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New Requirements for Individual Term Life in Louisiana

The Louisiana Department of Insurance issued Advisory Letter No. 14-03 on August 8, 2014, which advises of amendments to R.S. 22:931 that apply to individual life policy issuers whose term life insurance policies allow their insureds the option to convert to a whole life policy. The advisory letter states that all currently approved policies issued on and after, August 1, 2014, must be revised to reflect the new Conversion Notice requirement. The revisions must be filed for review and approval, the Department will allow these revisions to be added via a rider or endorsement form. The revised filings are due by March 1, 2015. No filing fee will be incurred if revisions are filed prior to that date, however, full filing fees will apply after March 1, 2015. (Advisory Letter No. 14-03)

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