S665 - Unclaimed Life Insurance Benefits (SL 2015-236)

Overview: S.L. 2015-236 requires an insurance company that is authorized to transact life insurance business in North Carolina to determine, semi-annually, if that insurer's records of in-force policies, annuities, and account owners cross-match with any record in the United States Social Security Administration's death master file or a similar database, with some exceptions. Upon a match, the insurer is required to engage in a good-faith effort to verify the death and locate any beneficiaries.

Generally, this act became effective October 1, 2015.