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AB752,26,1512 (b) The insurance company or other person validates the death of the insured
13or annuitant by its performance of due diligence, as required under ch. 632 or other
14law, to maintain contact with the insured or annuitant to determine whether the
15insured or annuitant has died.
AB752,26,1916 (c) The insurance company compares for any purpose a death master file with
17the names of some or all of the company's insureds or annuitants, finds a match that
18provides notice that the insured or annuitant has died, and the company validates
19the death.
AB752,26,2320 (d) The insurance company receives notice of the death of the insured or
21annuitant from a beneficiary, policy owner, relative, or trustee, or from the personal
22or legal representative of the insured's or annuitant's estate and the company
23validates the death.
AB752,26,25 24(3) The following applies to validating the death of the insured or annuitant
25under this section:
AB752,27,3
1(a) A death master file match occurs if the criteria for an exact or partial match
2is satisfied as provided by a law of this state other than this chapter or by a rule
3promulgated or policy adopted by the office of the commissioner of insurance.
AB752,27,74 (b) A death master file match does not constitute proof of death for the purpose
5of submission to an insurance company of a claim by a beneficiary, annuitant, or
6owner of the policy or contract for an amount due under an insurance policy or
7annuity contract.
AB752,27,118 (c) The death master file match or validation of the insured's or annuitant's
9death does not alter the requirements for a beneficiary, annuitant, or owner of the
10policy or contract to make a claim to receive proceeds under the terms of the policy
11or contract.
AB752,27,1712 (d) If no provision in a law of this state or a rule promulgated or policy adopted
13by the office of the commissioner of insurance establishes a time for validation of a
14death of an insured or annuitant, the insurance company shall make a good faith
15effort using other available records and information to validate the death, and
16document the effort taken for such validation, not later than 90 days after the
17insurance company has notice of the death.
AB752,27,23 18(4) This chapter does not affect the determination of the extent to which an
19insurance company before the effective date of this chapter had knowledge of the
20death of an insured or annuitant or was required to conduct a death master file
21comparison to determine whether amounts owed by the company on a life or
22endowment insurance policy or annuity contract were presumed abandoned or
23unclaimed.
AB752,59 24Section 59. 177.0212 of the statutes is created to read:
AB752,28,9
1177.0212 Deposit account for proceeds of insurance policy or annuity
2contract.
If proceeds payable under a life or endowment insurance policy or annuity
3contract are deposited into an account with check or draft writing privileges for the
4beneficiary of the policy or contract and, under a supplementary contract not
5involving annuity benefits other than death benefits, the proceeds are retained by
6the insurance company or the financial organization where the account is held and
7the policy or contract includes the assets in the account, the assets in the account are
8subject to the same presumption of abandonment that is applied to the underlying
9policy or contract.
AB752,60 10Section 60. 177.0214 of the statutes is created to read:
AB752,28,13 11177.0214 Distributions by certain insurance company activities. (1)
12Subject to s. 177.0210, property distributable in the course of a demutualization of
13an insurance company is presumed abandoned.
AB752,28,16 14(2) Subject to s. 177.0210, property distributable in the course of the dissolution
15of the Health Insurance Risk-Sharing Plan under 2013 Wisconsin Act 20, section
169122 (1L), and 2013 Wisconsin Act 116, section 32 (1) (b), is presumed abandoned.
AB752,61 17Section 61. 177.03 of the statutes is repealed.
AB752,62 18Section 62 . Subchapter III (title) of chapter 177 [precedes 177.0301] of the
19statutes is created to read:
AB752,28,2020 CHAPTER 177
AB752,28,2121 SUBCHAPTER III
AB752,28,2222 taking custody of property
AB752,28,2323 presumed abandoned
AB752,63 24Section 63. 177.0301 of the statutes is created to read:
AB752,29,5
1177.0301 Address of apparent owner to establish priority. (1) The
2last-known address of an apparent owner is any description, code, or other
3indication of the location of the apparent owner that identifies the state, even if the
4description, code, or indication of location is not sufficient to direct the delivery of 1st
5class mail to the apparent owner.
AB752,29,9 6(2) If the zip code associated with the apparent owner is for a post office located
7in this state, this state is deemed to be the state of the last-known address of the
8apparent owner unless other records associated with the apparent owner specifically
9identify the physical address of the apparent owner to be in another state.
AB752,29,11 10(3) If the address under sub. (2) is in another state, the other state is deemed
11to be the state of the last-known address of the apparent owner.
AB752,29,16 12(4) The address of the apparent owner of a life or endowment insurance policy
13or annuity contract or its proceeds is presumed to be the address of the insured or
14annuitant if a person other than the insured or annuitant is entitled to the amount
15owed under the policy or contract and the address of the other person is not known
16by the insurance company and cannot be determined under s. 177.0302.
AB752,64 17Section 64. 177.0302 of the statutes is created to read:
AB752,29,21 18177.0302 Address of apparent owner in this state. Unless otherwise
19provided in this chapter or by another law of this state, if property is presumed
20abandoned, the property is subject to reporting to and custody of this state whether
21located in this state, another state, or a foreign country if any of the following applies:
AB752,29,23 22(1) The last-known address of the apparent owner in the records of the holder
23is in this state.
