Bill
SF 665
Overview: Bill Number: SF 665, Title: Time requirements amendment for midterm policy cancellation, Status: Referred to Commerce and Consumer Protection, Introduced: January 27, 202
Overview: Bill Number: SF 665, Title: Time requirements amendment for midterm policy cancellation, Status: Referred to Commerce and Consumer Protection, Introduced: January 27, 2025, Classification: bill, Subject: Consumer Protection, Insurance
Purpose and Intent: This bill aims to amend the time requirements for midterm policy cancellation in the insurance industry. The goal is to provide more flexibility and options for consumers who need to cancel their insurance policies before the end of the policy term.
Key Provisions:
- Reduces the required notice period for midterm policy cancellation from 30 days to 15 days
- Allows consumers to cancel their insurance policies without penalty or fees during the midterm period
- Requires insurers to provide clear and prominent disclosure of the new cancellation policy terms
Affected Parties and Impacts:
- Consumers with active insurance policies will have more flexibility to cancel their policies midterm
- Insurance companies will need to adjust their policies and procedures to comply with the new cancellation requirements
Procedural and Timeline Considerations:
- The bill has been referred to the Commerce and Consumer Protection committee for further consideration
- If passed, the new midterm cancellation policy would go into effect immediately upon enactment
Compiled from official sources — confirm details with the bill’s official record.
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