Full Text of HB3491 100th General Assembly
HB3491 100TH GENERAL ASSEMBLY
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
Introduced , by Rep. Daniel V. Beiser
SYNOPSIS AS INTRODUCED:
Amends the Unclaimed Life Insurance Benefits Act. Provides that the
definition of "policy" does not include any policy or certificate of life
insurance that is used to fund a pre-need funeral contract or
prearrangement. Effective immediately.
A BILL FOR
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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Unclaimed Life Insurance Benefits Act is
amended by changing Section 10 as follows:
(215 ILCS 185/10)
As used in this Act:
"Annuity contract" does not include an annuity contract
used to fund an employment-based retirement plan or program
where (1) the insurer does not perform the record keeping
services or (2) the insurer is not committed by the terms of
the annuity contract to pay death benefits to the beneficiaries
of specific plan participants.
"Date of death" means the date on which an insured, annuity
owner, or retained asset account holder died.
"Date of death notice" means the date the insurer first has
notice of the date of death of an insured, annuity owner, or
retained asset account holder. "Date of death notice" includes,
but is not limited to, the date the insurer received
information or gained knowledge of a Death Master File match or
any other source or record maintained or located in insurer
records of the death of an insured, annuity owner, or retained
asset account holder.
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"Death Master File" means the United States Social Security
Administration's Death Master File or any other database or
service that is at least as comprehensive as the United States
Social Security Administration's Death Master File for
determining that a person has reportedly died.
"Death Master File match" means a match of the social
security number or the name and date of birth of an insured,
annuity owner, or retained asset account holder resulting from
a search of the Death Master File.
"Department" means the Department of Insurance.
"Lost policy finder" means a service made available by the
Department on its website or otherwise developed by the
Department to assist consumers with locating unclaimed life
"Policy" means any policy or certificate of life insurance
that provides a death benefit. "Policy" does not include
policy or certificate of life insurance that is used to fund a
pre-need funeral contract or prearrangement,
any policy or
certificate of credit life or accidental death insurance or
health coverages, including, but not limited to, disability and
long-term care arising from the reported death of a person
insured under the coverage, or any policy issued to a group
master policyholder for which the insurer does not provide
record keeping services.
"Record keeping services" means services provided under
circumstances in which the insurer has agreed with a group
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policy or annuity contract customer to be responsible for
obtaining, maintaining, and administering its own or its
agents' systems information about each individual insured
under an insured's group insurance contract, or a line of
coverage thereunder, including, but not limited to, the
following: (1) social security number or name and date of
birth, (2) beneficiary designation information, (3) coverage
eligibility, (4) benefit amount, and (5) premium payment
"Retained asset account" means any mechanism whereby the
settlement of proceeds payable under a policy or annuity
contract is accomplished by the insurer or an entity acting on
behalf of the insurer depositing the proceeds into an account
with check or draft writing privileges, where those proceeds
are retained by the insurer or its agent pursuant to a
supplementary contract not involving annuity benefits other
than death benefits.
(Source: P.A. 99-893, eff. 1-1-17
This Act takes effect upon