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.
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