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
Relative to unclaimed life insurance benefits. Financial Services.
AI Summary
This bill aims to address unclaimed life insurance benefits by requiring insurers to regularly compare their records against the Social Security Administration's Death Master File to identify potential matches of deceased policyholders. Once a match is identified, the insurer must make a good faith effort to locate and notify the beneficiaries, provide the necessary claims forms, and if the beneficiaries cannot be found, the unclaimed benefits must be escheated (transferred) to the state as unclaimed property. The bill also prohibits insurers from charging fees to beneficiaries for the Death Master File searches, and establishes that failure to comply with these requirements can be considered a violation of state insurance laws. The bill is set to take effect on January 1, 2021.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
Bill reported favorably by committee and referred to the committee on House Ways and Means (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/H933 |
| Bill | https://malegislature.gov/Bills/191/H933.pdf |
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