ID S1023

Creates Chapter 30, Title 41, Idaho Code establishing the Idaho Unclaimed Life Insurance Benefits Act to address unclaimed life insurance and annuity benefits.

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

Mandates insurers complete verification of death within 90 days of a death master file match and locate beneficiaries to provide claims forms and instructions, with all search and verification costs borne by the insurer.

Directs unclaimed benefits that cannot be distributed to beneficiaries to escheat to the state as unclaimed property under Idaho law, with insurers notifying the unclaimed property administrator after good faith collection efforts.

Establishes that failure to comply with the act's requirements with sufficient frequency to constitute a general business practice violates Idaho insurance law, effective July 1, 2016.