§ 32-34-1.5-12 — Death of an insured or annuitant; death master file

Indiana § 32-34-1.5-12

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 34: LOST OR UNCLAIMED PERSONAL PROPERTY
• Ch. 1.5: Revised Unclaimed Property Act

Text

(a) As used in this section, "death master
file" means the United States Social Security Administration Death
Master File or other data base 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) due diligence, performed as required under IC 27-2-23 to
maintain contact with the insured or annuitant or determine
whether the insured or annuitant has died, 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, and validates the death;
(4) the attorney general or the attorney general's agent conducts
a comparison for the purpose of finding matches during an
examination conducted under section 53 of this chapter 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, and the company validates the
death; or
(5) the company:
(A) receives notice of the death of the insured or annuitant from
the attorney general, a beneficiary, policy owner, relative of the
insured, or trustee 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.
(c) The following rules apply under this section:
(1) A death master file match under subsection (b)(3) or (b)(4)
occurs if the criteria for an exact or partial match are satisfied as
provided under:
(A) IC 27-2-23;
(B) the National Conference of Insurance Legislators' model
legislation regarding unclaimed benefits; or
(C) a rule or policy adopted by 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) If no provision in IC 27-2 establishes a time for validation of
a death of an insured or annuitant, the insurance company shall
make a good faith effort using other available records and
information to validate the death and document the effort taken
not later than ninety (90) days after the insurance company has
notice of the death.
(d) This chapter does not affect the determination of the extent to
which an insurance company, before July 1, 2021, 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

As added by P.L.141-2021, SEC.20.