MS HB579

Amends Section 91-29-23 of the Mississippi Code to clarify that ex-spouses automatically lose beneficiary status on life insurance policies when a divorce or annulment is finalized, unless the decree designates them as beneficiary, they are redesignated after the divorce, or they hold the proceeds in trust for a child or dependent.

Directs proceeds to the named alternative beneficiary or the insured's estate when an ex-spouse's designation becomes ineffective due to divorce or annulment.

Requires insurers to receive written notice from an interested person at the home office before they become liable for paying proceeds to the proper beneficiary instead of the ex-spouse.

Clarifies that the revocation of ex-spouse beneficiary designations applies to all designations made by or on behalf of decedents who died on or after July 1, 2020.