Bill Status of SB 1783   99th General Assembly

Short Description:  UNCLAIMED LIFE INS BENEFIT ACT

Senate Sponsors
Sen. William R. Haine-Gary Forby and Michael E. Hastings

Last Action  View All Actions

DateChamber Action
  1/10/2017SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
215 ILCS 5/424from Ch. 73, par. 1031

Synopsis As Introduced
Creates the Unclaimed Life Insurance Benefits Act. Provides that insurers with life insurance policies, annuity contracts, or retained asset accounts shall compare those accounts to the Social Security Administration's Death Master File or similar database on at least a semi-annual basis. Provides that within 90 days of finding a Death Master File match, the insurer shall complete a good faith effort to confirm the death of the insured or retained asset account holder, and to determine whether benefits are due and, if so, to locate beneficiaries and provide the appropriate forms or instructions. Provides that benefits from a policy, annuity contract, or a retained asset account, plus any applicable accrued contractual interest shall first be payable to the designated beneficiaries or owners and, in the event the beneficiaries or owners cannot be found, shall escheat pursuant to the Uniform Disposition of Unclaimed Property Act, and requires insurers to contact the Treasurer pursuant to the Uniform Disposition of Unclaimed Property Act. Provides that failures to meet the requirements of the Act with such frequency as to constitute a general business practice is a violation of provisions of the Illinois Insurance Code concerning unfair methods of competition and unfair or deceptive acts or practices. Makes conforming changes in the Illinois Insurance Code.

Senate Committee Amendment No. 1
Adds language that provides that the Act shall apply to policies, annuity contracts, and retained asset accounts in force on or after the effective date of the amendatory Act.

Actions 
DateChamber Action
  2/20/2015SenateFiled with Secretary by Sen. William R. Haine
  2/20/2015SenateFirst Reading
  2/20/2015SenateReferred to Assignments
  2/16/2016SenateAssigned to Insurance
  2/24/2016SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
  2/24/2016SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/1/2016SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance
  4/5/2016SenateAdded as Chief Co-Sponsor Sen. Gary Forby
  4/5/2016SenateAdded as Co-Sponsor Sen. Michael E. Hastings
  4/6/2016SenateWaive Posting Notice
  4/6/2016SenateSenate Committee Amendment No. 1 Adopted
  4/6/2016SenateDo Pass as Amended Insurance; 012-000-000
  4/6/2016SenatePlaced on Calendar Order of 2nd Reading April 7, 2016
  4/22/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016
  5/27/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2016
  7/31/2016SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  1/10/2017SenateSession Sine Die

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