HB 567 (BR 2241) - J. Gooch
AN ACT relating to life insurance.
Create a new section of Subtitle 12 of KRS Chapter 304 to require a life insurance company to contact the owner of a life insurance policy if moneys held by the insurer become due and payable under a life insurance policy that has terminated or matured and the owner of the policy during the preceding three years has not assigned, readjusted, or paid premiums or subjected the policy to a loan or corresponded with the insurer, or if the moneys are not due and payable but the owner has not assigned, readjusted, or paid premiums or subjected the policy to a loan or corresponded with the insurer within any five year period; require the insurer to submit a written statement to the Department of Insurance if unable to contact the owner; require the department to maintain the statements and at least annually compare the names of insureds to certificates of death filed with the Commonwealth; require the department to notify the insurer if a name appears in the death records and require the insurer to notify the beneficiary.
Feb 23-introduced in House
Feb 24-to Banking and Insurance (H)
Mar 4-posted in committee
Mar 10-reported favorably, 1st reading, to Calendar
Mar 11-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, March 12, 2004
Mar 23-taken from the Regular Orders of the Day; recommitted to Appropriations and Revenue (H)