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History
- Substituted by A1831
- Advanced to third reading
- 2nd report cal.
- 1st report cal.53
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Clarifies certain provisions relating to unclaimed life insurance benefits
Signed by Governor · Sponsor Joseph Morelle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2756
Title of bill
An act to amend the insurance law, in relation to unclaimed life insurance benefits, relating to clarifying certain provisions
Purpose
The purpose of this bill is to amend chapter 495 of the laws of 2012 to clarify the statutory procedures for life insurers to perform regular cross-checks of their life insurance policies and accounts against the Social Security Administration's Death Master File and make good faith efforts to locate beneficiaries
Summary of provisions
This chapter amendment would: 1) clarify that chapter 495 applies to any account set up by the insurer or any other settlement option that relates to the manner of distribution of a policy's benefits; 2) require that the cross-checks be performed using the social security of the insured or account holder or, where the social security number is not known, the name and date of birth of the insured; 3) clarify that insurers must take all necessary steps to have their affiliates and third party administrators perform the cross- checks; 4) require an insurer to accept an alternate proof of loss if the beneficiary cannot obtain a death certificate; 5) clarify that chapter 495 does not apply to group policies administered by the group policyholder only when the insurer does not maintain or control the necessary records containing; and 6) provide that insurers who use a third party administrator will have 45 days to respond to inquiries made through the Department of Financial Services' lost policy finder
Justification
The intent of chapter 495 was to establish the requirement that life insurers perform an ongoing review of their policies and accounts against the U.S. Social Security Administration's death master file in order to identify potential beneficiaries where the insured or account holder is deceased and where the beneficiary has not filed a claim. This chapter amendment clarifies and modifies the statutory procedures that insurers must follow in order to ensure that insurers identify and locate the greatest number of beneficiaries possible
Legislative history
New bill
Fiscal implications
None
Effective date
This act shall take effect on the same date and in the same manner as Chapter 495 of the Laws of 2012 takes effect
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.