AN ACT RELATIVE TO THE PREVENTION OF FRAUD IN THE ISSUANCE OF LIFE INSURANCE POLICIES.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Section 123 of chapter 175 of the General Laws is hereby amended by
inserting after the first paragraph 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. 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.