Chapter 688D
Payment of Benefits Upon Death of Insured

Definitions.

“Benefit contract” defined.

“Death Master File” defined.

“Insured” defined.

“Policy of life insurance” defined.

“Retained asset account” defined.

Applicability.

Insurer to request information sufficient to ensure payment of benefits upon death of insured.

Insurer required to compare policies of life insurance, annuities, benefit contracts and retained asset accounts against Death Master File at least semiannually

Insurer prohibited from charging insured or beneficiary fees for search or verification.

Notice to State Treasurer upon reversion by escheat

Order of Commissioner: Authorization to search only electronically

Failure to comply constitutes unfair trade practice.

Regulations.