85th Texas Legislature, Regular Session, Senate Bill 561, Chapter 42 Page: 3 of 14
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S.B. No. 561
1 coverage under that policy or contract:
2 (A) the social security number or name and date
3 of birth of the insured;
4 (B) beneficiary designation information;
5 (C) coverage eligibility;
6 (D) benefit amount; and
7 (E) premium payment status.
8 (6) "Retained asset account" means a mechanism by
9 which the proceeds payable under a life insurance policy or annuity
10 contract are settled by the insurer or an entity acting on behalf of
11 the insurer by depositing the proceeds into an account with check or
12 draft writing privileges, where those proceeds are retained by the
13 insurer or the insurer's agent, under a supplementary contract not
14 involving annuity contract benefits other than death benefits.
15 Sec. 1109.011. IDENTIFICATION OF DEATH MASTER FILE MATCHES.
16 (a) An insurer shall compare its in-force life insurance policies,
17 annuity contracts, and retained asset accounts against a Death
18 Master File at least semiannually to identify potential Death
19 Master File matches. The insurer shall perform the first
20 comparison of a policy, contract, or account against a full Death
21 Master File and thereafter against Death Master File update files
22 to identify potential Death Master File matches.
23 (b) An insurer shall first conduct the comparison required
24 by Subsection (a) electronically to the extent the insurer's
25 records are available in electronic format, and then use the most
26 easily accessible insurer records for any records that are not
27 available electronically.
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Texas. Legislature. Senate. 85th Texas Legislature, Regular Session, Senate Bill 561, Chapter 42, legislative document, May 19, 2017; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth1050541/m1/3/: accessed June 27, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.