An Act relative to notifying broker prior to termination of coverage

This bill requires insurance companies to notify an agent of record (broker) at least 21 days before a life, disability, or long-term care insurance policy lapses. It directly affects insurance agents/brokers and insurers, ensuring brokers receive advance notice of potential coverage endings. Key provisions mandate written or electronic notification to the broker unless the insurer uses an automated system that independently alerts brokers, lacks agent records, or the broker works for the insurer. Exceptions cover situations where insurers already provide automatic broker notifications through existing systems. The law aims to give brokers time to help policyholders maintain coverage without making brokers liable for lapses.