Date	Chamber	Action
1/13/2015	Senate	Session Sine Die

Statutes Amended In Order of Appearance

New Act

215 ILCS 5/424

from 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.

Actions 

Date	Chamber	Action
5/19/2014	Senate	Filed with Secretary by Sen. William R. Haine
5/19/2014	Senate	First Reading
5/19/2014	Senate	Referred to Assignments
1/13/2015	Senate	Session Sine Die

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