This bill amends existing insurance laws in Montana regarding the interests of named insured individuals and the implications of a transfer on death deed. Specifically, it clarifies that a change of interest in real property due to a transfer on death deed does not void the insurance coverage on that property. The bill inserts language into Section 33-15-206 stating that insurance coverage continues beyond the death of the named insured, ensuring that the insurance passes to the individual who inherits the insured's interest in the property.

Additionally, the bill amends Section 72-6-412 to establish that upon the death of the transferor, the designated beneficiary will receive the property subject to any existing encumbrances and that the recording of the transfer on death deed is considered to have occurred at the time of the transferor's death. It also introduces provisions for extending real property insurance coverage to the designated beneficiary, allowing them to be treated as the named insured for a limited time after the owner's death, unless they disclaim interest in the property. The bill is set to take effect immediately upon passage and approval.

Statutes affected:
LC Text: 33-15-206, 72-6-412
HB0464_1(1): 33-15-206, 72-6-412
HB0464_1(2): 33-15-206, 72-6-412
HB0464_1(3): 33-15-206, 72-6-412
HB0464_1(4): 33-15-206, 72-6-412
HB0464_1(5): 33-15-206, 72-6-412
HB0464_1(6): 33-15-206, 72-6-412
HB0464_1: 33-15-206, 72-6-412
HB0464_2(1): 33-15-206, 72-6-412
HB0464_2(10): 33-15-206, 72-6-412
HB0464_2(11): 33-15-206, 72-6-412
HB0464_2(2): 33-15-206, 72-6-412
HB0464_2(3): 33-15-206, 72-6-412
HB0464_2(4): 33-15-206, 72-6-412
HB0464_2(5): 33-15-206, 72-6-412
HB0464_2(6): 33-15-206, 72-6-412
HB0464_2(7): 33-15-206, 72-6-412
HB0464_2(8): 33-15-206, 72-6-412
HB0464_2(9): 33-15-206, 72-6-412
HB0464_2: 33-15-206, 72-6-412
HB0464_X(1): 33-15-206, 72-6-412
HB0464_X(10): 33-15-206, 72-6-412
HB0464_X(2): 33-15-206, 72-6-412
HB0464_X(3): 33-15-206, 72-6-412
HB0464_X(4): 33-15-206, 72-6-412
HB0464_X(5): 33-15-206, 72-6-412
HB0464_X(6): 33-15-206, 72-6-412
HB0464_X(7): 33-15-206, 72-6-412
HB0464_X(8): 33-15-206, 72-6-412
HB0464_X(9): 33-15-206, 72-6-412
HB0464_X: 33-15-206, 72-6-412