Post by Logan on Feb 19, 2016 2:31:39 GMT -6
State Treasurer John Perdue expressed outrage Thursday over legislation intended to reverse a 2015 state Supreme Court ruling that concluded life insurance companies have an obligation to verify if a policyholder has died, and to turn over proceeds to the state Unclaimed Property Fund if no beneficiaries have come forward.
“Now, they’re trying to find ways around the law so they can keep that money. It’s their gain and the family’s loss,” Perdue said of the bill (HB 4473), which would require insurance companies to pay life insurance benefits only after a claim is made, and proof of death is provided to the insurer.
Perdue said that puts many beneficiaries in the impossible position of having to file claims for life insurance policies that they don’t know exist.
“It happens all the time in the state,” he said. “They may not know that the life insurance policy is in a safe deposit box or a cigar box somewhere.”
See more at: www.wvgazettemail.com/news/20160218/treasurer-slams-bill-to-overturn-supreme-court-ruling
“Now, they’re trying to find ways around the law so they can keep that money. It’s their gain and the family’s loss,” Perdue said of the bill (HB 4473), which would require insurance companies to pay life insurance benefits only after a claim is made, and proof of death is provided to the insurer.
Perdue said that puts many beneficiaries in the impossible position of having to file claims for life insurance policies that they don’t know exist.
“It happens all the time in the state,” he said. “They may not know that the life insurance policy is in a safe deposit box or a cigar box somewhere.”
See more at: www.wvgazettemail.com/news/20160218/treasurer-slams-bill-to-overturn-supreme-court-ruling