The New York State Senate

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9845

                          I N  A S S E M B L Y

                             April 18, 2012
                               ___________

Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
  tee on Insurance

AN ACT to amend the insurance law, in relation to unclaimed life  insur-
  ance benefits

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The insurance law is amended by adding a new section 3213-a
to read as follows:
  S 3213-A. UNCLAIMED BENEFITS; RETAINED ASSET  ACCOUNTS.  (A)  IN  THIS
SECTION:
  (1) "DEATH MASTER FILE" MEANS THE UNITED STATES SOCIAL SECURITY ADMIN-
ISTRATION  DEATH MASTER FILE OR ANY OTHER DATABASE OR SERVICE THAT IS AT
LEAST AS COMPREHENSIVE AS THE UNITED  STATES  SOCIAL  SECURITY  ADMINIS-
TRATION  DEATH  MASTER FILE FOR DETERMINING THAT A PERSON HAS REPORTEDLY
DIED.
  (2) "DEATH MASTER FILE MATCH" MEANS A SEARCH OF THE DEATH MASTER  FILE
THAT RESULTS IN AN EXACT MATCH OF THE SOCIAL SECURITY NUMBER OR THE NAME
AND DATE OF BIRTH OF AN INSURED OR RETAINED ASSET ACCOUNT HOLDER.
  (3)  "RETAINED  ASSET ACCOUNT" MEANS ANY MECHANISM WHEREBY THE SETTLE-
MENT OF PROCEEDS PAYABLE UNDER A LIFE INSURANCE POLICY  IS  ACCOMPLISHED
BY  THE  LIFE  INSURER OR AN ENTITY ACTING ON BEHALF OF THE LIFE INSURER
PLACING THE PROCEEDS INTO AN ACCOUNT WITH CHECK OR DRAFT WRITING  PRIVI-
LEGES  WHERE THOSE PROCEEDS ARE RETAINED BY THE LIFE INSURER PURSUANT TO
A SUPPLEMENTARY CONTRACT NOT INVOLVING ANNUITY BENEFITS.
  (B)(1) ON AT LEAST A SEMI-ANNUAL BASIS, AN  INSURER  SHALL  PERFORM  A
COMPARISON  OF  ITS  IN-FORCE LIFE INSURANCE POLICIES AND RETAINED ASSET
ACCOUNTS AGAINST THE DEATH MASTER FILE, OR A  FILE  CONTAINING  ALL  THE
UPDATES  THERETO SINCE THE DATE OF THE LAST COMPARISON RUN BY THE INSUR-
ER, TO IDENTIFY POTENTIAL MATCHES OF ITS INSUREDS  OR  ACCOUNT  HOLDERS,
PROVIDED  THAT THE INSURER SHALL PERFORM THE COMPARISON AGAINST THE FULL
DEATH MASTER FILE NO LESS THAN ANNUALLY.
  (2) WITHIN NINETY DAYS AFTER THE IDENTIFICATION OF A  POTENTIAL  DEATH
MASTER  FILE  MATCH,  THE  INSURER SHALL COMPLETE A GOOD FAITH EFFORT TO

