DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of
the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of
the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Cromer HB No. 411
Abstract: Enacts the "Unclaimed Life Insurance Benefits Act", requiring life insurers to
periodically perform a comparison of their in-force life insurance policies to the Death
Master File from the U.S. Social Security Administration to determine if benefits may be
due under the policy; provides that the proceeds of an unclaimed policy may be remitted
to the state treasurer.
Proposed law requires a life insurer to periodically compare its in-force life insurance policies,
annuities, and retained asset accounts issued in La. against a Death Master File to identify
possible matches.
Proposed law requires a life insurer, within 90 days of learning of a possible match, to determine
if benefits may be due and pay the benefits and any accrued contractual interest to the designated
beneficiaries or owners.
Proposed law allows a life insurer who is unable to find the designated beneficiaries or owners to
remit the benefits to the state treasurer through the provisions of the Uniform Disposition of
Unclaimed Property Act, R.S. 9:151 et seq.
(Adds R.S. 22:921-927)