H-3437.1
SUBSTITUTE HOUSE BILL 2428
State of Washington
69th Legislature
2026 Regular Session
By House Consumer Protection & Business (originally sponsored by Representatives Leavitt, Reeves, and Parshley)
READ FIRST TIME 02/04/26.
AN ACT Relating to preventing unintentional lapses and cancellations of life insurance policies; amending RCW 48.23.030 ; adding a new section to chapter 48.23 RCW; creating a new section; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 48.23.030 and 1947 c 79 s .23.03 are each amended to read as follows:
(1) There shall be a provision that the insured is entitled to a grace period of one month, but not less than thirty days, within which the payment of any premium after the first may be made, subject at the option of the insurer to an interest charge not in excess of six percent per annum for the number of days of grace elapsing before the payment of the premium, during which period of grace the policy shall continue in force, but in case the policy becomes a claim during the grace period before the overdue premium is paid, or the deferred premiums of the current policy year, if any, are paid, the amount of such premium or premiums with interest thereon may be deducted in any settlement under the policy.