LIFE INSURANCE Part 16. This is the second amicus brief in which NAUPA advocated that a state’s unclaimed life insurance benefits statute be upheld. Of course, when policy benefits go unclaimed, life insurers report the proceeds to the various states according to unclaimed life insurance laws. Historically, state unclaimed part 7 - insurable interest act (§§ 10-7-701 — 10-7-710) Part 8 - UNCLAIMED LIFE INSURANCE BENEFITS ACT (§§ 10-7-801 — 10-7-803) Make your practice more … Section 5. Co. (2014), the West Virginia Supreme Court of Appeals unanimously upheld the State’s unclaimed property law. (1) The General Assembly declares the purpose of this section shall be to require recognition of the escheat statute, as found in KRS 393A.130, and to require complete and proper disclosure, transparency, and accountability relating to any Life insurance companies pay billions of dollars annually in claims on life insurance policies. Unclaimed Life Insurance Benefits Act Section 27-15-52 - Definitions. As used in this part: (1) "Administrator" means the same as that term is defined in Section 67-4a-102. In 2011, the National Conference of Insurance Legislators (NCOIL) created the Unclaimed Life Insurance Benefits Act, also known as the NCOIL Model Act, as a standard to govern state unclaimed property policies. Unclaimed Life Insurance Benefits Act. PROPERTY INSURANCE Part I. Insurable Interest in Property; Over-Insurance Unclaimed Life Insurance and Annuity Benefits Act 31A-22-1901 Title. Section 27-15-50 - Short title. The drafting of a comment letter to be submitted to the ULC advising the ULC that the Working Group has formally recommended that the NAIC develop a model law addressing unclaimed death benefits and urging the ULC not to revise the Uniform Act to permit dual regulation of life insurers. Part IX. INSURANCE AND INSURANCE COMPANIES CHAPTER 20. A model act and state legislation. ARTICLE 10E. Enacted by Chapter 259, 2015 General Session 31A-22-1902 Definitions. Chapter 15 - LIFE INSURANCE AND ANNUITY CONTRACTS. Unclaimed Life Insurance Benefits Act 431:10D-651 Short title 431:10D-652 Purpose 431:10D-653 Definitions 431:10D-654 Insurer conduct . In the first case, Perdue v. Nationwide Life Ins. This Act shall require recognition of the Uniform Disposition of Unclaimed Property Act and require the complete and proper disclosure, transparency, and accountability relating to any method of payment for life insurance, annuity, or retained asset agreement death benefits. Purpose. TITLE 33. Section 27-15-53 - Requirements for death master file comparisons. 304.15-420 Unclaimed Life Insurance Benefits Act. This part is known as the "Unclaimed Life Insurance and Annuity Benefits Act." Article 2 - Unclaimed Life Insurance Benefits Act. In 2011, life insurers paid out over $62 billion in claims. Title 27 - INSURANCE. Section 27-15-51 - Construction and application of article. (a) This Code section shall be known and may be cited as the "Unclaimed Life Insurance Benefits Act."
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