Bill Summary for S 574 (2021-2022)

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Summary date: 

Apr 6 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.

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Bill 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.