New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IX - Unfair Trade Practices
Part 226 - Unclaimed Life Insurance Benefits And Policy Identification
Section 226.5 - Lost policy finder application procedures
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 226.5
Current through Register Vol. 46, No. 12, March 20, 2024
(a) An insurer shall:
(1) upon receiving a request forwarded by the
superintendent through a lost policy finder, search for policies, excluding
group policies administered by group policyholders where the insurer does not
maintain or control the records containing the information necessary to comply
with the requirements of section
226.4
of this Part, and any accounts subject to this Part that insure the life of, or
are owned by, an individual named as the decedent in the request forwarded by
the superintendent;
(2) report to
the superintendent through a lost policy finder:
(i) within 30 days of receiving the request,
or within 45 days of receiving the request where the insurer contracts with
another entity to maintain the insurer's records, the findings of the search;
and
(ii) where the search reveals
that benefits may be due, within 30 days of the final disposition of the
request, the benefit paid and any other information requested by the
superintendent; and
(3)
within 30 days of receiving the request, or within 45 days of receiving the
request where the insurer contracts with another entity to maintain the
insurer's records, for each identified policy and account insuring the life of,
or owned by, the named decedent, provide to:
(i) a requestor who is also the beneficiary
of record on the identified policy or account all items, statements and forms
that the insurer reasonably believes to be necessary in order to file a claim;
or
(ii) a requestor who is not the
beneficiary of record on the identified policy or account the requested
information to the extent permissible to be disclosed in accordance with Part
420 (Insurance Regulation 169) of this Title and any other applicable privacy
law, and to take such other steps necessary to facilitate the payment of any
benefit that may be due under the identified policy or account.
(b)
(1) An insurer shall establish procedures to
electronically receive the lost policy finder request from, and make reports
to, the superintendent as provided for in subdivision (a) of this section. When
transmitted electronically, the date that the superintendent forwards the
request shall be deemed to be the date of receipt by the insurer; provided
however that if the date is a Saturday, Sunday or a public holiday, as defined
in General Construction Law section 24, then the date of receipt shall be as
provided in General Construction Law section 25-a.
(2) An insurer required to electronically
receive and submit pursuant to this Part may apply to the superintendent for an
exemption from the requirement that the submission be electronic by submitting
a written request to the superintendent for approval.
(3) The insurer's request for an exemption
shall specify whether it is making the request for an exemption based upon
undue hardship, impracticability, or good cause, and set forth a detailed
explanation as to the reason that the superintendent should approve the
request.
(4) The insurer requesting
an exemption shall submit, upon the superintendent's request, any additional
information necessary for the superintendent to evaluate the insurer's request
for an exemption.
(5) The insurer
shall be exempt from the electronic submission requirement upon the
superintendent's written determination so exempting the insurer. The
superintendent's determination will specify the basis upon which the
superintendent is granting the request and for how long the exemption
applies.
(6) If the superintendent
approves an insurer's request for an exemption from the electronic submission
requirement, then the insurer shall make a physical submission in a form and
manner acceptable to the superintendent.
Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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