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Senate Bill 561 |
Senate Author: Hancock |
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Effective: 9-1-17 |
House Sponsor: Smithee et al. |
Senate Bill 561 amends the Insurance Code to establish requirements and procedures for an insurer to compare its in-force life insurance policies, annuity contracts, and retained asset accounts against a Death Master File to identify potential matches. The bill provides for an insurer's duties regarding a Death Master File match, which include, if applicable, the completion of a good faith effort to locate and contact each beneficiary or other authorized representative on the relevant policy, contract, or account. If a Death Master File match is confirmed, the proceeds of the relevant policy, contract, or account are considered unclaimed proceeds on the third anniversary of the date on which the insurer completed a good faith effort that failed to locate a beneficiary or authorized representative if the proceeds remain unpaid and no beneficiary or authorized representative has submitted a claim for the proceeds to the insurer before that date. The bill provides for the reporting and delivery of such unclaimed proceeds and authorizes the commissioner of insurance to issue certain orders with respect to implementation of the bill's requirements.