Florida set to apply pressure on life insurers

The wish list of one key legislator includes imposing new mandates on the life insurance industry

Insurance News

By Lyle Adriano

Jeff Atwater, chief financial officer for the state of Florida, seeks to have new legislation in place to require insurance companies operating in the state to “utilize current technology and public information” in order to accurately determine whether or not a policyholder has passed away and which policy benefits need to be remunerated as a result.

The bill Atwater hopes legislation would consider is SB 966, filed by GOP state Sen. Lizbeth Benacquisto. Once enacted, SB 966 will require insurance companies to use any technological means necessary to properly ascertain the condition of their policyholders.

“We’re also working to make sure that if a beneficiary cannot be located, that the benefit money gets turned over to our Bureau of Unclaimed Property where we will work to reunite the benefit with the intended loved one,” he said.

He stated in an email sent last Jan. 6 that he was going to champion the bill in the next legislative session, as well as two other bills. One involves the controversial Iran deal, and the other bill Atwater is in favor of hopes to protect consumers from unfair medical balance billing practices.

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