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15333-01-2

A. 9845                             2

CONFIRM THE DEATH OF  THE  INSURED  OR  RETAINED  ASSET  ACCOUNT  HOLDER
AGAINST OTHER AVAILABLE RECORDS AND INFORMATION.
  (3) ONCE AN INSURER HAS CONCLUSIVE EVIDENCE OF THE DEATH OF AN INSURED
OR RETAINED ASSET ACCOUNT HOLDER AND HAS DETERMINED WHETHER BENEFITS ARE
DUE, IN ACCORDANCE WITH THE APPLICABLE POLICY, AND WHERE THE BENEFICIARY
OR  BENEFICIARIES  UNDER  THE  POLICY  OR  ACCOUNT HAVE NOT ALREADY BEEN
LOCATED, THE INSURER SHALL USE GOOD FAITH EFFORTS TO LOCATE SUCH BENEFI-
CIARY OR BENEFICIARIES.
  (4) ONCE THE BENEFICIARY OR BENEFICIARIES UNDER THE POLICY OR  ACCOUNT
HAVE  BEEN  LOCATED,  THE  INSURER SHALL PROVIDE TO THEM THE INFORMATION
NECESSARY TO MAKE A CLAIM PURSUANT TO THE TERMS OF  THE  LIFE  INSURANCE
POLICY OR ACCOUNT.
  (5)  NOTHING  HEREIN SHALL PREVENT AN INSURER FROM REQUIRING SATISFAC-
TORY PROOF OF LOSS, SUCH AS A DEATH  CERTIFICATE,  AS  A  CONDITION  FOR
CONCLUSIVELY  DETERMINING THE DEATH OF THE POLICYHOLDER OR ACCOUNT HOLD-
ER.
  (C) SUBSECTION (B) OF THIS SECTION SHALL NOT APPLY TO:
  (1) GROUP LIFE INSURANCE POLICIES WHERE THE INSURER DOES NOT  MAINTAIN
RECORDS  ON ITS ADMINISTRATIVE SYSTEMS CONTAINING THE INFORMATION NECES-
SARY TO COMPLY WITH THE REQUIREMENTS OF SUCH SUBSECTION;
  (2) GROUP LIFE INSURANCE POLICIES  WHERE  PREMIUMS  ARE  PAID  THROUGH
PAYROLL  DEDUCTION AND SUCH A PREMIUM PAYMENT HAS BEEN MADE IN THE PRIOR
NINETY DAYS OR THE INSURED IS COVERED UNDER A GROUP LIFE INSURANCE POLI-
CY WHERE PREMIUMS ARE PAID BY THE EMPLOYER AND THE  INSURED  REMAINS  AN
ACTIVE EMPLOYEE; OR
  (3)  ANY POLICY OR CERTIFICATE OF LIFE INSURANCE THAT PROVIDES A DEATH
BENEFIT UNDER AN EMPLOYEE BENEFIT, GOVERNMENT OR CHURCH PLAN SUBJECT  TO
OR  AS DEFINED UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974
(29 USC 1002), AS PERIODICALLY AMENDED, OR UNDER  ANY  FEDERAL  EMPLOYEE
BENEFIT PROGRAM.
  (D)  TO  THE EXTENT PERMITTED BY LAW, THE INSURER MAY DISCLOSE MINIMUM
NECESSARY PERSONAL INFORMATION ABOUT THE INSURED  OR  BENEFICIARY  TO  A
PERSON  WHO  THE  INSURER  REASONABLY BELIEVES MAY BE ABLE TO ASSIST THE
INSURER IN LOCATING THE BENEFICIARY OR A PERSON  OTHERWISE  ENTITLED  TO
THE DEATH BENEFIT PAYABLE UNDER THE CONTRACT.
  (E)  IF  THE  INSURER IS UNABLE TO LOCATE THE BENEFICIARY OR BENEFICI-
ARIES PURSUANT TO SUBSECTION (B) OF THIS SECTION, BUT IS OTHERWISE  ABLE
TO  CONCLUSIVELY DETERMINE THE DEATH OF AN INSURED OR ACCOUNT HOLDER AND
FURTHER CONCLUSIVELY DETERMINE THAT A BENEFIT IS DUE  PURSUANT  TO  SUCH
SUBSECTION AND IN ACCORDANCE WITH THE APPLICABLE POLICY, SUCH CONCLUSIVE
DETERMINATION  OF  LIABILITY FOR A BENEFIT SHALL BE CONSIDERED NOTIFICA-
TION OF A CLAIM AND THE BENEFIT OR ACCOUNT VALUE SHALL ESCHEAT ACCORDING
TO THE PROVISIONS OF APPLICABLE STATE ABANDONED PROPERTY LAW.
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law.

