Oklahoma treasurer describes insurance bills as ‘shameful’
Ponca City Now - March 7, 2015 9:21 am
OKLAHOMA CITY (AP) – Oklahoma’s treasurer is describing as "shameful" a pair of bills he says will keep his office from connecting Oklahomans with life insurance proceeds that are rightfully theirs.
Treasurer Ken Miller vowed Friday to sue the state if one of the bills – one pending in the Senate – becomes law.
That bill would require insurance companies to check a Social Security death list to see if policy holders have died, but would only apply to policies sold after 2016.
A House bill would prevent state agencies like the treasurer’s office from using private vendors to conduct audits of insurance companies.
Representative Lewis Moore sponsors the House bill and says insurance companies are already highly regulated and contractually required to track down policyholders or heirs.