§ 12-210. Extension of grace period on life, accident, or health insurance policy

Latest version.

   (a) In general. -- On advance written notice to an insurer, the Commissioner may extend by a maximum of 60 days the grace period for making premium payments on life insurance, accident, and health insurance policies if:

   (1) an emergency situation exists that would delay or prevent the prompt and orderly payment of the premiums due by all or a substantial number of the insureds of the insurer; and

   (2) the emergency is not the fault of the insureds.

(b) Emergency situation. -- For purposes of this section, an emergency situation includes a fire, earthquake, flood, postal strike, insurance producer strike, or other situation that is not under the control of insureds.

HISTORY: An. Code 1957, art. 48A, § 24A; 1995, ch. 36; 2001, ch. 731, § 1.

                    
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