MS HB549

Creates the "Unclaimed Life Insurance Benefits Act" establishing standards for how life insurance death benefits are treated as unclaimed property under Mississippi law.

Requires insurers to compare in-force policies, annuities, and retained asset accounts against the Social Security Administration's Death Master File on at least a semiannual basis to identify deceased policyholders.

Requires insurers to make good-faith efforts within 90 days of learning of a death to locate beneficiaries, including reasonable steps to contact them and inform them of the claims process.

Allows insurers to report and remit proceeds to the state as unclaimed property after one year of unsuccessful search efforts, and provides complete indemnification from liability once proceeds are remitted to the state.

Amends Section 89-12-37 to prohibit money in the Abandoned Property Fund and Abandoned Property Claims Payment Fund from lapsing into the State General Fund at the end of the fiscal year.