assembly Bill A9845B

Signed By Governor
2011-2012 Legislative Session

Relates to unclaimed life insurance benefits

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (18)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 17, 2012 approval memo.21
signed chap.495
Dec 05, 2012 delivered to governor
Jun 21, 2012 returned to assembly
passed senate
3rd reading cal.997
substituted for s6943a
referred to rules
delivered to senate
passed assembly
Jun 18, 2012 amended on third reading 9845b
Jun 14, 2012 ordered to third reading rules cal.215
rules report cal.215
reported
Jun 12, 2012 reported referred to rules
Jun 08, 2012 print number 9845a
Jun 08, 2012 amend and recommit to insurance
Apr 18, 2012 referred to insurance

A9845 - Details

See Senate Version of this Bill:
S6943
Law Section:
Insurance Law
Laws Affected:
Add §3213-a, Ins L

A9845 - Summary

Requires insurers to perform a comparison of life insurance policies against the federal Death Master File to identify potential matches of its insureds or account holders and to complete a good faith effort to confirm the death of the insured and locate beneficiaries.

A9845 - Bill Text download pdf

                    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

Co-Sponsors

A9845A - Details

See Senate Version of this Bill:
S6943
Law Section:
Insurance Law
Laws Affected:
Add §3213-a, Ins L

A9845A - Summary

Requires insurers to perform a comparison of life insurance policies against the federal Death Master File to identify potential matches of its insureds or account holders and to complete a good faith effort to confirm the death of the insured and locate beneficiaries.

A9845A - Bill Text download pdf

                    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.

Co-Sponsors

view additional co-sponsors

A9845B (ACTIVE) - Details

See Senate Version of this Bill:
S6943
Law Section:
Insurance Law
Laws Affected:
Add §3213-a, Ins L

A9845B (ACTIVE) - Summary

Requires insurers to perform a comparison of life insurance policies against the federal Death Master File to identify potential matches of its insureds or account holders and to complete a good faith effort to confirm the death of the insured and locate beneficiaries.

A9845B (ACTIVE) - Bill Text download pdf

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

                                 9845--B
                                                           R. R. 215

                          I N  A S S E M B L Y

                             April 18, 2012
                               ___________

Introduced  by  M. of A. MORELLE, WEINSTEIN -- read once and referred to
  the Committee on Insurance  --  committee  discharged,  bill  amended,
  ordered  reprinted  as  amended  and  recommitted to said committee --
  reported and referred to the Committee on  Rules  --  amended  on  the
  special  order of third reading, ordered reprinted as amended, retain-
  ing its place on the special order of third reading

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 WHERE THE PROCEEDS ARE RETAINED BY THE
INSURER PURSUANT TO A SUPPLEMENTARY CONTRACT.
  (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 DEVELOPED BY THE SUPERINTENDENT  EITHER
ON  HIS  OR  HER  OWN  OR IN CONJUNCTION WITH OTHER STATE REGULATORS, TO
ASSIST CONSUMERS IN LOCATING UNCLAIMED LIFE INSURANCE BENEFITS.

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