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 9845--A

                          I N  A S S E M B L Y

                             April 18, 2012
                               ___________

Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
  tee on  Insurance  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT to amend the insurance law, in relation to unclaimed life insur-
  ance benefits

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The insurance law is amended by adding a new section 3213-a
to read as follows:
  S  3213-A.  UNCLAIMED  BENEFITS.  (A) DEFINITIONS. FOR THE PURPOSES OF
THIS SECTION:
  (1) "ACCOUNT" MEANS ANY MECHANISM, WHETHER DENOTED AS A RETAINED ASSET
ACCOUNT OR OTHERWISE, WHEREBY THE SETTLEMENT OF PROCEEDS  PAYABLE  TO  A
BENEFICIARY  UNDER  A POLICY IS ACCOMPLISHED BY THE INSURER OR AN ENTITY
ACTING ON BEHALF OF THE INSURER PLACING THE  PROCEEDS  INTO  AN  ACCOUNT
WHERE THOSE PROCEEDS ARE RETAINED BY THE INSURER AND THE BENEFICIARY HAS
CHECK OR DRAFT WRITING PRIVILEGES; OR ANY OTHER SETTLEMENT OPTION RELAT-
ING  TO THE MANNER OF DISTRIBUTION OF THE PROCEEDS PAYABLE UNDER A POLI-
CY.
  (2) "DEATH INDEX" MEANS THE DEATH MASTER FILE MAINTAINED BY THE UNITED
STATES SOCIAL SECURITY ADMINISTRATION OR ANY OTHER DATABASE  OR  SERVICE
THAT IS AT LEAST AS COMPREHENSIVE AS THE DEATH MASTER FILE MAINTAINED BY
THE  UNITED STATES SOCIAL SECURITY ADMINISTRATION AND THAT IS ACCEPTABLE
TO THE SUPERINTENDENT.
  (3) "INSURED" INCLUDES AN INDIVIDUAL COVERED BY A POLICY OR AN  ANNUI-
TANT WHEN THE ANNUITY CONTRACT PROVIDES FOR BENEFITS TO BE PAID OR OTHER
MONIES TO BE DISTRIBUTED UPON THE DEATH OF THE ANNUITANT.
  (4)  "INSURER"  MEANS  A  LIFE  INSURANCE COMPANY OR FRATERNAL BENEFIT
SOCIETY.
  (5) "LOST POLICY FINDER" MEANS A SERVICE MADE AVAILABLE BY THE DEPART-
MENT ON ITS  WEBSITE  OR  OTHERWISE  TO  ASSIST  CONSUMERS  IN  LOCATING
UNCLAIMED LIFE INSURANCE BENEFITS.
  (6)  "POLICY"  MEANS  A  LIFE INSURANCE POLICY, ANNUITY CONTRACT, OR A
CERTIFICATE UNDER A LIFE INSURANCE POLICY  OR  ANNUITY  CONTRACT,  OR  A

