Bill Text: MS SB2888 | 2017 | Regular Session | Engrossed
Bill Title: Life insurance; clarify effect of payment when proceeds become payable.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2017-03-07 - Approved by Governor [SB2888 Detail]
Download: Mississippi-2017-SB2888-Engrossed.html
MISSISSIPPI LEGISLATURE
2017 Regular Session
To: Insurance
By: Senator(s) Carmichael
Senate Bill 2888
(As Passed the Senate)
AN ACT TO CLARIFY THE EFFECT OF PAYMENT BY A LIFE INSURANCE COMPANY OR ANNUITY ISSUER WHEN THE PROCEED OR PAYMENTS UNDER AN INSURANCE POLICY OR ANNUITY CONTRACT BECOME PAYABLE, AND THE INSURER OR CONTRACT ISSUER MAKES PAYMENTS IN ACCORDANCE WITH THE TERMS OF THE POLICY OR CONTRACT OR ANY WRITTEN ASSIGNMENT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Whenever the proceeds of, or payments under, a life insurance policy or annuity contract issued by a life insurance company become payable and the insurer makes payment thereof in accordance with the terms of the policy or contract, or in accordance with any written assignment thereto, the payee or beneficiary shall be entitled to receive the proceeds or payments and to give full acquittance therefor, and the payment shall fully discharge the insurer from all claims under the policy or contract unless, before payment is made, the insurer has received at its home office written notice by or on behalf of some other person that the other person claims to be entitled to the payment or some interest in the policy or contract. Nothing contained in this section shall affect any claim or right to any policy or contract or the proceeds thereof or payment thereunder as between persons other than the insurer.
SECTION 2. This act shall take effect and be in force from and after July 1, 2017.
