SENATE DOCKET, NO. 2492        FILED ON: 1/17/2025

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 760

The Commonwealth of Massachusetts

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PRESENTED BY:

Barry R. Finegold

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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 allowing for the use of an online tool to change life insurance beneficiaries.

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PETITION OF:

SENATE DOCKET, NO. 2492        FILED ON: 1/17/2025

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 760

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Fourth General Court
(2025-2026)

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An Act allowing for the use of an online tool to change life insurance beneficiaries.

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 chapter 175 of the General Laws, as appearing in the 2022 Official Edition, 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; provided, however, that it shall not be a violation of this section for a life insurance company to accept or take action on a request submitted without such witness if the person requesting the change utilizes an online tool offered by the life insurance company to request a change of beneficiary; provided further, that prior to accepting or taking action on a request submitted utilizing an online tool as described herein, a life insurance company shall take reasonable steps to verify the identity and intention of the person requesting the change; and provided further, that a life insurance company may utilize remote technologies to verify such person’s identity including, but not limited to, phone or videoconference. For purposes of this section, a disinterested person is one who is over 18 years of age and not designated as a beneficiary in the requested change. Upon receipt and acceptance of the change of designation of beneficiary, the insurance company shall provide written notice of the change to the insured at the owner's last known address; provided, however, that such notice may be delivered to the insured by electronic mail if the change was requested through an online tool.