Bill > S760

This bill modifies existing Massachusetts law regarding how life insurance beneficiaries can be changed by allowing insurance companies to use online tools for beneficiary designation changes. Currently, beneficiary changes require a written request with a signature witnessed by a disinterested person (someone over 18 who is not named as a beneficiary). The new legislation permits insurance companies to accept beneficiary changes through an online tool, provided they take reasonable steps to verify the identity and intention of the person making the change. These verification steps can include remote technologies like phone or video conferencing. After a beneficiary change is processed, the insurance company must send written notice to the policyholder, which can be delivered electronically if the change was made through an online tool. This modification aims to modernize and streamline the beneficiary change process by leveraging digital technologies while maintaining safeguards to protect the policyholder's interests.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/S760