NY's New Regs For Identifying Unclaimed Death Benefits
May 31, 2012, 1:30 PM EDT
Law360, New York (May 31, 2012, 1:30 PM EDT) -- On May 14, 2012, the New York Department of Financial Services (the NYDFS) announced the emergency promulgation of Insurance Regulation 200. The emergency regulation requires all life insurers doing business in New York to immediately begin implementing significant new procedures to identify unclaimed death benefits and locate beneficiaries so that prompt payments of benefits can be made.
Regulation 200 will become effective June 14, 2012, which is 30 days after it was filed with the secretary of state, and it remains in effect for 90 days...