An Act To Ensure Life Insurance Claims Are Paid

Sec. 1. 24-A MRSA §4551,  as amended by PL 2003, c. 20, Pt. T, §14, is further amended to read:

§ 4551. Disposition of unclaimed funds

All unclaimed money held and owing by any life insurer doing business in this State A life insurer doing business in the State shall exercise due diligence to find and notify all beneficiaries entitled to unclaimed money held and owing by the life insurer. After the life insurer has exercised due diligence under this section and has not found any beneficiaries entitled to the unclaimed money, the money must be disposed of according to Title 33, chapter 41.

SUMMARY

This bill requires life insurers holding unclaimed money to exercise due diligence in finding and notifying all beneficiaries entitled to the money before disposing of the money pursuant to the Uniform Unclaimed Property Act.