MS HB103

Amends Mississippi Code Section 91-29-23 to clarify that revocation of an ex-spouse as a life insurance beneficiary applies to all designations made on or after July 1, 2020.

Specifies that when a divorce or annulment is rendered after an insured designated their spouse as a beneficiary, the ex-spouse designation becomes ineffective unless the divorce decree, a subsequent redesignation, or a trust designation for a child or dependent explicitly provides otherwise.

Directs proceeds to pass to a named alternative beneficiary or the insured's estate if the ex-spouse designation is deemed ineffective.

Makes insurers liable for improper payment to an ex-spouse only if they received written notice of the ineffective designation before payment and did not interplead the funds into court.

Takes effect upon passage.