California Insurance Company Notice Requirement Investigation

10.06.2021

Girard Sharp is investigating potential claims on behalf of California-based life insurance policyholders and beneficiaries following reports that the life insurance companies have failed to provide policyholders with Designation Notice Requirements and Annual Notice Requirements in violation of California law.

If you are a California policyholder or beneficiary on a policy which lapsed without proper notification, you may have a claim for relief.

Protect your rights by speaking with a Girard Sharp attorney. Call us toll-free at (866) 981-4800 or fill out the form below.

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More Information on Insurance Company Notice Requirements

Insurance companies have reportedly been failing to adhere to Designation Notice Requirements and Annual Notice Requirements in violation of California law, which require life insurance companies to, among other things: (i) provide policyholders with a form to designate a third party to receive notice of potential termination of benefits for non-payment of a premium, (ii) annually notify the policyholder of the right to make or change a designation, and (iii) provide notice to a designated third party of any non-payment of a premium prior to terminating a policy.

These statutory requirements are in place to protect consumers from losing insurance coverage due to unintentionally missing a premium payment. The requirements provide consumer safeguards by requiring insurance companies to give warnings to consumers that their premiums may lapse due to nonpayment. By failing to adhere to these notice requirements, insurance companies reportedly terminate and refuse to pay beneficiaries the proceeds from life insurance policies, resulting in substantial injury.

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We have recovered over a billion dollars for our clients against some of the nation’s largest corporations, such as Raymond James, Peregrine Financial Group, and OppenheimerFunds, in cases arising from securities fraud, false advertising and other unfair business practices.    

For a free consultation about your potential claims, contact one of our investment fraud attorneys at (866) 981-4800 or by filling out the form above.

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