Bill > H973

This bill aims to address unclaimed life insurance benefits in Massachusetts. It requires insurers to regularly compare their records against the Social Security Administration's Death Master File to identify potentially deceased policyholders, and then take steps to locate the beneficiaries and pay out the policy proceeds. If the beneficiaries cannot be found, the unclaimed benefits must be remitted to the state as unclaimed property. The bill also prohibits insurers from charging fees related to the Death Master File search and verification process, and establishes that failure to comply with the requirements can be considered a violation of state insurance laws. The bill will take effect on January 1, 2025.