(1) A policy for group or blanket life insurance coverage issued or renewed after July 1, 2001, shall include a provision that obligates the policyholder to notify each employee or group member:

1. (a) in writing;
2. (b) 30 days before the date the coverage is terminated; and

3. (c)

   1. (i) that the group or blanket life insurance coverage is being terminated; and
   2. (ii) the rights the employee or group member has to convert coverage upon termination.

(2) For a policy for group or blanket life insurance coverage described in Subsection (1), an insurer shall:

1. (a) include a statement of a policyholder's obligations under Subsection (1) in the insurer's monthly notice to the policyholder of premium payments due; and
2. (b) provide a sample notice to the policyholder at least once a year.