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MO HB2683
Bill
Status
3/3/2016
Primary Sponsor
John Wiemann
Click for details
AI Summary
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Insurers must compare in-force life insurance policies, annuity contracts, and retained asset accounts against the Social Security Administration's Death Master File at least semiannually to identify deceased policyholders
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Within 90 days of a Death Master File match, insurers must make documented good-faith efforts to confirm the death, locate beneficiaries, and provide claims forms or instructions
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Insurers are prohibited from charging beneficiaries any fees or costs associated with Death Master File searches or verification
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Unclaimed benefits that cannot be paid to beneficiaries must escheat to the state as unclaimed property under existing Missouri law (section 447.510)
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Applies only to policies, contracts, and accounts issued on or after January 1, 2018; repeated violations constitute an unfair trade practice but no private cause of action is created
Legislative Description
Requires life insurance companies to compare policies, annuities, and accounts against a death master file for potential matches and to either pay beneficiaries or remit unclaimed benefits to state treasurer
Last Action
Referred: Property, Casualty, and Life Insurance(H)
5/13/2016