SB 740

  • California Senate Bill
  • 2019-2020 Regular Session
  • Introduced in Senate Feb 22, 2019
  • Passed Senate May 29, 2019
  • Passed Assembly Aug 22, 2019
  • Signed by Governor Sep 12, 2019

Insurance: unclaimed life insurance.

Abstract

Existing law generally regulates the business of insurance in the state, including life insurance. Existing law provides for the escheat to the state of unclaimed personal property, including funds owed under a life insurance policy or annuity contract if the funds are unclaimed and unpaid for more than 3 years after the funds became payable. This bill, the Unclaimed Life Insurance and Annuities Act, would provide standards for identifying a deceased individual whose death may require an insurer to pay benefits or proceeds to beneficiaries in accordance with the terms of a life insurance policy, annuity contract, or retained asset account, for locating those beneficiaries, and for providing those beneficiaries with appropriate claims forms or instructions to make a claim. The bill would require an insurer to match its insureds with deceased individuals in the United States Social Security Administration's Death Master File by complying with specified requirements, including searching exact matches and variations of insureds' names, social security numbers, individual taxpayer identification numbers, and dates of birth. If an insurer is not contacted by a beneficiary within 120 days of the insurer's establishing its knowledge of death of an insured, the bill would require the insurer to conduct a thorough search for a beneficiary, to be completed within one year. The bill would require an insurer to provide appropriate claims forms or instructions to a beneficiary within 15 days of locating the beneficiary. The bill would require an insurer to escheat the proceeds of a policy, annuity contract, or retained asset account to the state if a beneficiary cannot be found after a thorough search. A failure to meet the bill's requirements knowingly or with the frequency to constitute a general practice would be an unfair and deceptive act, punishable by civil penalty.

Bill Sponsors (1)

Votes


Actions


Sep 12, 2019

California State Legislature

Chaptered by Secretary of State. Chapter 286, Statutes of 2019.

California State Legislature

Approved by the Governor.

Sep 06, 2019

California State Legislature

Enrolled and presented to the Governor at 2 p.m.

Aug 30, 2019

Senate

Assembly amendments concurred in. (Ayes 37. Noes 0. Page 2328.) Ordered to engrossing and enrolling.

Aug 27, 2019

Senate

Ordered to special consent calendar.

Aug 22, 2019

Assembly

Read third time. Passed. (Ayes 75. Noes 0. Page 2810.) Ordered to the Senate.

Senate

In Senate. Concurrence in Assembly amendments pending.

Aug 15, 2019

Assembly

Read second time. Ordered to third reading.

Aug 14, 2019

Assembly

From committee: Do pass. (Ayes 18. Noes 0.) (August 14).

Jul 10, 2019

Assembly

From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 14. Noes 0.) (July 10). Re-referred to Com. on APPR.

  • Committee-Passage-Favorable
  • Committee-Passage
  • Referral-Committee
Com. on APPR.

Jul 02, 2019

Assembly

From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.

  • Reading-1
  • Reading-2
  • Amendment-Passage
  • Committee-Passage
  • Referral-Committee
Com. on INS.

Jun 06, 2019

Assembly

Referred to Com. on INS.

  • Referral-Committee
Com. on INS.

May 29, 2019

Senate

Read third time. Passed. (Ayes 38. Noes 0. Page 1361.) Ordered to the Assembly.

Assembly

In Assembly. Read first time. Held at Desk.

May 28, 2019

Senate

Read second time. Ordered to third reading.

May 24, 2019

Senate

Ordered to second reading.

Senate

Read third time and amended.

May 14, 2019

Senate

Read second time. Ordered to third reading.

May 13, 2019

Senate

From committee: Be ordered to second reading pursuant to Senate Rule 28.8.

May 03, 2019

Senate

Set for hearing May 13.

Apr 25, 2019

Senate

From committee: Do pass and re-refer to Com. on APPR. (Ayes 13. Noes 0. Page 850.) (April 24). Re-referred to Com. on APPR.

  • Committee-Passage-Favorable
  • Committee-Passage
  • Referral-Committee
Com. on APPR.

Apr 09, 2019

Senate

Set for hearing April 24.

Apr 03, 2019

Senate

Re-referred to Com. on INS.

  • Referral-Committee
Com. on INS.

Mar 27, 2019

Senate

From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.

  • Reading-1
  • Reading-2
  • Amendment-Passage
  • Committee-Passage
  • Referral-Committee
Com. on RLS.

Mar 14, 2019

Senate

Referred to Com. on RLS.

  • Referral-Committee
Com. on RLS.

Feb 25, 2019

Senate

Read first time.

Senate

From printer. May be acted upon on or after March 27.

Feb 22, 2019

Senate

Introduced. To Com. on RLS. for assignment. To print.

Bill Text

Bill Text Versions Format
SB740 HTML
02/22/19 - Introduced PDF
03/27/19 - Amended Senate PDF
05/24/19 - Amended Senate PDF
07/02/19 - Amended Assembly PDF
09/03/19 - Enrolled PDF
09/12/19 - Chaptered PDF

Related Documents

Document Format
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Sources

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