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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 376

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  376.2051.  Definitions. — As used in sections 376.2050 to 376.2053, the following terms mean:

  (1)  "Asymmetric conduct", an insurer's use of the death master file prior to January 1, 2018, in connection with searching for information regarding whether annuitants under the insurer's contracts might be deceased, but not in connection with whether the insureds or account owners under its policies or retained asset accounts might be deceased;

  (2)  "Contract", an annuity contract.  The term contract shall not include an annuity used to fund an employment-based retirement plan or program in which the insurer does not perform the record-keeping services or the insurer is not committed by terms of the annuity contract to pay death benefits to the beneficiaries of specific plan participants;

  (3)  "Death master file", the United States Social Security Administration's death master file or any other database or service that is at least as comprehensive as the United States Social Security Administration's death master file for determining that a person has reportedly died;

  (4)  "Death master file match", a search of the death master file that results in a match of the Social Security number or the name and date of birth of an insured, annuitant, or retained asset account holder;

  (5)  "Policy", any policy or certificate of life insurance that provides a death benefit.  The term policy shall not include:

  (a)  Any policy or certificate of life insurance that provides a death benefit under:

  a.  An employee benefit plan, subject to the Employee Retirement Income Security Act of 1974, as defined by 29 U.S.C. Section 1002(3), as periodically amended; or

  b.  Any federal employee benefit program;

  (b)  Any policy or certificate of life insurance that is used to fund a preneed funeral contract or arrangement;

  (c)  Any policy or certificate of credit life or accidental death insurance; or

  (d)  Any policy issued to a group master policyholder for which the insurer does not provide record-keeping services;

  (6)  "Record-keeping services", those circumstances under which the insurer has agreed with a group policy or contract customer to be responsible for obtaining, maintaining, and administering in its own or its agents' systems at least the following information about each individual insured under an insured's group insurance contract, or a line of coverage thereunder:

  (a)  Social Security number or name and date of birth;

  (b)  Beneficiary designation information;

  (c)  Coverage eligibility;

  (d)  Benefit amount; and

  (e)  Premium payment status;

  (7)  "Retained asset account", any mechanism whereby the settlement of proceeds payable under a policy or contract is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer or its agent, under a supplementary contract not involving annuity benefits other than death benefits.

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(L. 2016 H.B. 2150)


---- end of effective   28 Aug 2016 ----

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