Newspaper article THE JOURNAL RECORD

Life Insurance Legislation Advances

Newspaper article THE JOURNAL RECORD

Life Insurance Legislation Advances

Article excerpt

OKLAHOMA CITY - A bill introduced by state Rep. Glen Mulready and state Sen. Marty Quinn to help life insurance beneficiaries collect on policies passed out of the Senate and now awaits a hearing in the House Appropriations and Budget Committee.

Senate Bill 298, known as the Unclaimed Life Insurance Benefit Act, stipulates that, on all new life insurance policies, insurance companies in Oklahoma must check a database - the Death Master File - two times each year to see if policyholders have died. If the database indicates a potential match with an insured person, the companies would work to locate the insured person's family, confirm the death and pay benefits to surviving beneficiaries.

Mulready said that after talking to insurance companies and policyholders, he concluded that the current system needs improvement. …

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