Maine § 24-A §4551 Disposition of unclaimed funds

Maine Statutes

§ 24-A §4551 — Disposition of unclaimed funds

Maine § 24-A §4551

Title 24-AMAINE INSURANCE CODE

Ch. 61UNCLAIMED FUNDS OF LIFE INSURERS

This text of Maine § 24-A §4551 (Disposition of unclaimed funds) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 24-A, § 24-A §4551 (2026).

Text

All unclaimed money held and owing by any life insurer doing business in this State must be disposed of according to Title 33, chapter 45. Before disposing of any unclaimed money in accordance with Title 33, chapter 45, a life insurer doing business in this State shall comply with this section.

1.Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

2.Insurer conduct. An insurer shall perform a comparison of its insureds' in-force policies, contracts and retained asset accounts against a death master file, on at least a semiannual basis, by using the death master file once for each insured and thereafter using the death master file update files for future comparisons to identify potential matches of the insurer's in

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All unclaimed money held and owing by any life insurer doing business in this State must be disposed of according to Title 33, chapter 45. Before disposing of any unclaimed money in accordance with Title 33, chapter 45, a life insurer doing business in this State shall comply with this section.
1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Insurer conduct.
An insurer shall perform a comparison of its insureds' in-force policies, contracts and retained asset accounts against a death master file, on at least a semiannual basis, by using the death master file once for each insured and thereafter using the death master file update files for future comparisons to identify potential matches of the insurer's insureds. For those potential matches identified as a result of a death master file match, the insurer shall:
3.
Required procedures.
As part of its record-keeping procedures, an insurer shall implement procedures to account for:
4.
Disclosure of personal information.
To the extent permitted by law, an insurer may disclose the minimum necessary personal information about an insured or beneficiary to a person the insurer reasonably believes may be able to assist the insurer in locating a beneficiary or a person otherwise entitled to payment of the claims proceeds.
5.
No fees.
An insurer or its service provider may not charge any beneficiary or other authorized representative for any fees or costs associated with a death master file search or verification of a death master file match conducted pursuant to this section.
6.
Payment of benefits.
The benefits from a policy, a contract or a retained asset account, plus any applicable accrued contractual interest, is payable to a designated beneficiary or annuity owner. In the event a beneficiary or owner cannot be found after good faith efforts to contact the beneficiary or owner pursuant to this section have been carried out and documented, the insurer shall dispose of any unclaimed money according to Title 33, chapter 41.

Legislative History

PL 1969, c. 132, §1 (NEW). PL 1977, c. 707, §7 (RPR). PL 2003, c. 20, §T14 (AMD). PL 2017, c. 129, §1 (AMD). PL 2017, c. 475, Pt. A, §41 (AMD). PL 2019, c. 498, §14 (AMD).