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

Bill Has Failed

History

DateAction
01/14/2015Prefiled and ordered printed; offered 01/14/15 15103498D
01/14/2015Referred to Committee on General Laws and Technology
02/01/2015Impact statement from DPB (SB1305)
02/04/2015Reported from General Laws and Technology with substitute (11-Y 3-N) (see vote tally)
02/04/2015Committee substitute printed 15104650D-S1
02/04/2015Rereferred to Finance
02/05/2015Reported from Finance (7-Y 4-N 3-A) (see vote tally)
02/06/2015Impact statement from DPB (SB1305S1)
02/06/2015Read first time
02/06/2015Reading of substitute waived
02/06/2015Committee substitute agreed to 15104650D-S1
02/06/2015Engrossed by Senate - committee substitute SB1305S1
02/06/2015Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/06/2015Passed Senate (22-Y 16-N) (see vote tally)
02/10/2015Placed on Calendar
02/10/2015Read first time
02/10/2015Referred to Committee on General Laws
02/11/2015Assigned GL sub: Subcommittee #1
02/17/2015Subcommittee recommends reporting with amendment(s) (4-Y 2-N)
02/17/2015Subcommittee recommends referring to Committee on Appropriations
02/17/2015Reported from General Laws with amendments (12-Y 9-N) (see vote tally)
02/17/2015Referred to Committee on Appropriations
02/24/2015Left in Appropriations

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 14 clips in all, totaling 11 minutes.