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GA HB920
Bill
Status
Passed
4/15/2014
Primary Sponsor
Sam Teasley
Click for details
AI Summary
- Requires life insurers to compare their in-force policies, annuities, and retained asset accounts issued in Georgia against the Social Security Administration's Death Master File at least semiannually to identify deceased policyholders
- Upon identifying a possible death, insurers must within 90 days confirm the death, review records for other products held by the deceased, determine benefits due, and take documented reasonable steps to locate and contact beneficiaries
- Prohibits insurers and service providers from charging beneficiaries any fees or costs associated with Death Master File searches or match verification
- Authorizes insurers to report and remit unclaimed proceeds to the state as unclaimed property after conducting reasonable search efforts for up to one year following validation of a death match, with the insurer indemnified from further liability once proceeds are remitted
- Applies to policies issued or renewed on or after January 1, 2015, and prohibits the Commissioner or State Treasurer from imposing additional duties on insurers beyond those specified in the Act
Legislative Description
Unclaimed Life Insurance Benefits Act; enact
Last Action
Effective Date
7/1/2014
Full Bill Text
No bill text available