Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. SB 966
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/19/2016           .                                

       The Committee on Banking and Insurance (Benacquisto) recommended
       the following:
    1         Senate Amendment (with title amendment)
    3         Delete lines 112 - 157
    4  and insert:
    5  insurer shall compare the records of its insureds’ life or
    6  endowment insurance policies, annuity contracts that provide a
    7  death benefit, and retained asset accounts that were in force at
    8  any time on or after January 1, 1992, against the United States
    9  Social Security Administration Death Master File to determine if
   10  the death of an insured, an annuitant, or a retained asset
   11  account holder is indicated. The comparison must use the name
   12  and social security number or date of birth of the insured,
   13  annuitant, or retained asset account holder. The comparison must
   14  be made on at least an annual basis before August 31 of each
   15  year. If an insurer performs such a comparison regarding its
   16  annuities or other books of business more frequently than once a
   17  year, the insurer must also make a comparison regarding its life
   18  insurance policies, annuity contracts that provide a death
   19  benefit, and retained asset accounts at the same frequency as is
   20  made regarding its annuities or other books or lines of
   21  business. An insurer may perform the comparison required by this
   22  paragraph using any database or service that the department
   23  determines is at least as comprehensive as the United States
   24  Social Security Administration Death Master File for the purpose
   25  of indicating that a person has died.
   26         (b)An insured, an annuitant, or a retained asset account
   27  holder is presumed deceased if the date of his or her death is
   28  indicated by the comparison required under paragraph (a), unless
   29  the insurer has in its records competent and substantial
   30  evidence that the person is living, including, but not limited
   31  to, a contact made by the insurer with such person or his or her
   32  legal representative. The insurer shall account for common
   33  variations in data and for any partial names, social security
   34  numbers, dates of birth, and addresses of the insured, the
   35  annuitant, or the retained asset account holder which would
   36  otherwise preclude an exact match.
   37         (c) For purposes of this section, a policy, an annuity
   38  contract, or a retained asset account is deemed to be in force
   39  if it has not lapsed, has not been cancelled, or has not been
   40  terminated at the time of death of the insured, the annuitant,
   41  or the retained asset account holder.
   42         (d)This subsection does not apply to an insurer with
   43  respect to benefits payable under:
   44         1. An annuity that is issued in connection with an
   45  employment-based plan subject to the Employee Retirement Income
   46  Security Act of 1974 or that is issued to fund an employment
   47  based retirement plan, including any deferred compensation plan.
   48         2. A policy of credit life or accidental death insurance.
   49         3. A joint and survivor annuity contract, if an annuitant
   50  is still living.
   51         4. A policy issued to a group master policy owner for which
   52  the insurer does not perform recordkeeping functions. As used in
   53  this subparagraph, the term “recordkeeping” means those
   54  circumstances under which the insurer has agreed through a group
   55  policyholder to be responsible for obtaining, maintaining, and
   56  administering, in its own or its agents’ systems, information
   57  about each individual insured under a group insurance policy or
   58  a line of coverage thereunder, including at least the following:
   59         a. The social security number, or name and date of birth;
   60         b. Beneficiary designation information;
   61         c. Coverage eligibility;
   62         d. The benefit amount; and
   63         e. Premium payment status.
   64         (9)No later than 120 days after learning of the death of
   65  an insured, an annuitant, or a retained asset account holder
   66  through a comparison under subsection (8), an insurer shall:
   67         (a) Complete and document an effort to confirm the death of
   68  the insured, annuitant, or retained asset account holder against
   69  other available records and information.
   70         (b) Review its records to determine whether the insured,
   71  annuitant, or retained asset account holder purchased other
   72  products from the insurer.
   73         (c) Determine whether benefits may be due under a policy,
   74  an annuity, or a retained asset account.
   75         (d) Complete and document an effort to locate and contact
   76  the beneficiary or authorized representative under a policy, an
   77  annuity, or a retained asset account, if such person has not
   78  communicated with the insurer before the expiration of the 120
   79  day period. The effort must include:
   80         1. Sending to the beneficiary or authorized representative
   81  information concerning the claim process of the insurer.
   82         2. Notice of any requirement to provide a certified
   83  original or copy of the death certificate, if applicable under
   84  the policy, annuity, or retained asset account.
   85         (10) An insurer may, to the extent permitted by law,
   86  disclose the minimum necessary personal information about an
   87  insured, an annuitant, a retained asset account owner, or a
   88  beneficiary to an individual or entity reasonably believed by
   89  the insurer to possess the ability to assist the insurer in
   90  locating the beneficiary or another individual or entity that is
   91  entitled to payment of the claim proceeds.
   92         (11) An insurer, or any agent or third party that it
   93  engages or that works on its behalf, may not charge insureds,
   94  annuitants, retained asset account holders, beneficiaries, or
   95  the estates of insureds, annuitants, retained asset
   97  ================= T I T L E  A M E N D M E N T ================
   98  And the title is amended as follows:
   99         Delete lines 9 - 19
  100  and insert:
  101         requiring an insurer to compare records of certain
  102         insurance policies, annuity contracts, and retained
  103         asset accounts of its insureds against the United
  104         States Social Security Administration Death Master
  105         File or a certain database or service to determine if
  106         a death is indicated; providing requirements for the
  107         comparison; providing for a presumption of death for
  108         certain individuals; providing an exception; requiring
  109         an insurer to account for certain variations in data
  110         and partial information; providing the circumstances
  111         under which a policy, a contract, or an account is
  112         deemed to be in force; providing applicability;
  113         defining a term; requiring an insurer to follow
  114         certain procedures after learning of a death through a
  115         specified comparison; authorizing an insurer to
  116         disclose certain personal information to specified
  117         persons for certain purposes; prohibiting an insurer
  118         and