FL H1041

Funds under matured life insurance policies, annuity contracts, and retained asset accounts are presumed unclaimed if not claimed within 5 years after the death of the insured, annuitant, or account holder

Insurers must compare records of policies in force on or after January 1, 1992 against the Social Security Administration Death Master File at least annually before August 31 to identify deceased policyholders

Within 120 days of learning of a death through the database comparison, insurers must confirm the death, review records for other products purchased, determine benefits due, and contact beneficiaries with claims information

Insurers and third parties are prohibited from charging fees or costs to insureds, beneficiaries, or estates for searches, verifications, claims, or delivery of funds under this section

Fines and penalties under Chapter 717 are waived for failure to report unclaimed policies if proceeds are reported and remitted to the Department of Financial Services by May 1, 2021