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 | 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
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Wed, 7 Apr 2021 Senate: Passed 1st Reading
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Wed, 7 Apr 2021 Senate: Ref To Com On Rules and Operations of the Senate
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Tue, 13 Apr 2021 Senate: Withdrawn From Com
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Tue, 20 Apr 2021 Senate: Withdrawn From Com
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Tue, 27 Apr 2021 Senate: Reptd Fav Com Substitute
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Tue, 27 Apr 2021 Senate: Com Substitute Adopted
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Tue, 27 Apr 2021 Senate: Re-ref Com On Commerce and Insurance
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Tue, 4 May 2021 Senate: Reptd Fav
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Tue, 4 May 2021 Senate: Reptd Fav
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Tue, 4 May 2021 Senate: Re-ref Com On Rules and Operations of the Senate
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Wed, 5 May 2021 Senate: Reptd Fav
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Thu, 6 May 2021 Senate: Passed 2nd Reading
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Thu, 6 May 2021 Senate: Passed 3rd Reading
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Thu, 6 May 2021 House: Regular Message Received From Senate
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Fri, 7 May 2021 Senate: Regular Message Sent To House
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Mon, 10 May 2021 House: Passed 1st Reading
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Mon, 10 May 2021 House: Ref To Com On Rules, Calendar, and Operations of the House
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