Sutherland Asbill reports that in a recently issued notice of rulemaking, the Idaho State Treasurer’s Office has proposed a temporary rule that, if permanently adopted, would alter two key definitional provisions in the state’s unclaimed property laws relating to life insurance policies and annuity contracts. The proposed temporary rule, which became effective June 15, 2014, modifies the presumed period of abandonment in the context of life insurance proceeds. The proposed rule also addresses when an insurer would be deemed to have “knowledge” of an insured’s death, and imposes an affirmative obligation on insurers to confirm an insured’s death upon receiving notice that the insured may have died. Click here for a copy of the notice and proposed rule.

via Idaho Unclaimed Property Rule: Insurers Must Confirm Whether Insureds Have Died | Sutherland Asbill & Brennan LLP – JDSupra.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.