§ 34-24-108 — Funds owing under life insurance policies

(a) Funds held or owing under any life or endowment
insurance policy or annuity contract that has matured or
terminated are deemed abandoned if unclaimed for more than five
(5) years after the funds became due and payable as established
from the records of the insurance company holding or owing the
funds, but property described in paragraph (c)(ii) of this
section is deemed abandoned if unclaimed for more than two (2)
years.
(b) If a person other than the insured or annuitant is
entitled to the funds and an address of the person is not known
to the company or it is not definite and certain from the
records of the company who is entitled to the funds, it is
presumed that the last known address of the person entitled to
the funds is the same as the last known address of the insured
or annuitant according to the records of the company.
(c) For purposes of this act, a life or endowment
insurance policy or annuity contract not matured by actual proof
of the death of the insured or annuitant according to the
records of the company is matured and the proceeds due and
payable if:
(i) The company knows that the insured or annuitant
has died; or
(ii) It is determined that:
(A) The insured has attained, or would have
attained if living, the limiting age under the mortality table
on which the reserve is based;
(B) The policy was in force at the time the
insured attained, or would have attained, the limiting age
specified in subparagraph (A) of this paragraph; and
(C) Neither the insured nor any other person
appearing to have an interest in the policy within the preceding
two (2) years, according to the records of the company, has
assigned, readjusted or paid premiums on the policy, subjected
the policy to a loan, corresponded in writing with the company
concerning the policy or otherwise indicated an interest as
evidenced by a memorandum or other record on file prepared by an
employee of the company.
(d) For purposes of this act, the application of an
automatic premium loan provision or other nonforfeiture
provision contained in an insurance policy does not prevent a
policy from being matured or terminated under subsection (a) of
this section if the insured has died or the insured or the
beneficiary of the policy otherwise has become entitled to the
proceeds thereof before the depletion of the cash surrender
value of a policy by the application of those provisions.
(e) If the laws of this state or the terms of the life
insurance policy require the company to give notice to the
insured or owner that an automatic premium loan provision or
other nonforfeiture provision has been exercised and the notice,
given to an insured or owner whose last known address according
to the records of the company is in this state, is
undeliverable, the company shall make a reasonable search to
ascertain the policyholder's correct address to which the notice
must be mailed.
(f) Notwithstanding any other provision of law, if the
company learns of the death of the insured or annuitant and the
beneficiary has not communicated with the insurer within four
(4) months after the death, the company shall take reasonable
steps to pay the proceeds to the beneficiary.
(g) Commencing two (2) years after the effective date of
this act, every change of beneficiary form issued by an
insurance company under any life or endowment insurance policy
or annuity contract to an insured or owner who is a resident of
this state shall request the following information:
(i) The name of each beneficiary, or if a class of
beneficiaries is named, the name of each current beneficiary in
the class;
(ii) The address of each beneficiary; and
(iii) The relationship of each beneficiary to the
insured.