With the override of the Governor’s Amendatory Veto of IL HB 302 on November 8, 2017, the Unclaimed Life Insurance Benefits Act was amended to include a modified definition of “policy” and new requirements for insurers to perform comparisons of their in-force policies, annuity contracts, and retained asset accounts against the Death Master File (DMF).
Insurance (96 articles)
The unclaimed property landscape is rapidly evolving for insurance companies. States are adopting new regulations that require insurers to actively seek out and locate beneficiaries when proceeds are due, as well as conduct regular comparisons of their in-force policies against sources such as the Social Security Administration Death Master File.
Three State legislatures introduced new bills that will effectively change aspects of their respective unclaimed life insurance benefits acts. Life insurance carriers that operate in Texas, one of the nation’s most populous states, should be advised of the potential operational impact of this newly proposed legislation.
Signed into law by Governor Rauner on August 26, 2016, IL HB 4633 creates the Illinois Uniform Unclaimed Life Insurance Benefits Act and amends the state Insurance Code. This bill will become effective on January 1, 2017 and details the requirements and procedures to which insurers must adhere to ensure compliance. This includes identifying deceased insureds and […]
Effective on August 8, 2016, the new law enacts the Missouri Unclaimed Life Insurance Benefits Act and outlines the requirements and procedures that life issuers must follow to proactively determine if insureds are deceased and perform outreach to beneficiaries. Missouri is now the 22nd state to enact similar legislation.
On May 6th, four Kemper-related insurance companies filed suit in a Florida state court seeking to declare invalid and enjoin the retroactive enforcement of provisions recently added to the Florida unclaimed property law by the enactment of Senate Bill 966. The legislation made extensive changes to a life insurer’s obligations.