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

                                                           LBD15333-02-2

A. 9845--A                          2

CERTIFICATE  ISSUED BY A FRATERNAL BENEFIT SOCIETY, UNDER WHICH BENEFITS
ARE TO BE PAID UPON THE DEATH OF THE INSURED.
  (B) APPLICABILITY. THIS SECTION SHALL APPLY TO:
  (1)  EVERY POLICY, LAPSED POLICY, CONTRACT AND CERTIFICATE ISSUED BY A
DOMESTIC INSURER AND ANY ACCOUNT ESTABLISHED UNDER OR  AS  A  RESULT  OF
SUCH POLICY; AND
  (2) EVERY POLICY, LAPSED POLICY, CONTRACT AND CERTIFICATE DELIVERED OR
ISSUED FOR DELIVERY IN NEW YORK BY AN AUTHORIZED FOREIGN INSURER AND ANY
ACCOUNT ESTABLISHED UNDER OR AS A RESULT OF SUCH POLICY.
  (3)  NOTWITHSTANDING  PARAGRAPHS  ONE AND TWO OF THIS SUBSECTION, WITH
RESPECT TO A POLICY DELIVERED OR ISSUED FOR DELIVERY OUTSIDE THIS STATE,
AN INSURER MAY, IN LIEU OF THE REQUIREMENTS OF THIS  SECTION,  IMPLEMENT
PROCEDURES  THAT MEET THE MINIMUM REQUIREMENTS OF THE STATE IN WHICH THE
POLICY  WAS  DELIVERED  OR  ISSUED,  PROVIDED  THAT  THE  SUPERINTENDENT
CONCLUDES  THAT  SUCH  OTHER  REQUIREMENTS  ARE NO LESS FAVORABLE TO THE
POLICYOWNER AND BENEFICIARY THAN THOSE REQUIRED BY THIS SECTION.
  (4) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPHS ONE AND TWO  OF  THIS
SUBSECTION,  THIS  SECTION  SHALL NOT APPLY TO LAPSED POLICIES THAT WERE
SEARCHED WITHIN THE THREE HUNDRED SIXTY-FIVE DAYS PRECEDING  THE  EFFEC-
TIVE  DATE OF THIS SECTION OR THAT WERE SEARCHED MORE THAN THREE HUNDRED
SIXTY-FIVE DAYS PRIOR TO THE MOST RECENT SEARCH CONDUCTED BY THE  INSUR-
ER.
  (C)  IDENTIFYING  INFORMATION.  PRIOR  TO  A  POLICY'S  ISSUANCE OR AN
ACCOUNT'S ESTABLISHMENT, AND UPON ANY CHANGE OF INSURED, OWNER, OR BENE-
FICIARY, EVERY INSURER SHALL REQUEST INFORMATION  SUFFICIENT  TO  ENSURE
THAT  ALL  BENEFITS  OR  OTHER MONIES ARE DISTRIBUTED TO THE APPROPRIATE
