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.
LIFE INSURANCE BENEFICIARY CHANGES.
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| View NCGA Bill Details(link is external) | 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.
Status: Ref To Com On Rules, Calendar, and Operations of the House (House action) (May 10 2021)
Bill History:
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Tue, 6 Apr 2021 Senate: Filed(link is external)
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Wed, 7 Apr 2021 Senate: Passed 1st Reading(link is external)
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Tue, 13 Apr 2021 Senate: Withdrawn From Com(link is external)
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Tue, 20 Apr 2021 Senate: Withdrawn From Com(link is external)
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Tue, 27 Apr 2021 Senate: Reptd Fav Com Substitute(link is external)
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Tue, 27 Apr 2021 Senate: Com Substitute Adopted(link is external)
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Tue, 27 Apr 2021 Senate: Re-ref Com On Commerce and Insurance(link is external)
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Tue, 4 May 2021 Senate: Reptd Fav(link is external)
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Tue, 4 May 2021 Senate: Reptd Fav(link is external)
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Wed, 5 May 2021 Senate: Reptd Fav(link is external)
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Thu, 6 May 2021 Senate: Passed 2nd Reading(link is external)
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Thu, 6 May 2021 Senate: Passed 3rd Reading(link is external)
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Thu, 6 May 2021 House: Regular Message Received From Senate(link is external)
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Fri, 7 May 2021 Senate: Regular Message Sent To House(link is external)
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Mon, 10 May 2021 House: Passed 1st Reading(link is external)
S 574
Bill Summaries:
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Bill S 574 (2021-2022)Summary date: Apr 27 2021 - View Summary
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Bill S 574 (2021-2022)Summary date: Apr 6 2021 - View Summary
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.
View: All Summaries for Bill