March 22, 2017
Massachusetts HB 34 was introduced on March 16, 2017, and amends the life insurance provisions pertaining to the Unclaimed Property law. Life insurance providers are required by law to complete data compliance audits annually or semi-annually, depending on the statutes issued by the individual states. These amendments require that every policy that provides a death benefit to “Within 90 days of a potential match, insurers shall complete a documented good faith effort to confirm death and, if benefits are due, use documented good faith efforts to locate beneficiaries and provide them with the appropriate claims forms or instructions.”
Many states are moving toward amendments such as these in an effort to reduce the amount of unclaimed property remaining the in insurance industry. Often, these unclaimed benefits total over $1 billion [link], leaving many beneficiaries without the needed funds provided by the life insurance policies.
How LifeStatus360’s Data Compliance Solutions Aid the Insurance Industry
At LifeStatus360, we know how important it is for the insurance industry to provide allocated funds to policyholders and their beneficiaries. We provide a complete data compliance solution for our customers, including:
Using the information provided by our customers, we can perform a scheduled check against the Limited Access Death Master File to ensure compliance, reduce fiduciary risk and maintain the integrity of internal records.
Contact LifeStatus360 to Experience Our Death Audit Solutions
As more states pass legislation amending unclaimed property requirements, it’s even more important for insurance providers to ensure the accuracy and security of their records. LifeStatus360 has developed our advanced technology over several years, using the latest algorithms and industry knowledge to provide our customers with the highest quality results.
Let us show you how our advanced system surpasses traditional methods of locating policyholders and assist with your fiduciary and regulatory requirements. Contact us online or via telephone at 888-LIFE-360 (888-543-3360) to request your personalized walk-through webinar.