claims proceeds.
(b) Costs.--An insurer or its service provider may not
charge an insured, a retained asset account holder, a
beneficiary or other authorized representative for costs
associated with a search or verification conducted in accordance
with subsection (a).
(c) Payment.--The benefits from a policy, contract or
retained asset account, plus applicable accrued contractual
interest, shall first be paid to the designated beneficiaries or
owners. If the beneficiary cannot be found, the benefits shall
escheat to the Commonwealth as unclaimed property pursuant to
Article XIII.1 of the act of April 9, 1929 (P.L.343, No.176),
known as The Fiscal Code.
(C) PAYMENT.--
(1) THE BENEFITS FROM A POLICY, CONTRACT OR RETAINED
ASSET ACCOUNT, PLUS APPLICABLE ACCRUED CONTRACTUAL INTEREST,
SHALL FIRST BE PAID TO THE DESIGNATED BENEFICIARIES OR
OWNERS.
(2) IF THE BENEFICIARY CANNOT BE FOUND, THE BENEFITS
SHALL ESCHEAT TO THE COMMONWEALTH AS UNCLAIMED PROPERTY
PURSUANT TO ARTICLE XIII.1 OF THE ACT OF APRIL 9, 1929
(P.L.343, NO.176), KNOWN AS THE FISCAL CODE, AND,
NOTWITHSTANDING THE PROVISIONS OF SECTION 1301.4(A)1 OF THE
FISCAL CODE, SHALL BE DUE AND REPORTABLE TO THE COMMONWEALTH
THREE YEARS AFTER KNOWLEDGE OF DEATH OF THE INSURED.
(d) Group life insurance.--An insurer shall confirm the
possible death of an insured if the insurer maintains at least
the following information regarding those covered under a policy
or certificate:
(1) Social Security number or name and date of birth;
20150HB1403PN4124 - 6 -
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