AMENDMENT NO 1 PROPOSED TO
Cmte Sub for Senate Bill No. 2224
BY: Senator(s) Ross
AMEND on line 7 by inserting before the word "An" the following:
To ensure that contractual claims under a policy or contract are not paid by the insurer more than once,
FURTHER, amend on lines 8, 18 and 23 by inserting the word "contractual" after the word "all"
FURTHER, amend on line 10 by inserting the word "annuity" after the word "or"
FURTHER, amend on line 22 by changing the period to a semicolon and inserting thereafter the following:
; nor shall an insurer be fully discharged from all contractual claims under a life insurance policy or annuity contract if the person who receives the proceeds or payment does not accept the proceeds or payment and returns the same to the insurer at its home office.