Defining the “Good Faith Effort” by Insurers

Problem

Kentucky’s current Unclaimed Life Insurance Benefits Act lacks provisions defining the ‘good-faith effort’ required of insurers attempting to inform beneficiaries of amounts owed them under life insurance policies, annuity contracts and retained asset accounts. Due to the lack of specific requirements, many beneficiaries are never informed of benefits they are due, and those benefits revert to the state when they are not claimed.

Solution

Rep. Harris has championed legislation which will require the Kentucky Department of Insurance to promulgate regulations describing specific actions, steps and undertakings that will constitute a ‘good-faith effort’ by insurers as they seek to inform beneficiaries of owed benefits. Upon its passage, this legislation will help hundreds of Kentuckians claim benefits from life insurance policies purchased by their deceased family members.

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Chris Harris