Life Insurance DMF Search Requirements

The National Conference of Insurance Legislators (NCOIL) adopted the Model Unclaimed Life Insurance Benefits Act in 2011 to address the issue of unclaimed benefits, which was revised in 2014 and 2019 ("NCOIL Model Act"). Over the years, many states have adopted the NCOIL Model Act, or similar laws, requiring life insurance companies to conduct database searches using the U.S. Social Security Administration’s Death Master File (DMF) or similar database and engage in outreach efforts to beneficiaries and report to state regulators at the completion of these efforts.