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, upon learning of a death, complete verification efforts and attempt to locate beneficiaries within 90 days.

• Prohibits insurers from charging beneficiaries any fees for Death Master File searches or verification and requires unclaimed benefits plus accrued interest to be paid to designated beneficiaries or escheat to Oklahoma as unclaimed property.

• Authorizes insurers to report and remit proceeds to the state on an early reporting basis after one year of unsuccessful search efforts, relieving the insurer from liability for those remitted proceeds.

• Permits the Insurance Commissioner to adopt rules, limit comparisons to electronic files, exempt insurers for financial hardship, or phase in compliance; violations constitute unfair insurance practices but create no private cause of action.

• Effective date: November 1, 2016.