HB0302 Summary

• Amends the Unclaimed Life Insurance Benefits Act to expand the definition of "policy" to include lapsed or terminated policies with death benefits, and requires insurers to search Death Master File records for policies in force on or after January 1, 2000 with electronic searchable files.

• Requires insurers to complete initial Death Master File comparisons by December 31, 2017 for policies in force after January 1, 2017, and by December 31, 2018 for policies in force between January 1, 2012 and December 31, 2016, then conduct semi-annual comparisons thereafter.

• Mandates insurers to locate beneficiaries within 120 days of death notice using documented good faith efforts including mail, email, and phone contact, and provide claim forms or instructions without charging fees for Death Master File searches.

• Requires acquiring insurers to search newly acquired policies against the complete Death Master File within 6 months if the previous insurer had not already done so in compliance with the Act.

• Amends the Uniform Disposition of Unclaimed Property Act to eliminate the $20 deduction for notice publication costs and modifies fee restrictions for property discovery services to apply only during the first 24 months after property payment or delivery to the State Treasurer.