Kentucky House passes unclaimed life insurance bill
(Source: WAVE 3 News)
FRANKFORT, Ky. (AP) - The Kentucky House has passed a bill to make sure life insurance companies make "good faith efforts" to track down beneficiaries, regardless when the policies were written.
The legislation seeks to clarify that the state's Unclaimed Life Insurance Benefits Act applies to life insurance policies issued before the law passed in 2012, despite insurance companies' objections.
Under the law, insurers are required to check public death records to determine whether policyholders have died and try to find beneficiaries owed proceeds.
Several life insurance companies sued, saying the mandate could not be applied retroactively.
The measure is a response to a decision by Gov. Matt Bevin's administration to drop its defense of the law in a court case. The bill cleared the House on Friday and goes to the Senate.
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