Illinois Senate Bill 3660 (Prior Session Legislation)

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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]

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.

UNCLAIMED LIFE INSURANCE

Sen. William Haine [D]

Date	Chamber	Action
2015-01-13	Senate	Session Sine Die
2014-05-19	Senate	Referred to Assignments
2014-05-19	Senate	First Reading
2014-05-19	Senate	Filed with Secretary by Sen. William R. Haine

Chapter	Article	Section	Citation Type	Statute Text
215	5	424	Amended Code	Citation Text

Type	Source
Summary	http://www.ilga.gov/legislation/BillStatus.asp?DocNum=3660&GAID=12&DocTypeID=SB&SessionID=85&GA=98
Text	http://www.ilga.gov/legislation/98/SB/09800SB3660.htm