LIFE INSURANCE BENEFICIARY CHANGES.

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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.

Status: Ref To Com On Rules, Calendar, and Operations of the House (House action) (May 10 2021)
S 574

Bill Summaries:

  • Summary date: Apr 27 2021 - View 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.


  • 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.