Holly J. Mitchell
- Democratic
Author
Existing law generally regulates the business of insurance in the state, including life insurance. Existing law provides for the escheat to the state of unclaimed personal property, including funds owed under a life insurance policy or annuity contract if the funds are unclaimed and unpaid for more than 3 years after the funds became payable. This bill, the Unclaimed Life Insurance and Annuities Act, would provide standards for identifying a deceased individual whose death may require an insurer to pay benefits or proceeds to beneficiaries in accordance with the terms of a life insurance policy, annuity contract, or retained asset account, for locating those beneficiaries, and for providing those beneficiaries with appropriate claims forms or instructions to make a claim. The bill would require an insurer to match its insureds with deceased individuals in the United States Social Security Administration's Death Master File by complying with specified requirements, including searching exact matches and variations of insureds' names, social security numbers, individual taxpayer identification numbers, and dates of birth. If an insurer is not contacted by a beneficiary within 120 days of the insurer's establishing its knowledge of death of an insured, the bill would require the insurer to conduct a thorough search for a beneficiary, to be completed within one year. The bill would require an insurer to provide appropriate claims forms or instructions to a beneficiary within 15 days of locating the beneficiary. The bill would require an insurer to escheat the proceeds of a policy, annuity contract, or retained asset account to the state if a beneficiary cannot be found after a thorough search. A failure to meet the bill's requirements knowingly or with the frequency to constitute a general practice would be an unfair and deceptive act, punishable by civil penalty.
Chaptered by Secretary of State. Chapter 286, Statutes of 2019.
Approved by the Governor.
Enrolled and presented to the Governor at 2 p.m.
Assembly amendments concurred in. (Ayes 37. Noes 0. Page 2328.) Ordered to engrossing and enrolling.
Ordered to special consent calendar.
Read third time. Passed. (Ayes 75. Noes 0. Page 2810.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 18. Noes 0.) (August 14).
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 14. Noes 0.) (July 10). Re-referred to Com. on APPR.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
Read third time. Passed. (Ayes 38. Noes 0. Page 1361.) Ordered to the Assembly.
In Assembly. Read first time. Held at Desk.
Read second time. Ordered to third reading.
Ordered to second reading.
Read third time and amended.
Read second time. Ordered to third reading.
From committee: Be ordered to second reading pursuant to Senate Rule 28.8.
Set for hearing May 13.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 13. Noes 0. Page 850.) (April 24). Re-referred to Com. on APPR.
Set for hearing April 24.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
Read first time.
From printer. May be acted upon on or after March 27.
Introduced. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB740 | HTML |
| 02/22/19 - Introduced | |
| 03/27/19 - Amended Senate | |
| 05/24/19 - Amended Senate | |
| 07/02/19 - Amended Assembly | |
| 09/03/19 - Enrolled | |
| 09/12/19 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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