§ 56-7-3401. Short Title
This part shall be known as the “Unclaimed Life Insurance Benefits Act”.
§ 56-7-3402. Construction With Uniform Unclaimed Property Act
Nothing in this part shall supersede the Uniform Unclaimed Property Act, compiled in title 66, chapter 29, part 1.
§ 56-7-3403. Part Definitions
As used in this part: “Account owner” means the owner of a retained asset account who is a resident of this state; “Annuity” means any active annuity contract issued in this state other than an annuity used to fund an employment-based retirement plan or program where the insurer is not committed by terms of the […]
§ 56-7-3404. Semiannual Comparison of In-Force Policies, Annuities, and Account Owners Against Death Master File — Applicability of Requirement — Actions by Insurer Upon Learning of Possible Death — Disclosure of Information to Persons Assisting in Location of Beneficiaries — Disposition of Benefits
To the extent that an insurer’s records of its in-force policies, annuities, and account owners are available electronically, an insurer shall perform a comparison of such in-force policies, annuities, and account owners against a death master file, on a semi-annual basis, to identify potential death master file matches. To the extent that an insurer’s records […]
§ 56-7-3405. Failure to Comply With Part May Constitute Unfair Claims Settlement Practice — No Private Cause of Action Created
A pattern of failures to meet the requirements of this part may constitute an unfair claims settlement practice under the Tennessee Unfair Trade Practices and Unfair Claims Settlement Act of 2009, compiled in chapter 8 of this title. Nothing in this part shall be construed to create or imply a private cause of action for […]
§ 56-7-3406. Remittance of Proceeds of Unclaimed Policy, Annuity or Retained Asset Account to State
An insurer is authorized in its discretion, but is not required, to report and remit the proceeds of an unclaimed policy, annuity, or retained asset account to the appropriate state when the insurer, through good faith efforts as evidenced by appropriate documentation, has: Identified a person as deceased through a DMF match through a search […]