HOUSE DOCKET, NO. 2264        FILED ON: 1/17/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1074

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Harold P. Naughton, Jr.

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to modernization of insurance laws.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Harold P. Naughton, Jr.

12th Worcester

1/17/2019


HOUSE DOCKET, NO. 2264        FILED ON: 1/17/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1074

By Mr. Naughton of Clinton, a petition (accompanied by bill, House, No. 1074) of Harold P. Naughton, Jr. relative to the designation of beneficiaries for life insurance policies.  Financial Services.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-First General Court
(2019-2020)

_______________

 

An Act relative to modernization of insurance laws.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Section 123 of said chapter 175, as so appearing, is hereby amended by striking out the second paragraph and inserting in place thereof the following paragraph:-

No life insurance company shall accept or take action on any written request to change the designation of beneficiary under any policy of life or endowment insurance unless the signature of the person requesting the change is witnessed by a disinterested person. For purposes of this section, a disinterested person is one who is over eighteen years of age and not designated as a beneficiary in the requested change.  No life insurance company shall accept or take action on any electronic or telephonic request to change the designation of beneficiary under any policy of life or endowment insurance unless the identity of the person requesting the change is verified by the insurance company.  Upon receipt and acceptance of a change of designation of beneficiary, the insurance company shall provide written notice of the change to the policy owner at the owner’s last known address.