(1) In this section, “death master file” means the federal social security administration death master file or other database or service that is at least as comprehensive as the federal social security administration death master file for determining that a person has reportedly died. (2) With respect to a life or endowment insurance policy or annuity contract for which an amount is owed on proof of death, but which has not matured by proof of death of the insured or annuitant, the insurance company has knowledge of the death of an insured or annuitant when any of the following occurs: (a) The insurance company receives a death certificate or court order determining that the insured or annuitant has died. (b) The insurance company or other person validates the death of the insured or annuitant by its performance of due diligence, as required under ch. 632 or other law, to maintain contact with the insured or annuitant to determine whether the insured or annuitant has died. (c) The insurance company compares for any purpose a death master file with the names of some or all of the company’s insureds or annuitants, finds a match that provides notice that the insured or annuitant has died, and validates the death. (d) The insurance company receives notice of the death of the insured or annuitant from a beneficiary, policy owner, relative, or trustee or from the personal or legal representative of the insured’s or annuitant’s estate, and the company validates the death. (3) The following applies to validating the death of the insured or annuitant under this section: (a) A death master file match occurs if the criteria for an exact or partial match is satisfied as provided by a law of this state other than this chapter or by a rule promulgated or policy adopted by the office of the commissioner of insurance. (b) A death master file match does not constitute proof of death for the purpose of submission to an insurance company of a claim by a beneficiary, annuitant, or owner of the policy or contract for an amount due under an insurance policy or annuity contract. (c) The death master file match or validation of the insured’s or annuitant’s death does not alter the requirements for a beneficiary, annuitant, or owner of the policy or contract to make a claim to receive proceeds under the terms of the policy or contract. (d) If no provision in a law of this state or a rule promulgated or policy adopted by the office of the commissioner of insurance establishes a time for validation of a death of an insured or annuitant, the insurance company shall make a good faith effort using other available records and information to validate the death, and document the effort taken for such validation, not later than 90 days after the insurance company has notice of the death. (4) This chapter does not affect the determination of the extent to which an insurance company before November 7, 2021, had knowledge of the death of an insured or annuitant or was required to conduct a death master file comparison to determine whether amounts owed by the company on a life or endowment insurance policy or annuity contract were presumed abandoned or unclaimed.
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