HI SB208

Adopts the National Conference of Insurance Legislators' Model Unclaimed Life Insurance Benefits Act to establish procedures for identifying and locating beneficiaries of life insurance death benefits.

Requires life insurers to compare in-force policies, contracts, and retained asset accounts against the Social Security Administration's death master file on at least a semi-annual basis to identify deceased insureds.

Mandates insurers complete death verification within 90 days of a death master file match and make good faith efforts to locate and contact beneficiaries with appropriate claims forms, without charging any fees for these services.

Provides that unclaimed life insurance benefits plus accrued contractual interest shall escheat to the State as unclaimed property under Chapter 523A if beneficiaries cannot be located after good faith efforts.

Authorizes the insurance commissioner to adopt implementing rules and to limit, exempt, or phase-in compliance requirements under certain hardship circumstances, with violations constituting unfair or deceptive practices under insurance law.