AB752,30,3
1(2) The records of the holder do not reflect the identity or last-known address
2of the apparent owner, but the administrator has determined that the last-known
3address of the apparent owner is in this state.
AB752,30,6 4(3) The records of the holder do not reflect the identity of the apparent owner,
5but the records of the holder do reflect that the last-known address of the apparent
6owner is in this state.
AB752,65 7Section 65. 177.0303 of the statutes is created to read:
AB752,30,13 8177.0303 If records show multiple addresses of apparent owner. (1)
9Except as provided in sub. (2), if records of a holder reflect multiple addresses for an
10apparent owner and this state is the state of the most recently recorded address, the
11property is subject to reporting to and custody of this state and the administrator
12may take custody of property presumed abandoned, whether located in this state or
13another state.
AB752,30,18 14(2) If it appears from records of the holder that the most recently recorded
15address of the apparent owner under sub. (1) is a temporary address and this state
16is the state of the next most recently recorded address that is not a temporary
17address, the property is subject to reporting to and custody of this state and the
18administrator may take custody of the property presumed abandoned.
AB752,66 19Section 66. 177.0304 of the statutes is created to read:
AB752,30,25 20177.0304 Holder domiciled in this state. (1) Except as provided in sub. (2)
21or s. 177.0302 or 177.0303, property presumed abandoned is subject to reporting to
22and custody of this state and the administrator may take custody of property
23presumed abandoned, whether located in this state, another state, or a foreign
24country, if the holder is domiciled in this state or is this state or a governmental
25subdivision, agency, or instrumentality of this state, and any of the following applies:
AB752,31,3
1(a) Another state or foreign country is not entitled to the property because there
2is no last-known address of the apparent owner or other person entitled to the
3property in the records of the holder.
AB752,31,64 (b) The state or foreign country of the last-known address of the apparent
5owner or other person entitled to the property does not provide for custodial taking
6of the property.
AB752,31,9 7(2) Property is not subject to the custody of the administrator under sub. (1)
8if the property is specifically exempt from custodial taking under the laws of this
9state or the state or foreign country of the last-known address of the apparent owner.
AB752,31,13 10(3) If a holder's state of domicile has changed since the time the property was
11presumed abandoned, the holder's state of domicile for purposes of this section is
12deemed to be the state where the holder was domiciled at the time the property was
13presumed abandoned.
AB752,67 14Section 67. 177.0305 of the statutes is created to read:
AB752,31,19 15177.0305 Custody if transaction took place in this state. Except as
16provided in ss. 177.0302, 177.0303, or 177.0304, property presumed abandoned is
17subject to reporting to and custody of this state and the administrator may take
18custody of property presumed abandoned whether located in this state or another
19state if any of the following applies:
AB752,31,20 20(1) The transaction out of which the property arose took place in this state.
AB752,31,24 21(2) The holder is domiciled in a state that does not provide for the custodial
22taking of the property, except that if the property is specifically exempt from
23custodial taking under the law of the state of the holder's domicile, the property is
24not subject to the custody of the administrator.
AB752,32,5
1(3) The last-known address of the apparent owner or other person entitled to
2the property is unknown or in a state that does not provide for the custodial taking
3of the property, except that if the property is specifically exempt from custodial
4taking under the law of the state of the last-known address, the property is not
5subject to the custody of the administrator.
AB752,68 6Section 68. 177.0306 of the statutes is created to read:
AB752,32,10 7177.0306 Travelers check, money order, or similar instrument. Sums
8payable on a travelers check, money order, or similar instrument presumed
9abandoned are subject to reporting to and custody of this state and the administrator
10may take custody of such sums to the extent permitted under 12 U.S.C. 2501 to 2503.
AB752,69 11Section 69. 177.0307 of the statutes is created to read:
AB752,32,15 12177.0307 Virtual currency. Virtual currency presumed abandoned is subject
13to reporting and custody of this state if the holder is able to convert virtual currency
14to U.S. currency by sale, exchange, or any other disposition. The holder shall convert
15the virtual currency to U.S. currency for delivery to the administrator.
AB752,70 16Section 70. 177.0308 of the statutes is created to read:
AB752,32,21 17177.0308 Hazardous or dangerous items found in safe deposit box.
18Thirty days prior to delivery of any hazardous or dangerous items such as guns,
19chemicals, or explosives under s. 177.0205, the holder shall provide written notice
20to the administrator and deliver the hazardous or dangerous items as required by
21the administrator.
AB752,71 22Section 71. 177.04 of the statutes is repealed.
AB752,72 23Section 72 . Subchapter IV (title) of chapter 177 [precedes 177.0401] of the
24statutes is created to read:
AB752,32,2525 CHAPTER 177
AB752,33,1
1SUBCHAPTER iV
AB752,33,22 report by holder
AB752,73 3Section 73. 177.0401 of the statutes is created to read:
AB752,33,6 4177.0401 Report required by holder. (1) (a) A holder of property presumed
5abandoned and subject to the custody of the administrator shall report in a record
6to the administrator concerning the property.
