AB752,26,9 (2) With respect to a life or endowment insurance policy or annuity contract for which an amount is owed on proof of death, but which has not matured by proof of death of the insured or annuitant, the insurance company has knowledge of the death of an insured or annuitant when any of the following occurs:

AB752,26,11 (a) The insurance company receives a death certificate or court order determining that the insured or annuitant has died.

AB752,26,15 (b) The insurance company or other person validates the death of the insured or annuitant by its performance of due diligence, as required under ch. 632 or other law, to maintain contact with the insured or annuitant to determine whether the insured or annuitant has died.

AB752,26,19 (c) The insurance company compares for any purpose a death master file with the names of some or all of the company's insureds or annuitants, finds a match that provides notice that the insured or annuitant has died, and the company validates the death.

AB752,26,23 (d) The insurance company receives notice of the death of the insured or annuitant from a beneficiary, policy owner, relative, or trustee, or from the personal or legal representative of the insured's or annuitant's estate and the company validates the death.

AB752,26,25 (3) The following applies to validating the death of the insured or annuitant under this section:

AB752,27,3 (a) A death master file match occurs if the criteria for an exact or partial match is satisfied as provided by a law of this state other than this chapter or by a rule promulgated or policy adopted by the office of the commissioner of insurance.

AB752,27,7 (b) A death master file match does not constitute proof of death for the purpose of submission to an insurance company of a claim by a beneficiary, annuitant, or owner of the policy or contract for an amount due under an insurance policy or annuity contract.

AB752,27,11 (c) The death master file match or validation of the insured's or annuitant's death does not alter the requirements for a beneficiary, annuitant, or owner of the policy or contract to make a claim to receive proceeds under the terms of the policy or contract.

AB752,27,17 (d) If no provision in a law of this state or a rule promulgated or policy adopted by the office of the commissioner of insurance establishes a time for validation of a death of an insured or annuitant, the insurance company shall make a good faith effort using other available records and information to validate the death, and document the effort taken for such validation, not later than 90 days after the insurance company has notice of the death.

AB752,27,23 (4) This chapter does not affect the determination of the extent to which an insurance company before the effective date of this chapter had knowledge of the death of an insured or annuitant or was required to conduct a death master file comparison to determine whether amounts owed by the company on a life or endowment insurance policy or annuity contract were presumed abandoned or unclaimed.

AB752,59 Section 59. 177.0212 of the statutes is created to read:

AB752,28,9 177.0212 Deposit account for proceeds of insurance policy or annuity contract. If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check or draft writing privileges for the beneficiary of the policy or contract and, under a supplementary contract not involving annuity benefits other than death benefits, the proceeds are retained by the insurance company or the financial organization where the account is held and the policy or contract includes the assets in the account, the assets in the account are subject to the same presumption of abandonment that is applied to the underlying policy or contract.

AB752,60 Section 60. 177.0214 of the statutes is created to read:

AB752,28,13 177.0214 Distributions by certain insurance company activities. (1) Subject to s. 177.0210, property distributable in the course of a demutualization of an insurance company is presumed abandoned.

AB752,28,16 (2) Subject to s. 177.0210, property distributable in the course of the dissolution of the Health Insurance Risk-Sharing Plan under 2013 Wisconsin Act 20, section 9122 (1L), and 2013 Wisconsin Act 116, section 32 (1) (b), is presumed abandoned.

AB752,61 Section 61. 177.03 of the statutes is repealed.

AB752,62 Section 62 . Subchapter III (title) of chapter 177 [precedes 177.0301] of the statutes is created to read:

AB752,28,20 CHAPTER 177

AB752,28,21 SUBCHAPTER III

AB752,28,22 taking custody of property

AB752,28,23 presumed abandoned

AB752,63 Section 63. 177.0301 of the statutes is created to read:

AB752,29,5 177.0301 Address of apparent owner to establish priority. (1) The last-known address of an apparent owner is any description, code, or other indication of the location of the apparent owner that identifies the state, even if the description, code, or indication of location is not sufficient to direct the delivery of 1st class mail to the apparent owner.

AB752,29,9 (2) If the zip code associated with the apparent owner is for a post office located in this state, this state is deemed to be the state of the last-known address of the apparent owner unless other records associated with the apparent owner specifically identify the physical address of the apparent owner to be in another state.

AB752,29,11 (3) If the address under sub. (2) is in another state, the other state is deemed to be the state of the last-known address of the apparent owner.

AB752,29,16 (4) The address of the apparent owner of a life or endowment insurance policy or annuity contract or its proceeds is presumed to be the address of the insured or annuitant if a person other than the insured or annuitant is entitled to the amount owed under the policy or contract and the address of the other person is not known by the insurance company and cannot be determined under s. 177.0302.

AB752,64 Section 64. 177.0302 of the statutes is created to read:

AB752,29,21 177.0302 Address of apparent owner in this state. Unless otherwise provided in this chapter or by another law of this state, if property is presumed abandoned, the property is subject to reporting to and custody of this state whether located in this state, another state, or a foreign country if any of the following applies: