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(a) A record communicated by the apparent owner to the holder or the holder's
4agent concerning the property or the account in which the property is held.
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(b) An oral communication by the apparent owner to the holder or agent of the
6holder concerning the property or the account in which the property is held, if the
7holder or the holder's agent contemporaneously makes and preserves a record of the
8fact of the apparent owner's communication.
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(c) Presentment of a check or other instrument of payment of a dividend,
10interest, or other distribution, or evidence of receipt of a distribution made by
11electronic or similar means, with respect to an account, underlying security, or
12interest in a business association.
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(d) Activity directed by an apparent owner in the account in which the property
14is held, including accessing the account or information concerning the account, or a
15direction by the apparent owner to increase, decrease, or otherwise change the
16amount or type of property held in the account.
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(e) A deposit into or withdrawal from an account at a financial organization,
18including an automatic deposit or withdrawal previously authorized by the apparent
19owner, other than an automatic reinvestment of dividends or interest.
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(f) Subject to sub. (5), payment of a premium on an insurance policy.
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(g) Any other action by the apparent owner that reasonably demonstrates to
22the holder that the apparent owner knows that the property exists.
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23(3) An action by an agent or other representative of an apparent owner, other
24than the holder acting as the apparent owner's agent, is presumed to be an action on
25behalf of the apparent owner.
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1(4) A communication with an apparent owner by a person other than the holder
2or the holder's representative is not an indication of interest in the property by the
3apparent owner unless a record of the communication evidences the apparent
4owner's knowledge of a right to the property.
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5(5) If an insured person dies or the insured or beneficiary of an insurance policy
6otherwise becomes entitled to the proceeds before depletion of the cash surrender
7value of the policy by operation of an automatic-premium-loan provision or other
8nonforfeiture provision contained in the policy, the operation does not prevent the
9policy from maturing or terminating for purposes of this chapter.
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10Section
60. 177.0211 of the statutes is created to read:
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11177.0211 Knowledge of death of insured or annuitant. (1) In this section,
12“death master file” means the federal social security administration death master
13file or other database or service that is at least as comprehensive as the federal social
14security administration death master file for determining that a person has
15reportedly died.
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16(2) With respect to a life or endowment insurance policy or annuity contract
17for which an amount is owed on proof of death, but which has not matured by proof
18of death of the insured or annuitant, the insurance company has knowledge of the
19death of an insured or annuitant when any of the following occurs:
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(a) The insurance company receives a death certificate or court order
21determining that the insured or annuitant has died.
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(b) The insurance company or other person validates the death of the insured
23or annuitant by its performance of due diligence, as required under ch. 632 or other
24law, to maintain contact with the insured or annuitant to determine whether the
25insured or annuitant has died.
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1(c) The insurance company compares for any purpose a death master file with
2the names of some or all of the company's insureds or annuitants, finds a match that
3provides notice that the insured or annuitant has died, and the company validates
4the death.
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(d) The insurance company receives notice of the death of the insured or
6annuitant from a beneficiary, policy owner, relative, or trustee, or from the personal
7or legal representative of the insured's or annuitant's estate and the company
8validates the death.
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9(3) The following applies to validating the death of the insured or annuitant
10under this section:
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(a) A death master file match occurs if the criteria for an exact or partial match
12is satisfied as provided by a law of this state other than this chapter or by a rule
13promulgated or policy adopted by the office of the commissioner of insurance.
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(b) A death master file match does not constitute proof of death for the purpose
15of submission to an insurance company of a claim by a beneficiary, annuitant, or
16owner of the policy or contract for an amount due under an insurance policy or
17annuity contract.
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(c) The death master file match or validation of the insured's or annuitant's
19death does not alter the requirements for a beneficiary, annuitant, or owner of the
20policy or contract to make a claim to receive proceeds under the terms of the policy
21or contract.
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(d) If no provision in a law of this state or a rule promulgated or policy adopted
23by the office of the commissioner of insurance establishes a time for validation of a
24death of an insured or annuitant, the insurance company shall make a good faith
25effort using other available records and information to validate the death, and
1document the effort taken for such validation, not later than 90 days after the
2insurance company has notice of the death.
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3(4) This chapter does not affect the determination of the extent to which an
4insurance company before the effective date of this subsection .... [LRB inserts date],
5had knowledge of the death of an insured or annuitant or was required to conduct
6a death master file comparison to determine whether amounts owed by the company
7on a life or endowment insurance policy or annuity contract were presumed
8abandoned or unclaimed.
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9Section
61. 177.0212 of the statutes is created to read:
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10177.0212 Deposit account for proceeds of insurance policy or annuity
11contract. If proceeds payable under a life or endowment insurance policy or annuity
12contract are deposited into an account with check or draft writing privileges for the
13beneficiary of the policy or contract and, under a supplementary contract not
14involving annuity benefits other than death benefits, the proceeds are retained by
15the insurance company or the financial organization where the account is held and
16the policy or contract includes the assets in the account, the assets in the account are
17subject to the same presumption of abandonment that is applied to the underlying
18policy or contract.
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19Section
62. 177.0214 of the statutes is created to read:
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20177.0214 Distributions by certain insurance company activities. (1)
21Subject to s. 177.0210, property distributable in the course of a demutualization of
22an insurance company is presumed abandoned.
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23(2) Subject to s. 177.0210, property distributable in the course of the dissolution
24of the Health Insurance Risk-Sharing Plan under
2013 Wisconsin Act 20, section
259122 (1L), and
2013 Wisconsin Act 116, section
32 (1) (b), is presumed abandoned.
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1Section
63. 177.03 of the statutes is repealed.