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New Florida Law Makes Life Insurers Track Down Beneficiaries

Governor Rick Scott urges attendees of a rally in Gainesville to vote early and to encourage others to do the same. The stop was one of many on a Get Out the Vote bus tour on October 28th, 2014.
Governor Rick Scott urges attendees of a rally in Gainesville to vote early and to encourage others to do the same. The stop was one of many on a Get Out the Vote bus tour on October 28th, 2014.

TALLAHASSEE, Fla. (AP) — A new Florida law requires life insurance companies annually check to see if policy holders have died and then try to track down beneficiaries when they have.

Gov. Rick Scott signed the bill on Tuesday creating the law. It took effect immediately and will apply retroactively.

Insurance companies also will have to turn over policy benefits to the state if they can't find the beneficiaries.

The legislation was a top priority for Chief Financial Officer Jeff Atwater, who said many insurance companies were deliberately shielding themselves from knowledge that policy holders had died so they wouldn't have to pay out benefits.

Atwater's office had negotiated settlements with many major companies to ensure benefits were paid. The law will now apply to companies that didn't agree to settlements.

Ariella is a reporter for WUFT News and can be contacted by calling 352-392-6397 or emailing news@wuft.org.
The Associated Press is a wire service to which WUFT News subscribes.