AN ACT RELATING TO INSURANCE -- LIFE INSURANCE POLICIES AND RESERVES

SB 465 prohibits life insurance companies licensed in the state from denying coverage or excluding benefits due to a person’s preexisting medical conditions or prior insurance denials. It directly affects residents seeking life insurance policies within the state, ensuring they cannot be refused coverage based on health history. The bill voids any preexisting condition exclusion language in applications, binders, or policies, making such terms unenforceable. This policy change would take effect immediately upon passage, requiring insurers to offer coverage without these restrictions.