Unclaimed life insurance benefits.

Authors: Senator Travis Holdman, Senator Greg Walker

Co-authors: Senator Frank Mrvan, Senator Lonnie Randolph

Sponsors: Representative Matthew Lehman

Co-Sponsors: Representative Martin Carbaugh

Digest

Requires an insurer to perform periodic comparison of certain in-force life insurance policies, annuities, and retained asset accounts against a death master file. Requires an insurer to confirm the possible death of an insured, annuitant, or account owner and determine the benefits due. Provides that if the person to whom the benefits are due is not found, the benefits escheat to the state under the unclaimed property law. Makes an insurer's noncompliance an unfair or deceptive act or practice in the business of insurance.