Relating to the replacement transactions of certain life insurance and annuity contracts from an insurer to a replacing insurer.

SB 1823 requires life insurance and annuity insurers to follow specific timelines when a policyholder replaces their policy with a new insurer. It mandates that existing insurers acknowledge replacement notices within 5 business days and send payments (to the policyholder or new insurer) within 30 days. If payments are delayed beyond 30 days, insurers must pay 18% annual interest on the unpaid amount. This bill applies to replacement transactions occurring on or after January 1, 2026, directly affecting policyholders, existing insurers, and replacing insurers.