Illinois General Assembly - Bill Status for SB3660
Illinois General Assembly

Previous General Assemblies

 Bill Status of SB3660  98th General Assembly


Senate Sponsors
Sen. William R. Haine

Last Action
DateChamber Action
  1/13/2015SenateSession 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 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.

DateChamber Action
  5/19/2014SenateFiled with Secretary by Sen. William R. Haine
  5/19/2014SenateFirst Reading
  5/19/2014SenateReferred to Assignments
  1/13/2015SenateSession Sine Die

Back To Top