What must the existing company provide to the policyholder within 20 days of receiving notification of a replacement?

In Indiana, when an insurance policyholder decides to replace an existing life or health insurance policy, the existing insurance company is required to provide an Essential Policy Information Summary to the policyholder within 20 days of receiving notification of the replacement. This summary typically includes important details about the current coverage, benefits, and any other pertinent policy information, allowing the policyholder to make an informed comparison with the new policy they are considering.

Providing this information ensures transparency and helps the policyholder ascertain whether the new policy offers better coverage, pricing, or terms compared to the existing policy. This requirement is part of consumer protection measures in insurance regulations, designed to prevent potential unfair practices in policy replacement and ensure that policyholders have access to critical information at a key decision-making moment.