Section 1109.013 - Presumption of Unclaimed Proceeds; Report and Delivery of Proceeds(a) The proceeds of a life insurance policy, annuity contract, or retained asset account, and any accrued contractual interest, are first payable to each designated beneficiary or owner as provided by the applicable policy or contract or terms governing the applicable account.(b) If a Death Master File match is confirmed, the proceeds of the relevant policy, contract, or account are considered unclaimed proceeds for purposes of this chapter on the third anniversary of the date on which, according to the insurer's records, the insurer completed a good faith effort as required by Section 1109.012(c) that failed to locate a beneficiary or authorized representative if the proceeds remain unpaid and no beneficiary or authorized representative has submitted a claim for the proceeds to the insurer before that date.(c) An insurer shall report and deliver unclaimed proceeds to the comptroller as required by Chapter 74, Property Code.(d) Repealed by Acts 2021, 87th Leg., R.S., Ch. 52 (H.B. 1514), Sec. 18(1), eff. May 18, 2021.(e) For purposes of this section, unclaimed proceeds do not include any statutory interest under Section 1103.104.Tex. Ins. Code § 1109.013
Amended by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. 52,Sec. 18, eff. 5/18/2021.Amended by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. 52,Sec. 2, eff. 5/18/2021.Added by Acts 2017, Texas Acts of the 85th Leg. - Regular Session, ch. 42,Sec. 1, eff. 9/1/2017.