AB325,60
10Section
60. 177.0211 of the statutes is created to read:
AB325,27,15
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.
AB325,27,19
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:
AB325,27,2120
(a) The insurance company receives a death certificate or court order
21determining that the insured or annuitant has died.
AB325,27,2522
(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.
AB325,28,4
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.
AB325,28,85
(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.
AB325,28,10
9(3) The following applies to validating the death of the insured or annuitant
10under this section:
AB325,28,1311
(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.
AB325,28,1714
(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.
AB325,28,2118
(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.
AB325,29,222
(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.
AB325,29,8
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.
AB325,61
9Section
61. 177.0212 of the statutes is created to read:
AB325,29,18
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.
AB325,62
19Section
62. 177.0214 of the statutes is created to read:
AB325,29,22
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.
AB325,29,25
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.
AB325,63
1Section
63. 177.03 of the statutes is repealed.
AB325,64
2Section 64
. Subchapter III (title) of chapter 177 [precedes 177.0301] of the
3statutes is created to read:
AB325,30,55
SUBCHAPTER III
AB325,30,66
taking custody of property
AB325,30,77
presumed abandoned
AB325,65
8Section
65. 177.0301 of the statutes is created to read:
AB325,30,13
9177.0301 Address of apparent owner to establish priority. (1) The
10last-known address of an apparent owner is any description, code, or other
11indication of the location of the apparent owner that identifies the state, even if the
12description, code, or indication of location is not sufficient to direct the delivery of 1st
13class mail to the apparent owner.
AB325,30,17
14(2) If the zip code associated with the apparent owner is for a post office located
15in this state, this state is deemed to be the state of the last-known address of the
16apparent owner unless other records associated with the apparent owner specifically
17identify the physical address of the apparent owner to be in another state.
AB325,30,19
18(3) If the address under sub. (2) is in another state, the other state is deemed
19to be the state of the last-known address of the apparent owner.
AB325,30,24
20(4) The address of the apparent owner of a life or endowment insurance policy
21or annuity contract or its proceeds is presumed to be the address of the insured or
22annuitant if a person other than the insured or annuitant is entitled to the amount
23owed under the policy or contract and the address of the other person is not known
24by the insurance company and cannot be determined under s. 177.0302.