LOU LEG Asset Beneficiary Revocation

On May 15, LOU LEG passed bill revocation of beneficiary designation.

  • LOU LEG passed bill SB 49 on revocation of beneficiary designation for certain assets.
  • Amends LOU INS 9:2449.1 Retirement, LOU INS 22:911.1 Payments of proceeds.
  • Bill Provisions
  • Divorce of individual from the individual's spouse revokes any benefit payable to former spouse by reason of individual's death under pension, profit-sharing, retirement
  • Provided divorce occurs after beneficiary is designated, parties remained divorced from each other at time of death, no judgment, settlement agreement provides otherwise.
  • If revocation, proceeds of plan are payable as if former spouse predeceased decedent.
  • Payor is not liable for having made payment in good faith reliance on validity of beneficiary designation before payor has received written notice of the divorce.
  • In policies of life or endowment insurance and in all annuity contracts, divorce revokes any revocable designation made by a divorced individual to the former spouse.
  • Legislative History
  • On Feb. 26, 2024, bill introduced in Senate; on Mar. 20, 2024, bill passed in Senate.
  • On Mar. 21, 2024, bill introduced in House; on May 13, 2024, bill was passed in House.
  • On May 14, 2024, bill was enrolled; on May 15, 2024, bill was sent to governor.
  • Effectiveness
  • If enacted, bill provisions become effective Aug. 1, 2024.
  • May 21, 2024 LOU LEG Governor Approval
  • On May 21, 2024, LOU LEG reported governor signed bill SB 49, assigned Act no. 94.

Regulators LOU LEG
Entity Types Ins; Pension
Reference Act 94, 5/21/2024; Bill, SB49, 5/15/2024; Citation: *LOU INS* 9:2449, 22:911;
Functions Compliance; Financial; Legal; Reporting
Countries United States of America
Products Annuity; Insurance; Insurance-Life; Pensions; Retirement Plan
Regions Am
Rule Type Final
Rule Date 5/15/2024
Effective Date 8/1/2024
Rule Id 212100
Linked to N/A
Reg. Last Update 5/21/2024
Report Section US Consumer

Last substantive update on 05/27/2024