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
|HB3491||LRB100 08452 SMS 18570 b|
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.