HB192 Summary

• Amends Alabama insurance law to require insurers to compare life insurance policies, annuity contracts, and retained asset accounts against the Social Security Administration's Death Master File to identify deceased insureds.

• Applies only to policies and contracts issued and delivered in Alabama on or after January 1, 2016, with initial comparison completion deadline of January 1, 2019.

• Requires insurers to complete commercially reasonable efforts within 90 days of a death master file match to confirm death, locate beneficiaries, and provide claim forms.

• Prohibits insurers from charging fees or costs to insureds, account holders, or beneficiaries for searches or verifications conducted under this section.

• Unclaimed insurance benefits that cannot be delivered after documented good faith efforts must be escrowed to the State Treasurer as unclaimed property in accordance with Alabama law.