AB752,33,87 (b) A holder shall report electronically in a format approved by the
8administrator, unless the administrator approves another method.
AB752,33,10 9(2) A holder may contract with a 3rd party to make the report required under
10sub. (1).
AB752,33,14 11(3) Regardless of whether a holder enters into a contract under sub. (2), the
12holder is responsible to the administrator for the complete, accurate, and timely
13reporting of property presumed abandoned and for paying or delivering the property
14described in the report to the administrator.
AB752,74 15Section 74. 177.0402 of the statutes is created to read:
AB752,33,21 16177.0402 Content of report. (1) The report required under s. 177.0401 shall
17be signed by or on behalf of the holder and verified as to its completeness and
18accuracy and be in a secure format, as approved by the administrator, that protects
19the apparent owner's confidential information in the same manner as is required of
20the administrator and administrator's agent under subch. IX. The report shall
21contain the following information:
AB752,33,2222 (a) A description of the property.
AB752,34,223 (b) Unless the property is a travelers check, money order, or similar
24instrument, the name, last-known address, social security number or taxpayer

1identification number, and date of birth of the property's apparent owner, if such
2information is known or readily ascertainable.
AB752,34,63 (c) For an amount held or owing under a life or endowment insurance policy or
4annuity contract, the name, social security number or taxpayer identification
5number, if known, date of birth, if known, and last-known address of the insured,
6annuitant, or other apparent owner of the policy or contract and of each beneficiary.
AB752,34,107 (d) For property held in or removed from a safe deposit box or other safekeeping
8repository or for other tangible personal property, an itemized inventory and
9description of the property, including the location of the property where it may be
10inspected by the administrator and any amounts owed to the holder.
AB752,34,1111 (e) The commencement date for determining abandonment under subch. II.
AB752,34,1312 (f) A statement that the holder has complied with the notice requirements of
13s. 177.0501.
AB752,34,1414 (g) Any other information prescribed by the administrator.
AB752,34,16 15(2) A report under s. 177.0401 may include in the aggregate items valued under
16$5 each only if the apparent owner is unknown.
AB752,34,19 17(3) A report under s. 177.0401 may include personal information, as defined
18in s. 177.1401 (1), about the apparent owner or the apparent owner's property to the
19extent not otherwise prohibited by federal law.
AB752,34,24 20(4) If a holder has changed the holder's name while holding property presumed
21abandoned or is a successor to another person that previously held the property for
22the apparent owner, the holder shall include in the report under s. 177.0401 the
23holder's former name or the name of the previous holder, if any, and the known name
24and address of each previous holder of the property.
AB752,75 25Section 75. 177.0403 of the statutes is created to read:
AB752,35,3
1177.0403 When report to be filed. (1) Subject to sub. (2), the report under
2s. 177.0401 shall be filed on or before November 1 of each year and cover the 12
3months preceding July 1 of that year.
AB752,35,7 4(2) Before the due date for filing the report under s. 177.0401, the holder of
5property presumed abandoned may request the administrator to extend the time for
6filing. The administrator may grant an extension of 60 days or other period agreed
7to by the administrator.
AB752,76 8Section 76. 177.0404 of the statutes is created to read:
AB752,35,12 9177.0404 Retention of records by holder. (1) A holder required to file a
10report under s. 177.0401 shall retain records for 10 years after the later of the date
11on which the report was filed or the last date on which a timely report was due to be
12filed, unless a shorter period is prescribed by rule by the administrator.
AB752,35,14 13(2) The holder may satisfy the requirement to retain records under this section
14through an agent.
AB752,35,15 15(3) The records retained under this section shall include the following:
AB752,35,1616 (a) The information required to be included in the report under s. 177.0401.
AB752,35,1817 (b) The date, place, and nature of the circumstances that gave rise to the
18property right.
AB752,35,1919 (c) The amount or value of the property.
AB752,35,2020 (d) The last address of the apparent owner, if known to the holder.
AB752,35,2421 (e) If the holder sells, issues, or provides to others for sale or issue in this state
22travelers checks, money orders, or similar instruments, other than 3rd-party bank
23checks, on which the holder is directly liable, a record of the instruments while they
24remain outstanding, indicating the state and date of issue.
AB752,77 25Section 77. 177.0405 of the statutes is created to read:
AB752,36,4
1177.0405 Property reportable and payable or deliverable absent
2owner demand.
Property is reportable and payable or deliverable under this
3chapter even if the owner fails to make demand or present an instrument or
4document otherwise required to obtain payment.
AB752,78 5Section 78. 177.0406 of the statutes is created to read:
AB752,36,8 6177.0406 Negative reporting. (1) The administrator may require any
7person or persons to file a report as otherwise prescribed in this section, except that
8the administrator may specify a deadline after the deadline specified in s. 177.0403.
AB752,36,11 9(2) The administrator may require any person to file a report even if the person
10believes the person is not in possession of any property reportable or deliverable
11under this chapter.
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