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Wyoming House Bill 29 – Unclaimed Life Insurance Benefits

May 9, 2019

Legislature adjourned April 25, 2019

House Bill 29 – Unclaimed Life Insurance Benefits

Signed by Governor February 28, 2019 | Effective July 1, 2019

Creates new Wyo. Code Ann. § 26‑16‑505 enacting the NCOIL Unclaimed Life Insurance Benefits model law that imposes new requirements on providers of life insurance, annuity contracts and retained asset accounts to confirm deaths of insureds to facilitate payouts to beneficiaries. Under the new provisions providers must compare its insureds' policies and retained asset accounts against a death master file maintained by the U.S. Social Security Administration, or an equivalent death master file, on a regular basis. When a death match is indicated, the provider must work to confirm the death, determine whether benefits are due, and provide appropriate claims forms or instructions to the beneficiary. If a beneficiary cannot be identified, the provider must comply with the applicable provisions of the Uniform Unclaimed Property Act.