S574: Life Insurance Beneficiary Changes. Latest Version

AN ACT to allow a change of beneficiary under a life insurance policy if that beneficiary was selected under FRAUDULENT circumstances or false pretenses.

The General Assembly of North Carolina enacts:

SECTION 1.  Part 3 of Article 58 of Chapter 58 of the General Statutes is amended by adding a new section to read:

§ 58‑58‑96.  Ability to change beneficiary.

No life insurance company in this State shall prohibit the owner of a life insurance policy from making a change to a beneficiary, other than an irrevocable beneficiary, of that owner's policy if the current beneficiary was selected under fraudulent circumstances or false pretenses.

SECTION 2.  This act is effective when it becomes law and applies to life insurance policies issued, renewed, or amended on or after that date.