Amends Part 3 of Article 58 of GS Chapter 58 (Life Insurance – Insurable Interests and Other Rights) to add GS 58-58-96 requiring life insurance companies in the state to allow an owner of a life insurance policy to change the beneficiary of the owner’s policy if the beneficiary was selected under false pretenses or fraudulent circumstances. Effective upon becoming law and applies to policies issued on or after that date.