Bill > H1221

This bill amends Chapter 175 of the General Laws to require life insurance companies to perform regular comparisons of their in-force policies and accounts against the Social Security Administration's Death Master File to identify potentially deceased policyholders or account holders. Upon a match, the insurer must make a good faith effort to confirm the death and locate the beneficiaries, provide them with the necessary claim forms, and if the benefits are unclaimed, escheat the funds to the state as unclaimed property. The bill also prohibits insurers from charging any fees or costs associated with these death file searches and verification. The bill takes effect on January 1, 2023.

Business and Industry

https://malegislature.gov/Bills/192/H1221