IL SB3660 | 2013-2014 | 98th General Assembly

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Unclaimed Life Insurance Benefits Act. Provides that the purpose of the Act is to require all authorized insurers regulated by the Department of Insurance to undertake good faith efforts, as specified in the Act, to locate and pay beneficiaries' proceeds under unclaimed life insurance policies, annuity contracts, and retained asset accounts issued in the State or remit such proceeds as unclaimed property to the appropriate jurisdiction if the beneficiaries are unable to be located or paid. Requires insurers to implement the certain policies and procedures for performing a comparison of its policies, annuity contracts, and retained asset accounts against the United States Social Security Administration's Death Master File. Provides that failure to meet any requirement of the Act is an unfair trade practice under the Illinois Insurance Code, and amends the Illinois Insurance Code to make a corresponding change. Effective immediately.

Tracking Information

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Title

UNCLAIMED LIFE INSURANCE

Sponsors


History

DateChamberAction
2015-01-13SenateSession Sine Die
2014-05-19SenateReferred to Assignments
2014-05-19SenateFirst Reading
2014-05-19SenateFiled with Secretary by Sen. William R. Haine

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2155424Amended CodeCitation Text

Illinois State Sources


Bill Comments

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