H1403B3934A10439 KMK:CMD 10/07/16 #90 A10439
AMENDMENTS TO HOUSE BILL NO. 1403
Sponsor: SENATOR WHITE
Printer's No. 3934
Amend Bill, page 3, line 14, by striking out "3703(a)(1)" and
inserting
3703(a)
Amend Bill, page 6, lines 8 through 14, by striking out all
of said lines and inserting
(c) Payment.--
(1) The benefits from a policy, contract or retained
asset account, plus applicable accrued contractual interest,
shall first be paid to the designated beneficiaries or
owners.
(2) If the beneficiary cannot be found, the benefits
shall escheat to the Commonwealth as unclaimed property
pursuant to Article XIII.1 of the act of April 9, 1929
(P.L.343, No.176), known as The Fiscal Code, and,
notwithstanding the provisions of section 1301.4(a)1 of The
Fiscal Code, shall be due and reportable to the Commonwealth
three years after knowledge of death of the insured.
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