Bill Summary for S 574 (2021-2022)

Printer-friendly: Click to view
Bill: LIFE INSURANCE BENEFICIARY CHANGES.

Summary date: 

Apr 27 2021

Bill Information:

View NCGA Bill Details2021
Senate Bill 574 (Public) Filed Tuesday, April 6, 2021
AN ACT TO ALLOW A CHANGE OF BENEFICIARY UNDER A LIFE INSURANCE POLICY IF THAT BENEFICIARY WAS SELECTED UNDER FRAUDULENT CIRCUMSTANCES OR FALSE PRETENSES.
Intro. by Steinburg.

View: All Summaries for BillTracking:

Bill summary

Senate committee substitute amends the 1st edition as follows.

Corrects the GS Chapter identified in the lead-in language.

Revises proposed GS 58-58-96, now 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 current beneficiary (previously did not specify the current beneficiary) was selected under false pretenses or fraudulent circumstances. Adds a new provision to exclude irrevocable beneficiaries.