senate Bill S6943A

Signed By Governor
2011-2012 Legislative Session

Relates to unclaimed life insurance benefits

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Sponsored By

Archive: Last Bill Status Via A9845 - Signed by Governor


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

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Actions

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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
Jun 21, 2012 substituted by a9845b
Jun 18, 2012 amended on third reading 6943a
Jun 06, 2012 advanced to third reading
Jun 05, 2012 2nd report cal.
Jun 04, 2012 1st report cal.997
Apr 13, 2012 referred to insurance

Votes

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Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S6943 - Details

See Assembly Version of this Bill:
A9845B
Law Section:
Insurance Law
Laws Affected:
Add §3213-a, Ins L

S6943 - 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.

S6943 - Sponsor Memo

S6943 - Bill Text download pdf

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

                                  6943

                            I N  S E N A T E

                             April 13, 2012
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee 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

S6943A (ACTIVE) - Details

See Assembly Version of this Bill:
A9845B
Law Section:
Insurance Law
Laws Affected:
Add §3213-a, Ins L

S6943A (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.

S6943A (ACTIVE) - Sponsor Memo

S6943A (ACTIVE) - Bill Text download pdf

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

                                 6943--A
    Cal. No. 997

                            I N  S E N A T E

                             April 13, 2012
                               ___________

Introduced  by  Sens.  SEWARD, PARKER -- read twice and ordered printed,
  and when printed to be committed to  the  Committee  on  Insurance  --
  reported  favorably  from  said committee, ordered to first and second
  report, ordered to a third reading,  amended  and  ordered  reprinted,
  retaining its place in the 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.
  (6)  "POLICY"  MEANS  A LIFE INSURANCE POLICY, INCLUDING POLICIES THAT
HAVE LAPSED OR BEEN TERMINATED, ANNUITY CONTRACT, OR A CERTIFICATE UNDER

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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