HB 135 (BR 487) - R. Damron, L. Clark, J. Crenshaw, A. Simpson, S. Westrom
AN ACT relating to unclaimed life insurance benefits.
Create a new section of Subtitle 15 of KRS Chapter 304 requiring insurers to compare in-force life insurance policies against the Death Master File to determine potential matches of their insureds; require escheat of policy proceeds after the expiration of the fee statutory time period only if no claim for the policy's proceeds has been made and if good faith efforts to contact the retained asset holder and any beneficiary are unsuccessful.
HB 135 - AMENDMENTS
HCS - Retain original provisions; exempt from the definition of "policy" life insurance policies used to fund a preneed funeral contract or prearrangement and policies issued to a creditor to insure the lives of debtors in connection with a specific loan or other credit transaction; EFFECTIVE January 1, 2013.
SCS - Keep original provisions but adds provisions to exempt life insurance policies provided under a governmental plan, a church plan, or an federal employee benefit plan.
(Prefiled by the sponsor(s).)
Jan 3-introduced in House; to Banking & Insurance (H)
Jan 17-posting waived
Feb 1-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Feb 2-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Tuesday, February 7, 2012
Feb 7-taken from the Consent Orders of the Day, placed in the Regular Orders of the Day; 3rd reading, passed 96-0 with Committee Substitute
Feb 8-received in Senate
Feb 10-to Banking & Insurance (S)
Feb 28-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Feb 29-2nd reading, to Rules
Mar 27-posted for passage in the Consent Orders of the Day for Tuesday, March 27, 2012; 3rd reading, passed 37-0 with Committee Substitute
Mar 28-received in House; to Rules (H)
Mar 29-posted for passage for concurrence in Senate Committee Substitute ; House concurred in Senate Committee Substitute ; passed 94-0; enrolled, signed by Speaker of the House
Mar 30-enrolled, signed by President of the Senate; delivered to Governor
Apr 11-signed by Governor (Acts ch. 58)