[§431:10D-654] Insurer conduct. (a) An insurer shall perform a comparison of its insureds' in-force policies, contracts, and retained asset accounts against a death master file, on at least a semi-annual basis, by using the full death master file once and thereafter using the death master file update files for future comparisons to identify potential matches of its insureds. For those potential matches identified as a result of a death master file match:
Nothing in this subsection shall limit the insurer from requesting a valid death certificate as part of any claims validation process.
(b) An insurer or its service provider shall not charge any beneficiary or other authorized representative for any fees or costs associated with a death master file search or verification of a death master file match conducted pursuant to this section.
(c) The benefits from a policy, contract, or retained asset account, plus any applicable accrued contractual interest, shall first be payable to the designated beneficiaries or owners and in the event said beneficiaries or owners cannot be found, shall escheat to the State as unclaimed property pursuant to chapter 523A. Interest payable under section 431:10-243 shall not be payable as unclaimed property under chapter 523A.
(d) An insurer shall notify the director of finance upon the expiration of the statutory time period for escheat that:
(e) The commissioner may adopt such rules and regulations as may be reasonably necessary to implement the provisions of this section.
(f) The commissioner may, in the commissioner's reasonable discretion, make an order:
(g) Failure to meet any requirement of this section with such frequency as to constitute a general business practice shall constitute an unfair or deceptive act or practice under article 13. Nothing in this section shall be construed to create or imply a private cause of action for a violation of this section. [L 2018, c 202, pt of §1]