NCOIL Issues Model Act for Unclaimed Life Insurance Benefits

In response to numerous state investigations this year, the National Conference of Insurance Legislators has approved the Model Unclaimed Life Insurance Benefits Act.  Click here for the NCOIL’s press release.

In a nutshell, the Act would require life insurers to periodically check the Social Security Death Master File for deceased policyholders and annuity owners.  If adopted by the states, insurers would have to review the DMF against in-force policies at least once a quarter.  If there’s a hit–which is the one lottery you don’t want to win–insurers have 90 days to use good faith efforts to locate beneficiaries and tell them how to file a claim.  If not found, the benefits escheat to the state as unclaimed property.  Not following the Act’s provisions could result in a violation of the state’s unfair trade practices laws.

We’ll continue to follow developments in this area.


About Brian Jones

I represent clients in all aspects of business litigation, but focus my practice on complex litigation and arbitration matters concerning insurance and reinsurance, antitrust, class actions, securities, real estate disputes, and contract matters. I am the co-chair of the Bose McKinney & Evans Insurance Group. I was listed in the 2017 and 2016 "Best Lawyers in America" for Insurance Coverage and named a "Rising Star" in Insurance Coverage by Super Lawyers in Indiana in 2014. I was also named a "Rising Star" in Business Litigation by Super Lawyers in Indiana in 2013 and 2012, and a 2010 “Rising Star” in Business Litigation in Texas. I am a member of the State Bars of Indiana and Texas, the Defense Research Institute, a former member of the Pro Bono College of the State Bar of Texas, and I am licensed to practice before all state courts in Indiana and Texas, as well as all federal courts in Indiana, the Northern, Western, and Southern Districts of Texas, the Northern District of Illinois, and the United States Courts of Appeals for the Fifth, Seventh, and Eleventh Circuits. I received my bachelor’s degree, cum laude, in political science and my master’s degree in teaching from Trinity University, where I was elected to Phi Beta Kappa. I received my doctor of jurisprudence degree from the University of Texas School of Law, where I was the Director of Communications for the Legal Research Board and a member of the Phi Delta Phi Honor Society. Before attending law school, I taught high school geography, government and economics in San Antonio, Texas.
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