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Tennessee Code Title 56. Insurance § 56-7-3406

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) An insurer is authorized in its discretion, but is not required, to report and remit the proceeds of an unclaimed policy, annuity, or retained asset account to the appropriate state when the insurer, through good faith efforts as evidenced by appropriate documentation, has:

(1) Identified a person as deceased through a DMF match through a search described in § 56-7-3404, or other information source;

(2) Validated such information through a secondary information source;

(3) Conducted reasonable search efforts for the beneficiary within ninety (90) days after the insurer's validation of the DMF match; and

(4) Determined that no beneficiary can be located within one (1) year of the conclusion of search efforts described in subdivision (a)(3).

(b) By remitting the proceeds of an unclaimed policy, annuity or retained asset account to the state pursuant to this section or pursuant to title 66, chapter 29, part 1, an insurer shall be relieved from all liability to any person relating to such proceeds. This relief from liability shall be in addition to any other protections provided by law.

(c) An insurer shall pay unclaimed proceeds of a policy, annuity, or retained asset account not later than the last day of the period prescribed for such payment under title 66, chapter 29, part 1; provided, that an insurer may pay the unclaimed proceeds of a policy, annuity, or retained asset account prior to the end of such period.

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Cite this article: FindLaw.com - Tennessee Code Title 56. Insurance § 56-7-3406 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-56-insurance/tn-code-sect-56-7-3406/

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