summary
Introduced
01/22/2019
01/22/2019
In Committee
03/02/2020
03/02/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
So much of the recommendations of the Department of the State Treasurer (House, No. 27) as relates to life insurance proceeds. Financial Services.
AI Summary
This bill amends Chapter 200A of the General Laws to require life insurance companies to regularly (at least semi-annually) compare their in-force life insurance policies and retained asset accounts against the Social Security Administration's Death Master File to identify potential matches. If a match is found, the insurer must make a good faith effort to confirm the death of the insured and locate the beneficiaries, providing them with the necessary claims forms. The bill also prohibits insurers from charging fees or costs associated with these searches and verification efforts, and requires any unclaimed benefits to be escheated (transferred) to the state as unclaimed property.
Committee Categories
Business and Industry
Sponsors (0)
No sponsors listed
Last Action
Bill reported favorably by committee and referred to the committee on House Steering, Policy and Scheduling (on 03/02/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H53 |
| Bill | https://malegislature.gov/Bills/191/H53.pdf |
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