Wis. Admin. Code Office of the Commissioner of Insurance Ins 3.30

Current through October 28, 2024

Section Ins 3.30 - Change of beneficiary and related provisions in accident and sickness insurance policies

(1) PURPOSE. The purpose of this rule is to establish guidelines for wording change of beneficiary provisions and related provisions in accident and sickness insurance policies.

(2)SCOPE. This rule shall apply to policy forms subject to s. Ins 6.75(1) (c) or (2) (c) and s. 600.03(4), (22) and (23), Stats.

(3)GUIDELINES. A change of beneficiary provisions and any related provision:

(a) Shall comply with s. 632.71, Stats., except as provided in ss. 631.81 and 632.77(4), Stats., where applicable, and

(b) May include requirements or limitations which would be consistent with an orderly method of handling beneficiary designations and changes such as:

1. A requirement that a beneficiary designation or change be recorded by the insurer;

2. A provision that a claim payment made before a change in beneficiary designation is recorded is not subject to such change;

3. A requirement that a beneficiary designation or change be written as opposed to oral; or

4. A requirement that a beneficiary designation or change be given to a particular agent, representative or office.

Wis. Admin. Code Office of the Commissioner of Insurance Ins 3.30

Cr. Register, May, 1974, No. 221, eff. 6-1-74; emerg. am. (2) and (3) (a), eff. 6-22-76; am. (2) and (3) (a), Register, September, 1976, No. 249, eff. 10-1-76; am. (2) and (3) (a), Register, March, 1979, No. 279, eff. 4-1-79; correction in (2) made under s. 13.93(2m) (b) 7, Stats., Register, April, 1992, No. 436.