July 31, 2016
Insurers in Idaho are now required to run in-force life insurance policies against a master death file biannually. When a match is found and death is verified, they now have 90 days to authenticate benefits and locate beneficiaries to begin the process of allocating funds. This is something many insurers had been neglecting or ignoring, creating a backlog in the industry.
Idaho is just the latest in a string of nearly two dozen states (NV, ID, MT, UT, ND, NM, IA, MO, AR, IN, KY, TN, MS, AL, GA, FL, NC, WV, MD, NY, VT, and RI) who have adopted similar legislation as of June 15, 2016. In addition, there is another half dozen states with legislation pending (OK, IL, SC, PA, NJ, and MA). As the industry evolves and unclaimed benefits stack up, we anticipate many more states to follow suit. Why not get ahead of the game and streamline your searches before Insurance Codes and legislation mandates it?
The need for active death audits is now imperative. LifeStatus 360 will take that first step out of your hands. Whether you are in the industry or one of our many Retirement Plan customers, we can provide information with an easy to use interface and real time results. You will have all of the information you need to comply with state regulations and you can save money doing it. Imagine the relief in knowing your information is easily accessible, always secure, and stringently protected. You will be provided with daily updates, allowing you to take immediate action. It’s that easy.