OK HB3287

Creates the "Unclaimed Life Insurance Benefits Act" requiring insurers to compare in-force life insurance policies, annuities, and retained asset accounts against the Social Security Administration's Death Master File at least semiannually to identify deceased policyholders

Requires insurers within 90 days of learning of a possible death to confirm the death, review records for other products, determine if benefits are due, and make reasonable efforts to locate and contact beneficiaries

Applies only to policies issued in Oklahoma on or after January 1, 2015, excluding employer-sponsored plans subject to ERISA, preneed funeral contracts, credit life insurance, and group policies where the insurer doesn't provide recordkeeping

Prohibits insurers from charging beneficiaries any fees for Death Master File searches; unclaimed benefits must first go to designated beneficiaries and if unfound, escheat to the state under the Uniform Unclaimed Property Act

Effective date November 1, 2015; violations constituting a general business practice pattern are subject to the Unfair Practices and Frauds Act penalties