PERSONS UPON THE DEATH OF THE INSURED OR ACCOUNT HOLDER, INCLUDING, AT A
MINIMUM, THE NAME, ADDRESS, SOCIAL SECURITY NUMBER, AND TELEPHONE NUMBER
OF EVERY OWNER, INSURED AND BENEFICIARY OF SUCH POLICY  OR  ACCOUNT,  AS
APPLICABLE.
  (D)  STANDARDS  FOR  INVESTIGATING CLAIMS. (1) EVERY INSURER SHALL USE
THE LATEST AVAILABLE UPDATED VERSION OF THE DEATH INDEX  TO  CROSS-CHECK
EVERY POLICY AND ACCOUNT SUBJECT TO THIS SECTION, EXCEPT AS SPECIFIED IN
SUBSECTION  (G)  OF THIS SECTION. THE CROSS-CHECKS SHALL BE PERFORMED NO
LESS FREQUENTLY THAN QUARTERLY. THE SUPERINTENDENT MAY PROMULGATE  RULES
AND REGULATIONS THAT ALLOW AN INSURER TO APPLY FOR AN EXEMPTION FROM THE
REQUIREMENT THAT THE INSURER PERFORM THE CROSS-CHECKS NO LESS FREQUENTLY
THAN  QUARTERLY,  PROVIDED,  HOWEVER, THE INSURER MUST NOT BE ALLOWED TO
PERFORM SUCH CROSS-CHECKS LESS THAN SEMI-ANNUALLY.
  (2) THE CROSS-CHECKS SHALL BE PERFORMED USING:
  (I) THE SOCIAL SECURITY NUMBER OF THE INSURED OR ACCOUNT HOLDER; OR
  (II) WHERE THE SOCIAL SECURITY NUMBER IS NOT KNOWN TO THE INSURER, THE
NAME AND DATE OF BIRTH OF THE INSURED OR ACCOUNT HOLDER.
  (3) IF AN INSURER ONLY HAS A PARTIAL  NAME,  SOCIAL  SECURITY  NUMBER,
DATE OF BIRTH, OR A COMBINATION THEREOF, OF THE INSURED OR ACCOUNT HOLD-
ER UNDER A POLICY OR ACCOUNT, THE INSURER SHALL USE THE AVAILABLE INFOR-
MATION TO PERFORM THE CROSS-CHECK.
  (4) EVERY INSURER SHALL IMPLEMENT REASONABLE PROCEDURES TO ACCOUNT FOR
COMMON  VARIATIONS  IN DATA THAT WOULD OTHERWISE PRECLUDE AN EXACT MATCH
WITH A DEATH INDEX.
  (E) MULTIPLE POLICY SEARCH PROCEDURES. (1) UPON RECEIVING NOTIFICATION
OF THE DEATH OF AN INSURED OR ACCOUNT HOLDER OR IN THE EVENT OF A  MATCH
MADE  BY  A  DEATH  INDEX CROSS-CHECK PURSUANT TO SUBSECTION (D) OF THIS
SECTION, AN INSURER SHALL SEARCH EVERY POLICY OR ACCOUNT SUBJECT TO THIS
SECTION TO DETERMINE WHETHER THE  INSURER  HAS  ANY  OTHER  POLICIES  OR
ACCOUNTS FOR THE INSURED OR ACCOUNT HOLDER.

