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AB334,3,1717 2. Beneficiary designation information.
AB334,3,1818 3. Coverage eligibility.
AB334,3,1919 4. Benefit amount.
AB334,3,2020 5. Premium payment status.
AB334,4,221 (h) “Retained asset account” means any mechanism whereby the settlement of
22proceeds payable under a policy or contract is accomplished by the insurer or an
23entity acting on behalf of the insurer depositing the proceeds into an account with
24check or draft writing privileges, where those proceeds are retained by the insurer

1or its agent, pursuant to a supplementary contract not involving annuity benefits
2other than death benefits.
AB334,4,83 (2) Insurer conduct. (a) An insurer shall perform a comparison of its insureds'
4in-force policies, contracts, and retained asset accounts against a death master file,
5on at least a semi-annual basis, by using the full death master file once, and
6thereafter using the death master file update files for future comparisons, to identify
7potential matches of its insureds. For those potential matches identified as a result
8of a death master file match, the insurer shall do all of the following:
AB334,4,99 1. Within 90 days of a death master file match:
AB334,4,1210 a. Complete a good faith effort, which shall be documented by the insurer, to
11confirm the death of the insured or retained asset account holder against other
12available records and information.
AB334,4,1413 b. Determine whether benefits are due in accordance with the applicable policy
14or contract.
AB334,4,1515 2. If benefits are due in accordance with the applicable policy or contract:
AB334,4,1716 a. Use good faith efforts, which shall be documented by the insurer, to locate
17the beneficiary or beneficiaries.
AB334,4,2018 b. Provide the appropriate claims forms or instructions to the beneficiary or
19beneficiaries to make a claim, including the need to provide an official death
20certificate, if applicable under the policy or contract.
AB334,4,2321 (b) With respect to group life insurance, insurers are required to confirm the
22possible death of an insured when the insurers maintain at least the following
23information of those covered under a policy or certificate:
AB334,4,2424 1. Social security number or name and date of birth.
AB334,4,2525 2. Beneficiary designation information.
AB334,5,1
13. Coverage eligibility.
AB334,5,22 4. Benefit amount.
AB334,5,33 5. Premium payment status.
AB334,5,44 (c) Every insurer shall implement procedures to account for all of the following:
AB334,5,65 1. Initials used in lieu of a first or middle name, use of a middle name,
6compound first and middle names, and interchanged first and middle names.
AB334,5,87 2. Compound last names; maiden or married names; and hyphens, blank
8spaces, or apostrophes in last names.
AB334,5,99 3. Transposition of the month and date portions of the date of birth.
AB334,5,1310 (d) To the extent permitted by law, the insurer may disclose minimum
11necessary personal information about the insured or beneficiary to a person who the
12insurer reasonably believes may be able to assist the insurer to locate the beneficiary
13or a person otherwise entitled to payment of the claims proceeds.
AB334,5,1714 (e) The insurer comparison of in-force policies, contracts, and retained asset
15accounts shall be conducted first to the extent that such records are available
16electronically and then using the most easily accessible insurer records for records
17that are not available electronically.
AB334,5,1918 (f) Nothing in this section shall limit the insurer from requesting a valid death
19certificate as part of any claims validation process.
AB334,5,23 20(3) Fees and costs. An insurer or its service provider shall not charge any
21beneficiary or other authorized representative for any fees or costs associated with
22a death master file search or verification of a death master file match conducted
23pursuant to this section.
AB334,6,4 24(4) Payment of benefits. The benefits from a policy, contract, or a retained
25asset account, plus any applicable accrued contractual interest, shall first be payable

1to the designated beneficiaries or owners and, in the event said beneficiaries or
2owners cannot be found, shall escheat to the state as unclaimed property under ch.
3177. Interest payable under s. 628.46 shall not be payable as unclaimed property
4under s. 177.07.
AB334,6,6 5(5) Unclaimed proceeds. An insurer shall report and remit unclaimed
6insurance proceeds in accordance with the requirements of ch. 177.
AB334,6,10 7(6) Unfair marketing practices. Failure to meet any requirement of this
8section with such frequency as to constitute a general business practice is a violation
9of s. 628.34. Nothing in this section shall be construed to create or imply a private
10cause of action for a violation of this section.
AB334,6,12 11(7) Orders. The commissioner may make an order regarding any of the
12following:
AB334,6,1513 (a) Limiting an insurer's death master file comparisons required under sub. (2)
14(a) to the insurer's electronic searchable files or approving a plan and timeline for
15conversion of the insurer's files to electronic searchable files.
AB334,6,1816 (b) Exempting an insurer from the death master file comparisons required
17under sub. (2) (a) or permitting an insurer to perform such comparisons less
18frequently than semi-annually upon a demonstration of hardship by the insurer.
AB334,6,2019 (c) Phasing in compliance with this section according to a plan and timeline
20approved by the commissioner.
AB334,6,22 21(8) Rules. The commissioner may adopt rules implementing and
22administering this section.
AB334,2 23Section 2. Effective date.
AB334,7,2
1(1) This act takes effect on the first day of the 13th month beginning after
2publication.
AB334,7,33 (End)
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