§ 23-81-901. Title

This subchapter shall be known and may be cited as the “Unclaimed Life Insurance Benefits Act”.

§ 23-81-902. Legislative intent

The General Assembly intends for this subchapter to: (1) Recognize the escheat or unclaimed property statutes under the Unclaimed Property Act, § 18-28-201 et seq.; and (2) Require the complete and proper disclosure, transparency, and accountability for any method of payment of death benefits under a life insurance policy that is subject to regulation by […]

§ 23-81-903. Definitions

As used in this subchapter: (1) (A) “Contract” means an annuity contract. (B) “Contract” does not include: (i) An annuity contract used to fund an employment-based retirement plan or program in which an insurer: (a) Does not perform recordkeeping services; or (b) Is not required to pay death benefits to the beneficiaries of a specific […]

§ 23-81-904. Insurer conduct

(a) An insurer shall make a good faith effort to determine the death of an insured upon receipt of knowledge of death. (b) (1) An insurer shall compare an in-force policy, contract, and retained asset account against a death master file to identify a potential match to an insured covered under the policy, contract, and […]

§ 23-81-905. Unfair trade practices

(a) If an insurer fails to comply with this subchapter so frequently as to be a general business practice, then it is a violation of this subchapter and may be subject to the Trade Practices Act, § 23-66-201 et seq. (b) A violation of this subchapter does not create a private right of action.