An Act allowing for the use of an online tool to change life insurance beneficiaries
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill would allow individuals to update the beneficiaries on their life insurance policies using an online tool. Currently, changing beneficiaries often requires a formal process involving paperwork and potentially a visit to the insurance company. This legislation aims to streamline this process by enabling online updates, making it more convenient for policyholders to manage their beneficiaries.
Key provisions
- Allows for the use of an online tool to update life insurance beneficiaries.
- Simplifies the process of changing beneficiaries.
- Reduces the need for paper-based forms.
- Increases accessibility for policyholders.
Who is affected
- Life insurance policyholders
- Individuals with life insurance beneficiaries
- Insurance companies
Notable changes
- Currently, changing beneficiaries typically requires a manual process.
- This bill introduces an online alternative for updating beneficiary information.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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