Life Insurance reporting continues to become more regulated each year. In this session we will look at recently passed legislation effecting Life Insurance reporting in 2 states that will affect your 2020 life insurance reporting.
UT SB70; Signed 3/21/2019, effective 5/13/19
Specifies when a company is deemed to have knowledge of the death of an insured or annuitant with respect to a life or endowment insurance policy or annuity contract and specifies rules for when certain death master file matches occur.
Requires an insurance company to make a good faith effort using other available records and information to validate a death and document the effort taken in certain circumstances.
Clarifies indications of interest for purposes of determining whether property is presumed abandoned.
WY HB29; Signed 2/28/2019, effective 7/1/19
Imposes requirements on providers of life insurance, annuity contracts and retained asset accounts to confirm deaths of persons as specified.
Requires holder to compare accounts against a death master file and perform a good faith effort to confirm a death of an insured and determine benefits.
Modifies related provisions within the Uniform Unclaimed Property Act.
Stay tuned for our next installment of law changes that affect your unclaimed property reporting. For more information on this and more, contact the knowledgeable staff at UPCR!