States Adopting NCOIL Unclaimed Life Insurance Benefits Act

In November 2011, the National Conference of Insurance Legislators (NCOIL) passed a resolution that supported a model law dealing with unclaimed property policies for insurers, now known as the Unclaimed Life Insurance Benefits Act. This resolution mandates the use of the Social Security Administration Death Master File (DMF) as a cross-reference against an insurers list of in-force life insurance policies and retained asset accounts each quarter.

Additionally, once the decedents have been identified and confirmed, the insurer must perform a good-faith effort to seek out and locate any beneficiaries and provide the necessary claim forms and instructions. In the event that the benefits go unclaimed, the model act also provides direction for life insurers to notify state treasury departments to properly escheat the funds.

While NCOIL has passed their resolution, it is still up to the individual states to adopt the legislation. Below is a map of states that currently have passed or proposed legislation to adopt policies similar to the Unclaimed Life Insurance Benefits Act, as well as a listing of current legislation.


State Name Bill No. Date Introduced Date Passed
Kentucky HB 414* 2/20/2014 4/8/14
Maryland MD SB 77 1/16/2012 5/2/2012
Alabama AL HB 126 2/2/2012 5/15/2012
New York NY SB 6943, AB 9845 4/16/2012 12/17/2012
Montana SB 34 11/23/2012 3/29/2013
Massachusetts HB 20 1/7/2013 Pending
North Dakota HB 1171 1/11/2013 4/26/2013
Vermont HB 95 1/25/2013 5/21/2013
New Mexico SB 312 1/29/2013 4/1/2013
Rhode Island HB 7031/SB 2308 1/10/2014* 6/30/2014
Nevada AB 226 3/11/2013 6/10/2013
Pennsylvania HB 1937 1/6/2014 Pending
Indiana SB 220 1/9/2014 3/25/2014
Oklahoma HB 3287 2/3/2014 Failed
Mississippi SB 2796 1/22/2014 3/24/2014
Georgia HB 920 2/4/2014 4/15/2014
Tennessee SB 2516 2/5/2014 5/19/2014
Iowa HF 2333 2/19/14 Failed
Louisiana HB 411 3/10/14 Failed
Iowa SF 2342* 5/7/14 5/30/2014
Illinois SB 3660 5/19/14 Pending
North Carolina SB 493
6/18/14 Failed
North Carolina HB 761
7/30/14 Failed

We will continue to update this map and matrix as additional states propose similar legislation.

Keane is the most accomplished, knowledgeable, and comprehensive unclaimed property company in the country. Learn more about our unclaimed property services to the insurance industry. You can also read our Unclaimed Property Blog for additional insight. We also encourage you to subscribe to Keane’s Unclaimed Property Compliance Portal to stay up to date on all legislation, along with access to various escheat compliance resources.

*Rhode Island previously introduced House Bill 5452 in February 2013. No action was taken.

*Kentucky previously passed House Bill 135 in April 2012. House Bill 414 is an amendment to the bill.

*Iowa SF 2342 is almost identical to HF 2333.