NC S665

Enacts the North Carolina Unclaimed Life Insurance Benefits Act requiring insurers to compare in-force policies, annuities, and retained asset accounts against death master files on a semiannual basis to identify potential matches of deceased persons.

Exempts policies with active premium payments within the previous 18 months, policies issued before October 1, 2015 (if insurer attests it has not engaged in asymmetric conduct and has complied with record-keeping requirements), and group life insurance policies where the insurer does not perform record-keeping services.

Requires insurers to confirm death within 90 days of learning of a possible death, review records for other products owned by the deceased person, determine if benefits are due, locate beneficiaries, and provide claims forms and instructions at no charge to beneficiaries.

Establishes that benefits must first be payable to designated beneficiaries or account owners, and if they cannot be found, benefits shall escheat to the State as unclaimed property under Chapter 116B of the General Statutes.

Provides that patterns of failure to comply with these requirements may constitute unfair claims settlement practices but creates no private cause of action for violations.