(1) An insurer shall perform a comparison of its insureds’ in-force policies, contracts and retained asset accounts against a death master file, on at least a semiannual basis, by using the full death master file once and thereafter using the death master file update files for future comparisons to identify potential matches of its insureds. For those potential matches identified as a result of death master file match, the insurer shall:
(a)  Within ninety (90) days of a death master file match:
(i)   Complete a good faith effort, which shall be documented by the insurer, to confirm the death of the insured, annuity owner or retained asset account holder against other available records and information;
(ii)  Determine whether benefits are due in accordance with the applicable policy or contract; and
(iii) If benefits are due in accordance with the applicable policy or contract, use good faith efforts, which shall be documented by the insurer, to locate the beneficiary or beneficiaries and provide the appropriate claims forms or instructions to the beneficiary or beneficiaries to make a claim including the need to provide an official death certificate, if applicable under the policy or contract.
(b)  With respect to group life insurance, insurers are required to confirm the possible death of an insured when the insurers maintain at least the following information of those covered under a policy or certificate:
(i)   Social security number or name and date of birth;
(ii)  Beneficiary designation information;
(iii) Coverage eligibility;
(iv)  Benefit amount; and
(v)   Premium payment status.
(c)  Every insurer shall implement procedures to account for:
(i)   Common nicknames, initials used in lieu of a first or middle name, use of a middle name, compound first and middle names and interchanged first and middle names;
(ii)  Compound last names, maiden or married names and hyphens, and blank spaces or apostrophes in last names;
(iii) Transposition of the month and date portions of the date of birth; and
(iv)  Incomplete social security number.
(d)  To the extent permitted by law, the insurer may disclose minimum necessary personal information about the insured or beneficiary to a person who the insurer reasonably believes may be able to assist the insurer locate the beneficiary or a person otherwise entitled to payment of the claims proceeds.
(2)  An insurer or its service provider shall not charge any beneficiary or other authorized representative for any fees or costs associated with a death master file search or verification of a death master file match conducted pursuant to this section.
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Terms Used In Idaho Code 41-3002

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract: means an annuity contract. See Idaho Code 41-3001
  • Death master file: means the United States social security administration’s death master file or any other database or service that is at least as comprehensive as the United States social security administration’s death master file for determining that a person has reportedly died. See Idaho Code 41-3001
  • Death master file match: means a search of the death master file that results in a match of the social security number or the name and date of birth of an insured, annuity owner or retained asset account holder. See Idaho Code 41-3001
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Month: means a calendar month, unless otherwise expressed. See Idaho Code 73-114
  • person: includes a corporation as well as a natural person;
Idaho Code 73-114
  • Policy: means any policy or certificate of life insurance that provides a death benefit. See Idaho Code 41-3001
  • Property: includes both real and personal property. See Idaho Code 73-114
  • Retained asset account: means any mechanism whereby the settlement of proceeds payable under a policy or contract is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer or its agent, pursuant to a supplementary contract not involving annuity benefits other than death benefits. See Idaho Code 41-3001
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
    • (3)  The benefits from a policy, contract or a retained asset account, plus any applicable accrued contractual interest shall first be payable to the designated beneficiaries or owners and in the event such beneficiaries or owners cannot be found shall escheat to the state as unclaimed property pursuant to section 14-507, Idaho Code. Interest payable under section 41-1337, Idaho Code, shall not be payable as unclaimed property under section 14-507, Idaho Code.
    (4)  An insurer shall notify the unclaimed property administrator upon the expiration of the statutory time period for escheat that:
    (a)  A policy or contract beneficiary or retained asset account holder has not submitted a claim with the insurer; and
    (b)  The insurer has complied with subsection (1)(a) of this section and has been unable, after good faith efforts documented by the insurer, to contact the retained asset account holder, beneficiary or beneficiaries.
    (5)  Upon such notice, an insurer shall immediately submit the unclaimed policy or contract benefits or unclaimed retained asset accounts, plus any applicable accrued interest, to the unclaimed property administrator.