Section 27-80-1. – Short title.

§ 27-80-1. Short title. This chapter shall be known and may be cited as the “Unclaimed Life Insurance Benefits Act.” History of Section.P.L. 2014, ch. 183, § 1; P.L. 2014, ch. 209, § 1.

Section 27-80-2. – Purpose.

§ 27-80-2. Purpose. By enacting this chapter, it is the intent of the general assembly to require the complete and proper disclosure, transparency, and accountability relating to any method of payment for life insurance death benefits regulated by the state. History of Section.P.L. 2014, ch. 183, § 1; P.L. 2014, ch. 209, § 1.

Section 27-80-3. – Definitions.

§ 27-80-3. Definitions. As used in this chapter: (1) “Death master file” means the United States Social Security Administration’s death master file or any other database or service that is at least as comprehensive as the United States Social Security Administration’s death master file for determining that a person has reportedly died. (2) “Death master […]

Section 27-80-4. – Insurer conduct.

§ 27-80-4. Insurer conduct. (a) An insurer shall perform a comparison of its insureds’ in-force life insurance policies and retained asset accounts issued for delivery in this state against a death master file, on at least a semi-annual basis, to identify potential matches of its insureds. After the initial comparison, an insurer shall perform a […]

Section 27-80-5. – Penalties.

§ 27-80-5. Penalties. A violation of this chapter shall subject the insurer to penalties as determined appropriate in accordance with § 42-14-16 (“Insurance Administrative Penalties”). History of Section.P.L. 2014, ch. 183, § 1; P.L. 2014, ch. 209, § 1.