HB 2066 Summary

• Creates the "Unclaimed Life Insurance Benefits Act" applicable to life insurance policies, annuity contracts, and retained asset accounts issued in Oklahoma on or after January 1, 2016.

• Requires insurers to compare in-force policies against the Social Security Administration's Death Master File on at least a semiannual basis and complete a good-faith effort within 90 days to confirm death and locate beneficiaries upon learning of a policyholder's death.

• Prohibits insurers from charging beneficiaries any fees or costs associated with Death Master File searches or verification.

• Directs unclaimed benefits plus accrued contractual interest to be paid to designated beneficiaries or escheat to the state as unclaimed property under the Uniform Unclaimed Property Act.

• Authorizes insurers to report and remit proceeds to Oklahoma early (within one year of validated death) if beneficiaries cannot be located, providing insurers liability protection for amounts remitted.

• Effective November 1, 2016.