Life Insurance Bill to Find Lost Policies Sponsored by Sen. Marty Harbin Passes Senate Floor

Staff Report From Georgia CEO

Friday, February 16th, 2018

Senate Bill 248, sponsored by Sen. Marty Harbin (R – Tyrone) passed through the Senate Insurance and Labor Committee on Wednesday, January 31, and passed the Senate Floor on Wednesday, February 14.

“Passing in the Senate means that this bill is one step closer to the finish line,” said Sen. Harbin. “It is important that we hold insurance companies accountable for their findings, as life insurance is such an important investment for so many people. This bill will help people find life insurance policies that were lost or unknown to the family so that benefits can be paid to the loved ones or beneficiaries.”

SB 248 will require insurance companies that issue life insurance or annuities in Georgia to review the life insurance policy locator website, managed by the National Association of Insurance Commissioners, to help find policies on persons who are deceased. There are many cases in which the beneficiary does not know about or have the policy in their possession. The current system is on a voluntary basis, but this bill would bring it under the Georgia Insurance Commissioner’s authority and require insurers to submit quarterly reports to the commissioner’s office.