The new development is a result of a state law that now requires the companies to actively look for beneficiaries rather than wait for claims to be filed. That's an important distinction. The companies must regularly search their records to identify policyholders when they die and then must try to locate beneficiaries.
The difference in the new system and the state law is that these unclaimed funds will now find their way to the intended recipients.
It's a new lease on life for previously unsuspecting designees. And unrealized fulfillment for the deceased who bought the policies.