SB0735 Summary

• Expands definition of "policy" under the Unclaimed Life Insurance Benefits Act to include policies that have lapsed or been terminated.

• Requires insurers to request and maintain sufficient information about insureds and beneficiaries (name, address, date of birth, social security number, phone number) at policy delivery or account establishment, and upon any changes.

• Requires insurers to conduct initial Death Master File comparison by December 31, 2017, and thereafter conduct semi-annual comparisons to identify deceased insureds, with 120-day deadline to locate beneficiaries or report benefits as unclaimed property.

• Amends the Vital Records Act to make death records available at no cost to the State Treasurer for unclaimed property administration purposes.

• Removes fee caps on unclaimed property discovery services and restricts fees to those charged during the 24-month period beginning when property was presumed abandoned, with fees capped at 10% after 24 months in state custody.