§ 1470. Knowledge of death of insured or annuitant
(a) In this section, “Death Master File” means the U.S. Social Security Administration Death Master File or other database or service that is at least as comprehensive as the U.S. Social Security Administration Death Master File for determining that an individual reportedly has died.
(b) With respect to a life or endowment insurance policy or annuity contract for which an amount is owed on proof of death, but which has not matured by proof of death of the insured or annuitant, the company has knowledge of the death of an insured or annuitant when:
(1) the company receives a death certificate or court order determining that the insured or annuitant has died;
(2) due diligence, performed as required pursuant to 8 V.S.A. part 3, to maintain contact with the insured or annuitant or determine whether the insured or annuitant has died, validates the death of the insured or annuitant;
(3) the company conducts a comparison for any purpose between a Death Master File and the names of some or all of the company’s insureds or annuitants, finds a match that provides notice that the insured or annuitant has died, and validates the death;
(4) the Administrator or the Administrator’s agent conducts a comparison for the purpose of finding matches during an examination conducted under subchapter 10 of this chapter between a Death Master File and the names of some or all of the company’s insureds or annuitants, finds a match that provides notice that the insured or annuitant has died, and the company validates the death; or
(5) the company:
(A) receives notice of the death of the insured or annuitant from an administrator, beneficiary, policy owner, relative of the insured, or trustee or from a personal representative, guardian, executor, or other legal representative of the insured’s or annuitant’s estate; and
(B) validates the death of the insured or annuitant.
(c) The following rules apply under this section:
(1) A Death Master File match under subdivision (b)(3) or (4) of this section occurs if the criteria for an exact or partial match are satisfied as provided by:
(A) law of this State other than this chapter;
(B) a rule or policy adopted by the Commissioner of the Vermont Department of Financial Regulation pursuant to 3 V.S.A. chapter 25; or
(C) section 1472 of this title.
(2) The Death Master File match does not constitute proof of death for the purpose of submission to an insurance company of a claim by a beneficiary, annuitant, or owner of the policy or contract for an amount due under an insurance policy or annuity contract.
(3) The Death Master File match or validation of the insured’s or annuitant’s death does not alter the requirements for a beneficiary, annuitant, or owner of the policy or contract to make a claim to receive proceeds under the terms of the policy or contract.
(4) If no provision in 8 V.S.A. part 3 establishes a time for validation of a death of an insured or annuitant, the insurance company shall make a good faith effort using other available records and information to validate the death and document the effort taken not later than 90 days after the insurance company has notice of the death.
(d) This chapter does not affect the determination of the extent to which an insurance company before January 1, 2021, had knowledge of the death of an insured or annuitant or was required to conduct a Death Master File comparison to determine whether amounts owed by the company on a life or endowment insurance policy or annuity contract were presumed abandoned or unclaimed. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)
Structure Vermont Statutes
Chapter 18 - Unclaimed Property
§ 1453. Inapplicability to foreign transaction
§ 1461. When property presumed abandoned
§ 1462. When tax-deferred retirement account presumed abandoned
§ 1463. When other tax-deferred account presumed abandoned
§ 1464. When custodial account for minor presumed abandoned
§ 1465. When contents of safe-deposit box presumed abandoned
§ 1466. When stored-value card presumed abandoned
§ 1467. When security presumed abandoned
§ 1468. When related property presumed abandoned
§ 1469. Indication of apparent owner interest in property
§ 1470. Knowledge of death of insured or annuitant
§ 1471. Deposit account for proceeds of insurance policy or annuity contract
§ 1472. Unclaimed life insurance benefits
§ 1473. When abandonment period is accelerated
§ 1481. Address of apparent owner to establish priority
§ 1482. Address of apparent owner in this State
§ 1483. If records show multiple addresses of apparent owner
§ 1484. Holder domiciled in this State
§ 1485. Custody if transaction took place in this State
§ 1486. Traveler’s check, money order, or similar instrument
§ 1487. Burden of proof to establish Administrator’s right to custody
§ 1491. Report required by holder
§ 1493. When report to be filed
§ 1494. Retention of records by holder
§ 1495. Property reportable and payable or deliverable absent owner demand
§ 1496. Electric utility cooperatives
§ 1501. Notice to apparent owner by holder
§ 1502. Contents of notice by holder
§ 1503. Notice by Administrator
§ 1504. Cooperation among State officers and agencies to locate apparent owner
§ 1511. Definition of good faith
§ 1513. Payment or delivery of property to Administrator
§ 1514. Effect of payment or delivery of property to Administrator
§ 1515. Recovery of property by holder from Administrator
§ 1516. Property removed from safe-deposit box
§ 1517. Crediting income or gain to owner’s account
§ 1518. Administrator’s options as to custody
§ 1519. Disposition of property having no substantial value; immunity from liability
§ 1520. Periods of limitation and repose
§ 1531. Public sale of property
§ 1532. Disposal of securities
§ 1533. Recovery of securities or value by owner
§ 1534. Purchaser owns property after sale
§ 1535. Military medal or decoration
§ 1541. Deposit of funds by Administrator
§ 1542. Administrator to retain records of property
§ 1543. Expenses and service charges of Administrator
§ 1544. Administrator holds property as custodian for owner
§ 1551. Claim of another state to recover property
§ 1552. When property subject to recovery by another state
§ 1553. Claim for property by person claiming to be owner
§ 1554. When Administrator must honor claim for property
§ 1555. Allowance of claim for property
§ 1556. Action by person whose claim is denied
§ 1557. Deceased owners; multiple claimants
§ 1561. Verified report of property
§ 1562. Examination of records to determine compliance
§ 1563. Rules for conducting examination
§ 1564. Records obtained in examination
§ 1565. Evidence of unpaid debt or undischarged obligation
§ 1566. Failure of person examined to retain records
§ 1567. Report to person whose records were examined
§ 1568. Complaint to Administrator about conduct of person conducting examination
§ 1569. Administrator’s contract with another to conduct examination
§ 1570. Limit on future employment
§ 1571. Report by Administrator to General Assembly
§ 1572. Determination of liability for unreported reportable property
§ 1582. Review of Administrator’s determination
§ 1591. Judicial action to enforce liability
§ 1592. Interstate and international agreement; cooperation
§ 1593. Action involving another state or foreign country
§ 1594. Interest and penalty for failure to act in timely manner
§ 1596. Waiver of interest and penalty
§ 1601. When agreement to locate property enforceable
§ 1602. When agreement to locate property void
§ 1603. Right of agent of apparent owner to recover property held by Administrator
§ 1611. Definitions; applicability
§ 1612. Confidential information
§ 1613. When confidential information may be disclosed
§ 1614. Confidentiality agreement
§ 1615. No confidential information in notice
§ 1616. Security of information
§ 1618. Indemnification for breach
§ 1621. Uniformity of application and construction
§ 1622. Relation to Electronic Signatures in Global and National Commerce Act