6073S.01I
• Committee: Small Business, Insurance and Industry
• Last Action: 3/15/2016 - SCS Voted Do Pass S Small Business, Insurance and Industry Committee (6073S.02C)
• Effective Date: August 28, 2016

Current Bill Summary

SCS/SB 974 - This act specifies that an assignment or transfer of a policy among affiliated insurers within an insurance holding company system is not a cancellation or nonrenewal for automobile and homeowner's insurance policies. Insurers are required to provide notice to an insured of assignment or transfer of the policies prior to providing coverage for a subsequent policy term.

This act is similar to provisions contained in SS/SCS/HCS/HB 2194 (2016).

JESSI BAKER