Unclaimed property; use of death master file. (SB1305)
Introduced By
Sen. Bryce Reeves (R-Spotsylvania)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Unclaimed property; death master file. Requires insurance companies to perform a semiannual comparison of their in-force policies, annuities, and retained asset accounts issued in the Commonwealth after January 1, 2016, against the U.S. Social Security Administration death master file or its equivalent to identify potential death master file matches. If a match between information contained in the death master file and an in-force policy, annuity, or account is found, the measure requires the insurance company, within 90 days of obtaining such information, to complete a good faith effort to verify the death of the individual through other available records and information. If the individual's death is confirmed and a beneficiary or authorized representative has not communicated with the insurance company within the 90-day period, it shall take reasonable steps to locate and contact the beneficiary or beneficiaries or authorized representative. If the beneficiaries or owners cannot be found, the benefits are presumed abandoned and the insurance company is required to report and remit the benefits to the State Treasurer under the Uniform Disposition of Unclaimed Property Act. The requirements do not apply to any life or endowment insurance policy, annuity, or retained asset account for which the insurance company is receiving premiums outside of the policy account value by check, bank draft, payroll deduction, or any other similar method of active premium payment within the 18 months immediately preceding death master file comparison. The State Treasurer, in consultation with the Commissioner of Insurance, may adopt rules and regulations that (i) limit the insurance company's comparison to the death master file to its electronic searchable files; (ii) approve a plan and timeline for converting the insurance company's files to electronic searchable files; (iii) exempt an insurance company from the death master file comparison requirements or permit such comparisons to be conducted less frequently if compliance would impose a financial hardship; or (iv) establish a plan and timeline that phases in compliance with these requirements. The measure also includes provisions allowing an insurance company to report and remit the proceeds to the State Treasurer on an early reporting basis, without further notice to or consent by the State Treasurer, after attempting to contact the beneficiary. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/14/2015 | Prefiled and ordered printed; offered 01/14/15 15103498D |
01/14/2015 | Referred to Committee on General Laws and Technology |
02/01/2015 | Impact statement from DPB (SB1305) |
02/04/2015 | Reported from General Laws and Technology with substitute (11-Y 3-N) (see vote tally) |
02/04/2015 | Committee substitute printed 15104650D-S1 |
02/04/2015 | Rereferred to Finance |
02/05/2015 | Reported from Finance (7-Y 4-N 3-A) (see vote tally) |
02/06/2015 | Impact statement from DPB (SB1305S1) |
02/06/2015 | Read first time |
02/06/2015 | Reading of substitute waived |
02/06/2015 | Committee substitute agreed to 15104650D-S1 |
02/06/2015 | Engrossed by Senate - committee substitute SB1305S1 |
02/06/2015 | Constitutional reading dispensed (38-Y 0-N) (see vote tally) |
02/06/2015 | Passed Senate (22-Y 16-N) (see vote tally) |
02/10/2015 | Placed on Calendar |
02/10/2015 | Read first time |
02/10/2015 | Referred to Committee on General Laws |
02/11/2015 | Assigned GL sub: Subcommittee #1 |
02/17/2015 | Subcommittee recommends reporting with amendment(s) (4-Y 2-N) |
02/17/2015 | Subcommittee recommends referring to Committee on Appropriations |
02/17/2015 | Reported from General Laws with amendments (12-Y 9-N) (see vote tally) |
02/17/2015 | Referred to Committee on Appropriations |
02/24/2015 | Left in Appropriations |