HB2868 HFAT Shott 3-17

Delegate Shott moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. House Bill No. 2868 – A BILL to amend and reenact §36-8-2 of the Code of West Virginia, 1931, as amended, relating generally to the Uniform Unclaimed Property Act; clarifying that policies or annuities payable upon proof of death in which the insured has not been listed in the Death Master file are presumed abandoned if they remain unclaimed three years after the insurer has learned of the death of the insured; clarifying that policies and annuities payable upon proof of death in which the insured has been listed on the Death Master file are presumed abandoned if they remain unclaimed two years after the date of the death of the insured as indicated on the death master list; and providing that at the time the proceeds owed by the insurer are presumed to be abandoned, those proceeds are then subject to other provisions of the Unclaimed Property Act and administration by the State Treasurer. 

Adopted

Rejected