HB 578 (BR 2144) - J. Gooch Jr
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 14-introduced in House
Feb 15-to Banking and Insurance (H)
Feb 16-posted in committee
Mar 15-reported favorably, 1st reading, to Calendar
Mar 16-2nd reading, to Rules
Mar 22-recommitted to Appropriations and Revenue (H)