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Bill

HD 4853

An Act relative to unclaimed life insurance benefits

194th Legislature (2025-2026) Introduced by Steve Xiarhos

Requires Massachusetts insurers to locate life insurance beneficiaries and transfer unclaimed death benefits to the state after specified periods, ensuring families receive entitled funds.

Referred to the committee on House Rules
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WeVote Research Nonpartisan
Bill Summary · HD 4853

Legislative bill overview

HD 4853 establishes procedures for identifying and disbursing unclaimed life insurance benefits to beneficiaries or deceased policyholders' estates. The bill likely requires insurance companies to conduct searches for beneficiaries and report unclaimed proceeds to the state, similar to unclaimed property programs. It aims to ensure that death benefits reach rightful recipients rather than remaining held by insurers indefinitely.

Why is this important

Life insurance death benefits often go unclaimed due to beneficiaries being unaware of policies, unable to locate documentation, or insurers losing contact information. Billions of dollars in unclaimed benefits sit in insurance company accounts nationwide. This bill addresses a consumer protection gap by creating accountability mechanisms and pathways for families to recover funds they're legally entitled to.

Potential points of contention

  • Insurance industry compliance costs: Insurers may argue that extensive beneficiary search requirements and reporting obligations create administrative burdens and increase operational expenses
  • Statute of limitations and escheatment: Disagreement may arise over how long insurers must hold funds before turning them over to the state, and whether unclaimed benefits should ultimately escheat to the commonwealth
  • Privacy and data-sharing concerns: Implementation could require insurers to share personal information with state agencies or third-party search services, raising privacy considerations for both deceased individuals and beneficiaries

Compiled from official sources — confirm details with the bill’s official record.

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