An Act relative to modernization of insurance laws

This bill updates Massachusetts insurance laws to strengthen security when policy owners change who receives life insurance benefits. It requires insurance companies to verify the identity of anyone requesting such a change, allowing methods like having an unrelated witness sign the request or providing other proof the company deems reasonable. Once a change is approved, the insurer must send written confirmation to the policy owner at their last known address. These measures directly affect life and endowment insurance policyholders and the companies that issue them.