MS SB2888

Life insurance companies and annuity issuers are fully discharged from all claims when they make payments according to policy/contract terms or written assignments to the designated payee or beneficiary

Insurers are protected from liability unless they receive written notice at their home office from another person claiming entitlement to the payment before the payment is made

The law does not affect disputes between third parties over policy proceeds or payments—only the insurer's liability is addressed

Effective date: July 1, 2017