FL S0966

Revises presumption of unclaimed funds under life insurance policies, annuity contracts, and retained asset accounts to trigger 5 years after the insured's, annuitant's, or account holder's death rather than when funds became due and payable.

Requires insurers to compare records of life insurance policies, annuity contracts with death benefits, and retained asset accounts against the Social Security Administration Death Master File at least annually by August 31 to identify deaths, using name and social security number or date of birth.

Establishes a presumption that an insured, annuitant, or account holder is deceased if a death is indicated by the Death Master File comparison, unless the insurer has competent and substantial evidence that the person is living.

Requires insurers to complete within 120 days of learning of a death: confirm the death, review for other products, determine if benefits are due, and locate and contact the beneficiary with claim information and death certificate requirements.

Prohibits insurers and their agents from charging fees or costs associated with searches, verifications, claims, or fund delivery conducted under this section and provides retroactive applicability with a deadline of May 1, 2021 for reporting and remitting unclaimed proceeds to avoid penalties.