A. 9845--A                          3

  (2)  EVERY  INSURER  THAT  RECEIVES A NOTIFICATION OF THE DEATH OF THE
INSURED OR ACCOUNT HOLDER, OR IDENTIFIES  A  DEATH  INDEX  MATCH,  SHALL
NOTIFY EACH INSURER IN ITS HOLDING COMPANY SYSTEM OF THE NOTIFICATION OR
VERIFIED  DEATH  INDEX MATCH, WHO SHALL THEN PERFORM THE SEARCH REQUIRED
BY PARAGRAPH ONE OF THIS SUBSECTION.
  (F)  STANDARDS  FOR LOCATING CLAIMANTS. (1) EVERY INSURER SHALL ESTAB-
LISH PROCEDURES TO REASONABLY CONFIRM THE DEATH OF AN INSURED OR ACCOUNT
HOLDER AND TO LOCATE BENEFICIARIES WITHIN NINETY DAYS  AFTER  THE  IDEN-
TIFICATION  OF A POTENTIAL MATCH MADE BY A DEATH INDEX CROSS-CHECK OR BY
A SEARCH CONDUCTED BY THE INSURER PURSUANT TO  SUBSECTION  (E)  OF  THIS
SECTION.
  (2)  ONCE THE BENEFICIARY OR BENEFICIARIES UNDER THE POLICY OR ACCOUNT
HAVE BEEN LOCATED, THE INSURER SHALL PROVIDE TO THE BENEFICIARY OR BENE-
FICIARIES THE INFORMATION NECESSARY TO MAKE  A  CLAIM  PURSUANT  TO  THE
TERMS OF THE POLICY OR ACCOUNT. THE INSURER SHALL PROCESS ALL CLAIMS AND
MAKE PROMPT PAYMENTS AND DISTRIBUTIONS IN ACCORDANCE WITH ALL APPLICABLE
LAWS, RULES, AND REGULATIONS.
  (3)  NOTHING  HEREIN SHALL PREVENT AN INSURER FROM REQUIRING SATISFAC-
TORY PROOF OF LOSS, SUCH AS A DEATH  CERTIFICATE,  AS  A  CONDITION  FOR
CONCLUSIVELY DETERMINING THE DEATH OF THE INSURED.
  (G) THIS SECTION SHALL NOT APPLY TO:
  (1)  GROUP LIFE INSURANCE POLICIES WHERE THE INSURER DOES NOT MAINTAIN
RECORDS ON ITS ADMINISTRATIVE SYSTEMS CONTAINING THE INFORMATION  NECES-
SARY TO COMPLY WITH THE REQUIREMENTS OF THIS SECTION;
  (2)  ANY POLICY OR CERTIFICATE OF LIFE INSURANCE THAT PROVIDES A DEATH
BENEFIT UNDER AN EMPLOYEE BENEFIT, GOVERNMENT OR CHURCH PLAN SUBJECT  TO
OR  AS DEFINED UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974
(29 USC 1002), AS PERIODICALLY AMENDED, OR UNDER  ANY  FEDERAL  EMPLOYEE
BENEFIT PROGRAM.
  (H)  LOST  POLICY  FINDER.  (1)  THE  SUPERINTENDENT SHALL DEVELOP AND
IMPLEMENT  A  LOST  POLICY  FINDER  TO  ASSIST  REQUESTORS  IN  LOCATING
UNCLAIMED  LIFE  INSURANCE  BENEFITS.  THE  LOST  POLICY FINDER SHALL BE
AVAILABLE ONLINE AND VIA OTHER MEANS, INCLUDING BUT NOT LIMITED  TO  THE
DEPARTMENT'S TOLL FREE TELEPHONE NUMBER. THE SUPERINTENDENT SHALL ASSIST
A  REQUESTOR  IN  USING  THE LOST POLICY FINDER, INCLUDING INFORMING THE
REQUESTOR OF WHAT INFORMATION AN INSURER MAY NEED TO FACILITATE RESPOND-
ING TO THE REQUEST.
  (2) AS SOON AS PRACTICABLE BUT NO LATER THAN THIRTY DAYS AFTER RECEIV-
ING A REQUEST FROM A REQUESTOR VIA THE LOST POLICY  FINDER,  THE  SUPER-
INTENDENT SHALL:
  (I) FORWARD THE REQUEST TO ALL INSURERS DEEMED NECESSARY BY THE SUPER-
INTENDENT  IN  ORDER  TO SUCCESSFULLY RESPOND TO THE CONSUMER'S REQUEST;
AND
  (II) INFORM THE  REQUESTOR  IN  WRITING  THAT  THE  REQUEST  HAS  BEEN
RECEIVED  AND  FORWARDED  TO ALL INSURERS DEEMED NECESSARY BY THE SUPER-
INTENDENT IN ORDER TO SUCCESSFULLY RESPOND TO THE REQUEST.
  (3) UPON RECEIVING A REQUEST FORWARDED BY THE SUPERINTENDENT THROUGH A
LOST POLICY FINDER APPLICATION, EVERY INSURER SHALL SEARCH FOR  POLICIES
AND ANY ACCOUNTS SUBJECT TO THIS SECTION THAT INSURE THE LIFE OF, OR ARE
OWNED BY, AN INDIVIDUAL NAMED AS THE INSURED IN THE REQUEST FORWARDED BY
THE SUPERINTENDENT.
  (4)  WITHIN  THIRTY  DAYS OF RECEIVING THE REQUEST REFERENCED IN PARA-
GRAPH TWO OF THIS SUBSECTION, THE INSURER SHALL:
  (I) REPORT TO THE SUPERINTENDENT THROUGH THE LOST  POLICY  FINDER  THE
FINDINGS  OF  THE  SEARCH  CONDUCTED PURSUANT TO PARAGRAPH THREE OF THIS
SUBSECTION;

