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To enact section 3901.046 of the Revised Code to | 1 |
establish a statewide life insurance database. | 2 |
Section 1. That section 3901.046 of the Revised Code be | 3 |
enacted to read as follows: | 4 |
Sec. 3901.046. (A) The superintendent of insurance shall | 5 |
establish a statewide life insurance database to serve as a source | 6 |
of information concerning all life insurance policies delivered or | 7 |
issued for delivery in this state. | 8 |
(B) The information in the database concerning each life | 9 |
insurance policy shall be available only upon the death of the | 10 |
insured and only to the beneficiaries specifically listed or | 11 |
described in the will of the insured, or if the insured died | 12 |
intestate, to the spouse or next of kin of the insured. | 13 |
(C) The superintendent shall determine what information to | 14 |
make available in the database and shall require any life | 15 |
insurance company that does business in this state to provide that | 16 |
information to the superintendent within thirty days after | 17 |
delivering or issuing for delivery any life insurance policy in | 18 |
this state. | 19 |
(D) The superintendent may adopt rules as necessary to | 20 |
establish and implement the statewide life insurance database. | 21 |
Section 2. Any life insurance company doing business in this | 22 |
state that delivered or issued for delivery a life insurance | 23 |
policy prior to the effective date of this act shall provide to | 24 |
the Superintendent of Insurance the information required by the | 25 |
Superintendent under division (C) of section 3901.046 of the | 26 |
Revised Code within thirty days after the Superintendent | 27 |
establishes the statewide life insurance database pursuant to | 28 |
section 3901.046 of the Revised Code. | 29 |