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New York-Licensed Life Insurers Must Report On Procedures to Identify Death Beneficiaries

Blogs, Life Insurance

Earlier this month, the New York Insurance Department sent 172 life insurance companies a “308 letter” requesting information concerning the insurers’ procedures to identify beneficiaries following an insured’s death.

The insurers are legally obligated to respond to the letter, which the Insurance Department advised is aimed at preventing an insurer from failing to pay a beneficiary who has not made a claim. Essentially, the Insurance Department is shifting the burden of notification to the insurers, asking them to more proactively identify a death so that policy values are preserved, and so that beneficiaries are notified of their right to a death benefit.