Engrossed Senate Bill No. 298 - 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, upon learning of a death, complete a good-faith effort to confirm death, locate beneficiaries, and contact them within 90 days

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

• Requires benefits plus accrued contractual interest to be paid to designated beneficiaries first, and if beneficiaries cannot be found, the funds shall escheat to the state as unclaimed property

• Authorizes insurers to report and remit proceeds to Oklahoma after one year of unsuccessful search efforts, and grants insurers liability protection for funds reported and remitted to the state