Bill Summary for S 665 (2015-2016)

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Summary date: 

Aug 20 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 665 (Public) Filed Thursday, March 26, 2015
AN ACT TO ENACT THE NORTH CAROLINA UNCLAIMED LIFE INSURANCE BENEFITS ACT.
Intro. by Apodaca.

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Bill summary

House amendment makes the following changes to the 3rd edition. 

Adjusts the exceptions to the requirement in new GS 58-58-390 that insurers perform a comparison of their policies against the death master file by (1) deleting from the exception for policies for which the insurer has received premiums within the 18 months preceding the death master file comparison the words "from outside the policy value, by check, bank draft, payroll deduction, or any other similar method of active premium payments," (2) removing the requirement that an insurer's sworn statement to certain matters be "upon information and belief," and (3) clarifying that no sworn-statement exception exists for policies issued on or after (was, after) October 1, 2015. Makes technical changes to this proposed subsection. 

Includes, among an insurer's new obligations to make a good-faith effort to identify whether benefits are due after learning of the possible death of a person, a new requirement that the insurer maintain documentation of efforts to locate beneficiaries. Deletes a subsection exempting an insurer from all of these good-faith efforts when it is unable to confirm the death of a person following a search of the death master file. 

Makes conforming changes.