Wisconsin Statutes Insurance (Ch. 600 to 655) § 632.48. Designation of beneficiary

(1) Powers of policyholders. Subject to s. 632.47(2), no life insurance policy or annuity contract may restrict the right of a policyholder or certificate holder:

(2) Protection of insurer. An insurer may prescribe formalities to be complied with for the change of beneficiaries, but formalities prescribed under this subsection shall be designed only for the protection of the insurer. The insurer discharges its obligation under the insurance policy or certificate of insurance if it pays a properly designated beneficiary unless it has actual notice of either an assignment or a change in beneficiary designation made under sub. (1)(b). It has actual notice if the prescribed formalities are complied with or if the change in beneficiary has been requested in the form prescribed by the insurer and delivered to an intermediary representing the insurer.

(3) Notice of changes. An insurer that receives a request from the department of health services under s. 49.47(4)(cr)2. for notification shall comply with the request and notify the department of any changes to or payments made under the annuity contract to which the request for notification relates.