AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO LIFE INSURANCE POLICY EXCLUSIONS AND RESTRICTIONS BASED ON DEATH RESULTING FROM SUICIDE.

Current Delaware law provides that a life insurance policy may contain a provision excluding or restricting coverage in the event of death by suicide within 2 years from the date of issue of the policy. This Act reduces the time period to 1 year from the date of issue of the policy. It applies to a policy that is issued after the effective date of the Act.

This Act also requires that in the event any death benefit is denied because the insured dies as a result of suicide within 1 year from the date of issue of the policy, the insurer must refund all premiums paid for coverage providing the denied death benefit on the insured. This Act is effective 6 months after its enactment into law.