Bill > H24

This bill, amending Chapter 200A of the General Laws, introduces new requirements for life insurance companies and annuity providers regarding unclaimed death benefits. It mandates that insurers regularly compare their policyholders and account holders against a "Death Master File," which is a database like the one maintained by the U.S. Social Security Administration used to identify deceased individuals. If a "Death Master File Match" occurs, meaning the database indicates a policyholder has died, the insurer must make a good-faith effort to confirm the death, determine if benefits are due, and then use good-faith efforts to locate the beneficiaries. If beneficiaries are found, the insurer must provide them with the necessary claim forms. The bill clarifies that these requirements do not apply to certain types of employee benefit plans, governmental or church plans, federal employee benefit programs, or policies related to specific loans or credit transactions. Insurers are prohibited from charging any fees for these search and verification processes. If beneficiaries cannot be located, the life insurance benefits, along with any accrued interest, will be considered unclaimed property and turned over to the State Treasurer, with the date of the insured's death serving as the dormancy period.