A. 9845--A                          4

  (II) FOR EACH IDENTIFIED POLICY AND ACCOUNT INSURING THE LIFE  OF,  OR
OWNED  BY,  THE  NAMED  INSURED,  PROVIDE TO A REQUESTOR WHO IS ALSO THE
BENEFICIARY OF RECORD ON THE IDENTIFIED POLICY OR ACCOUNT  THE  INFORMA-
TION  NECESSARY  TO  MAKE A CLAIM PURSUANT TO THE TERMS OF THE POLICY OR
ACCOUNT;
  (III)  FOR EACH IDENTIFIED POLICY AND ACCOUNT INSURING THE LIFE OF, OR
OWNED BY, THE NAMED INSURED, PROVIDE TO A REQUESTOR WHO IS NOT THE BENE-
FICIARY OF RECORD ON THE IDENTIFIED  POLICY  OR  ACCOUNT  THE  REQUESTED
INFORMATION TO THE EXTENT PERMISSIBLE TO BE DISCLOSED IN ACCORDANCE WITH
ANY  APPLICABLE  LAW,  RULE, AND REGULATION AND TO TAKE SUCH OTHER STEPS
NECESSARY TO FACILITATE THE PAYMENT OF ANY BENEFIT THAT MAY BE DUE UNDER
THE IDENTIFIED POLICY OR ACCOUNT; AND
  (IV) FOR EACH REQUEST WHERE NO POLICY OR ACCOUNT WAS  LOCATED,  INFORM
THE  REQUESTOR OF THE RESULTS OF THE SEARCH AND ANY ADDITIONAL STEPS THE
REQUESTOR MAY TAKE TO LOCATE UNCLAIMED LIFE INSURANCE BENEFITS.
  (5) WHEN A BENEFICIARY IDENTIFIED IN PARAGRAPH FOUR OF THIS SUBSECTION
SUBMITS A CLAIM OR CLAIMS TO AN INSURER, THE INSURER SHALL PROCESS  SUCH
CLAIMS AND MAKE PROMPT PAYMENTS AND DISTRIBUTIONS IN ACCORDANCE WITH ALL
APPLICABLE LAWS, RULES, AND REGULATIONS.
  (6)  WITHIN  THIRTY  DAYS OF THE FINAL DISPOSITION OF THE REQUEST, THE
INSURER SHALL REPORT TO  THE  SUPERINTENDENT  THROUGH  THE  LOST  POLICY
FINDER  ANY  BENEFITS  PAID  AND  ANY OTHER INFORMATION REQUESTED BY THE
SUPERINTENDENT.
  (7) EVERY INSURER SHALL ESTABLISH PROCEDURES TO ELECTRONICALLY RECEIVE
THE LOST POLICY FINDER APPLICATION REQUEST FROM, AND  MAKE  REPORTS  TO,
THE  SUPERINTENDENT  AS  PROVIDED  FOR IN THIS SECTION. WHEN TRANSMITTED
ELECTRONICALLY, THE DATE THAT THE SUPERINTENDENT  FORWARDS  THE  REQUEST
SHALL  BE DEEMED TO BE THE DATE OF RECEIPT BY THE INSURER UNLESS THE DAY
IS A SATURDAY, SUNDAY OR A PUBLIC HOLIDAY, AS DEFINED IN  SECTION  TWEN-
TY-FIVE  OF  THE GENERAL CONSTRUCTION LAW AND, IN SUCH CASE, THE DATE OF
RECEIPT SHALL BE AS PROVIDED IN SECTION  TWENTY-FIVE-A  OF  THE  GENERAL
CONSTRUCTION  LAW.    THE  SUPERINTENDENT MAY PROMULGATE RULES AND REGU-
LATIONS THAT ALLOW AN  INSURER  TO  APPLY  FOR  AN  EXEMPTION  FROM  THE
REQUIREMENT THAT IT ELECTRONICALLY RECEIVE THE LOST POLICY FINDER APPLI-
CATION REQUEST.
  (I)  ESCHEATING  OF  BENEFITS.  IF THE INSURER IS UNABLE TO LOCATE THE
BENEFICIARY OR BENEFICIARIES PURSUANT TO THIS SECTION, BUT IS  OTHERWISE
ABLE  TO  REASONABLY DETERMINE THE DEATH OF AN INSURED OR ACCOUNT HOLDER
AND FURTHER REASONABLY DETERMINES THAT A BENEFIT IS  DUE  IN  ACCORDANCE
WITH  THE APPLICABLE POLICY, SUCH DETERMINATION OF LIABILITY FOR A BENE-
FIT SHALL BE CONSIDERED NOTIFICATION OF  A  CLAIM  AND  THE  BENEFIT  OR
ACCOUNT  VALUE SHALL ESCHEAT ACCORDING TO ARTICLE SEVEN OF THE ABANDONED
PROPERTY LAW. THE SUPERINTENDENT, IN CONJUNCTION WITH THE COMPTROLLER OF
THE STATE OF NEW YORK, SHALL PROMULGATE ANY RULES AND REGULATIONS NECES-
SARY TO IMPLEMENT THIS SUBSECTION.
  (J) REPORTS. EVERY INSURER SUBJECT TO THIS SECTION  SHALL  INCLUDE  IN
THE  REPORT  REQUIRED UNDER SECTION SEVEN HUNDRED THREE OF THE ABANDONED
PROPERTY LAW ANY INFORMATION ON UNCLAIMED BENEFITS  DUE  THE  NUMBER  OF
POLICIES  AND  ACCOUNTS THAT THE INSURER HAS IDENTIFIED PURSUANT TO THIS
SECTION FOR THE PRIOR CALENDAR YEAR UNDER WHICH ANY  OUTSTANDING  MONIES
HAVE NOT BEEN PAID OR DISTRIBUTED BY DECEMBER THIRTY-FIRST OF SUCH YEAR.
A COPY OF THE REPORT SHALL ALSO BE FILED WITH THE SUPERINTENDENT.
  (K) THE SUPERINTENDENT IS AUTHORIZED TO PROMULGATE ANY RULES AND REGU-
LATIONS NECESSARY TO IMPLEMENT THE PROVISIONS OF THIS SECTION.
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law.