Vote Smart's Synopsis:

Vote to pass a bill that requires insurers to check policies after an insured individual's death.

Highlights:

• Requires insurers to semiannually check in-force policies, annuities, and retained asset accounts in Oklahoma against an updated Death Master File to identify Death Master File matches (Sec. 4).
• Requires insurers to, in the event of discovering the possible death of an individual, complete the following actions within 90 days (Sec. 3):
• Perform a good-faith effort to confirm the death of the individual;
• Perform a review of the individual’s other purchases with the insurer;
• Perform a review of available benefits from the individual’s policy; and
• Take reasonable steps to contact the beneficiary of the individual and notify them of the entailments of the individual’s past policy.
• Prohibits the insurer from charging the beneficiary any fees or costs associated with verifying the insured’s death through a Death Master File search of verification (Sec. 4).
• Requires the insurer to first attempt to pay any benefits from a policy, annuity, retained account, or interest thereof to the beneficiary, or to the state in the event the beneficiary is uncontactable (Sec. 4). 
• Authorizes the Insurance Commissioner to adopt rules and regulations that are necessary to implement the provisions of this bill (Sec. 4).
• Exempts life insurance policies, annuity contracts, and retained asset accounts issued or entered into before January 1, 2016 from the provisions of this bill (Sec. 2).

Full Bill Text