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Utah Senate Bill 70 – Unclaimed Property

May 9, 2019

Legislature adjourned March 14, 2019

Senate Bill 70 – Unclaimed Property

Enacted March 21, 2019 | Effective May 14, 2019

Amends several provisions of the unclaimed property laws and enacts new Utah Code Ann. § 67-4a-215 relating to when insurers including fraternals, are deemed to have knowledge of the death of an insured or an annuitant. Provides that a death master file match does not constitute proof of death for the purpose of a beneficiary, annuitant, or owner of an insurance policy or annuitant contract submitting a claim to an insurance company; Provides that 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 an insurance policy or annuity contract to make a claim to receive proceeds under the terms of the policy or contract; Requires an insurance company to make a good faith effort using other available records and information to validate a death and document the effort taken in certain circumstances