§ 83-7-301. Short title
Sections 83-7-301 through 83-7-313 shall be known as the “Unclaimed Life Insurance Benefits Act.”
§ 83-7-303. Purpose
Sections 83-7-301 through 83-7-313 confirm the applicability of the escheat and unclaimed property statutes of Mississippi to any method of payment for life insurance death benefits regulated by the Mississippi Department of Insurance, and establish the sole standards by which such escheat and unclaimed property statutes are applicable to such payments.
§ 83-7-305. Definitions
As used in Sections 83-7-301 through 83-7-313: “Account owner” means the owner of a retained asset account who is a resident of this state. “Annuity” means an annuity contract issued in this state. The term “annuity” shall not include any annuity contract used to fund an employment-based retirement plan or program where the insurer takes […]
§ 83-7-307. Insurer conduct
An insurer shall perform a comparison of its in-force policies, annuities and retained asset accounts issued in this state against a death master file, on at least a semiannual basis, to identify potential death master file matches. An insurer may comply with the requirements of this section by using the full death master file once […]
§ 83-7-309. Insurer unclaimed property reporting
In the event that an insurer: (a) has identified a person as deceased through a death master file match through a search described in Section 83-7-307(1) or other information source, (b) has validated such information through a secondary information source, and (c) is unable to locate a beneficiary under the policy, annuity or retained asset […]
§ 83-7-311. Limitation on promulgation of rules or regulations that impose additional duties on insurers beyond those set out in Sections 83-7-301 through 83-7-313
Neither the Commissioner of Insurance nor the State Treasurer shall promulgate rules, regulations or issue bulletins that impose, or interpret Sections 83-7-301 through 83-7-313 to impose, additional duties and obligations on insurers beyond those set forth in Sections 83-7-301 through 83-7-313, or otherwise attempt to expand the requirements of Sections 83-7-301 through 83-7-313.
§ 83-7-313. Effect of certain agreements between insurers and Commissioner of Insurance or State Treasurer
In the event that any resolution agreement, regulatory settlement agreement, or a voluntary disclosure agreement between an insurer who has used the death master file to terminate annuity payments but not to locate life beneficiaries and the Commissioner of Insurance or the State Treasurer conflicts with Sections 83-7-301 through 83-7-313, the terms of the agreement […]