Insurer actions with respect to proceeds; unclaimed property; liability

Sec. 18. (a) With respect to a policy, an annuity, or a retained asset account for which an insurer has knowledge of death: (1) if: (A) within one (1) year after the insurer has obtained the knowledge of death, the insurer: (i) conducts reasonable search efforts; and (ii) is unable to locate in Indiana a beneficiary under the policy, annuity, or retained asset account; or (B) no beneficiary was named and the person, for purposes of IC 32-34-1.5, had a last known address in Indiana; and (2) the insurer has, without success, attempted to make the contacts required by and in accordance with IC 32-34-1.5; the insurer may, without further notice to or consent by the state, report and remit the proceeds of the policy, annuity, or retained asset account to the state on an early reporting basis in accordance with IC 32-34-1.5. (b) After a report and remittance of proceeds described in subsection (a), the insurer is relieved and indemnified from any additional liability in relation to the proceeds, in accordance with IC 32-34-1.5.