of Filing Date Deadline for Final Second Stage Request Report Due Pursuant to
New York State Department of Financial Services 308 Letter dated July 5, 2011
On July 5, 2011, the New York State Insurance Department, now the Department of Financial Services (the “Department”), issued a letter pursuant to Section 308 of the New York Insurance Law (“308 letter”) advising all authorized life insurers and fraternal benefit societies (“life insurers”) that a cross-check of all life insurance policies, annuity contracts, and retained asset accounts on their administration data files, including group policies for which a life insurer maintains detailed insured records, should be performed with the latest updated version of the U.S. Social Security Administration’s Death Master File (“SSA Master File”), or another database or service that is at least as comprehensive as the SSA Master File, to identify any death benefit payments that may be due under life insurance policies, annuity contracts, or retained asset accounts as a result of the death of an insured or contract or account holder.
The 308 letter directed First Stage and Second Stage Request reports to be filed, with the final report called for by the Second Stage Request filed when all matches were investigated, beneficiary searches were completed and death benefits paid. The 308 letter further required the final report to be filed no later than March 31, 2012.
In response to life insurer requests, the Department has extended for all life insurers the deadline for the filing of the final report from March 31, 2012 to April 30, 2012. Notwithstanding the extension, a life insurer should file its final report as soon as the requirements of the 308 letter have been completed. When filing its final report, a life insurer should indicate that such filing is the life insurer's final report. Any life insurer who has previously filed its final report does not need to file anything further.
Any life insurer who believes that its investigation of all matches, search for beneficiaries and payment of death benefits will not be completed by April 30, 2012 may request a further extension of the filing deadline. A request for extension must be in writing and include: (a) a brief description of the tasks still to be completed; (b) where applicable, an explanation as to why all matches have not yet been investigated and the percentage of matches, reported on its October 31, 2011 first stage report as still pending determination as valid or invalid (Line 5.7), which currently still need to be validated; and (c) the projected date by which the life insurer will complete all requirements of the 308 letter. Requests for extensions should be emailed to Dennis Fernez, at firstname.lastname@example.org by no later than March 31, 2012.
The current EXCEL workbook is formatted for reporting through March 31, 2012. The Department will provide instructions for subsequent reports at a later date.