§ 15-211 — Knowledge of death of insured or annuitant

(a) In this Section, "death master file" means the United States Social Security Administration Death Master File or other database or service that is at least as comprehensive as the United States Social Security Administration Death Master File for determining that an individual reportedly has died. (b) With respect to a life or endowment insurance policy or annuity contract for which an amount is owed on proof of death, but which has not matured by proof of death of the insured or annuitant, the company has knowledge of the death of an insured or annuitant when: (1) the company receives a death certificate or court order determining that the insured or annuitant has died; (2) the company: (A) receives notice of the death of the insured or annuitant from the administrator or an unclaimed property administrator of another state, a beneficiary, a policy owner, a relative of the insured, a representative under the Probate Act of 1975, or from an executor or other legal representative of the insured's or annuitant's estate; and (B) validates the death of the insured or annuitant; (3) the company conducts a comparison for any purpose between a death master file and the names of some or all of the company's insureds or annuitants, finds a match that provides notice that the insured or annuitant has died; or (4) the administrator or the administrator's agent conducts a comparison for the purpose of finding matches during an examination conducted under Article 10 between a death master file and the names of some or all of the company's insureds or annuitants, finds a match that provides notice that the insured or annuitant has died. (c) The following rules apply under this Section: (1) A death-master-file match under subsection (b)(3) or (4) occurs if the criteria for an exact or partial match are satisfied as provided by either: (A) the Unclaimed Life Insurance Benefits Act or other law of this State other than this Act; or (B) a rule or policy adopted by the Director of the Department of Insurance. (2) The death-master-file match does not constitute proof of death for the purpose of submission to an insurance company of a claim by a beneficiary, annuitant, or owner of the policy or contract for an amount due under an insurance policy or annuity contract. (3) The death-master-file match or validation of the insured's or annuitant's death does not alter the requirements for a beneficiary, annuitant, or owner of the policy or contract to make a claim to receive proceeds under the terms of the policy or contract. (4) An insured or an annuitant is presumed dead if the date of his or her death is indicated by the death-master-file match under either subsection (b)(3) or (b)(4), unless the insurer has competent and substantial evidence that the person is living, including, but not limited to, a contact made by the insurer with the person or his or her legal representative. (d) This Act does not affect the determination of the extent to which an insurance company before the effective date of this Act had knowledge of the death of an insured or annuitant or was required to conduct a death-master-file comparison to determine whether amounts owed by the company on a life or endowment insurance policy or annuity contract were presumed abandoned or unclaimed.

Legislative History

(Source: P.A. 100-22, eff. 1-1-18 .)