* § 3240. Unclaimed benefits. (a) Definitions. For the purposes of\nthis section:\n (1) "Account" means: (A) any mechanism, whether denoted as a retained\nasset account or otherwise, whereby the settlement of proceeds payable\nto a beneficiary under a policy is accomplished by the insurer or an\nentity acting on behalf of the insurer placing the proceeds into an\naccount where the insurer retains those proceeds and the beneficiary has\ncheck or draft writing privileges; or (B) any other settlement option\nrelating to the manner of distribution of the proceeds payable under a\npolicy.\n (2) "Death index" means the death master file maintained by the United\nStates social security administration or any other database or service\nthat is at least as comprehensive as the death master file maintained by\nthe United States social security administration and that is acceptable\nto the superintendent.\n (3) "Insured" means an individual covered by a policy or an annuitant\nwhen the annuity contract provides for benefits to be paid or other\nmonies to be distributed upon the death of the annuitant.\n (4) "Insurer" means a life insurance company or fraternal benefit\nsociety.\n (5) "Lost policy finder" means a service made available by the\ndepartment on its website or otherwise developed by the superintendent\neither on his or her own or in conjunction with other state regulators,\nto assist consumers with locating unclaimed life insurance benefits.\n (6) "Policy" means a life insurance policy; an annuity contract; a\ncertificate under a life insurance policy or annuity contract; or a\ncertificate issued by a fraternal benefit society; under which benefits\nare to be paid upon the death of the insured, including a policy that\nhas lapsed or been terminated.\n (b) Applicability. (1) This section shall apply to a policy:\n (A) issued by a domestic insurer and any account established under or\nas a result of such policy; or\n (B) delivered or issued for delivery in this state by an authorized\nforeign insurer and any account established under or as a result of such\npolicy.\n (2) Notwithstanding paragraph one of this subsection:\n (A) with respect to a policy delivered or issued for delivery outside\nthis state, a domestic insurer may, in lieu of the requirements of this\nsection, implement procedures that meet the minimum requirements of the\nstate in which the insurer delivered or issued the policy, provided that\nthe superintendent determines that such other requirements are no less\nfavorable to the policy owner and beneficiary than those required by\nthis section; and\n (B) this section shall not apply to a lapsed or terminated policy with\nno benefits payable that was searched within the eighteen months\npreceding the effective date of this section or that was searched more\nthan eighteen months prior to the most recent search conducted by the\ninsurer.\n (c) Identifying information. (1) Except as set forth in paragraph two\nof this subsection, at no later than policy delivery or the\nestablishment of an account and upon any change of insured, owner,\naccount holder, or beneficiary, an insurer shall request information\nsufficient to ensure that all benefits or other monies are distributed\nto the appropriate persons upon the death of the insured or account\nholder, including, at a minimum, the name, address, social security\nnumber, date of birth, and telephone number of every owner, account\nholder, insured, and beneficiary of such policy or account, as\napplicable.\n (2) Where an insurer issues a policy or provides for an account based\non data received directly from an insured's employer, the insurer may\nobtain the beneficiary information described in paragraph one of this\nsubsection by communicating with the insured after receiving the data\nfrom the insured's employer.\n (d) Standards for cross-checking policies. (1) An insurer shall use\nthe death index to cross-check every policy and account subject to this\
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