Full Text of SB0648 100th General Assembly
SB0648 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 SB0648 Introduced 1/25/2017, by Sen. John G. Mulroe SYNOPSIS AS INTRODUCED: |
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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.
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| | A BILL FOR |
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| | | SB0648 | | LRB100 05960 SMS 15988 b |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Unclaimed Life Insurance Benefits Act is | 5 | | amended by changing Section 10 as follows: | 6 | | (215 ILCS 185/10)
| 7 | | Sec. 10. Definitions. As used in this Act: | 8 | | "Annuity contract" does not include an annuity contract | 9 | | used to fund an employment-based retirement plan or program | 10 | | where (1) the insurer does not perform the record keeping | 11 | | services or (2) the insurer is not committed by the terms of | 12 | | the annuity contract to pay death benefits to the beneficiaries | 13 | | of specific plan participants. | 14 | | "Date of death" means the date on which an insured, annuity | 15 | | owner, or retained asset account holder died. | 16 | | "Date of death notice" means the date the insurer first has | 17 | | notice of the date of death of an insured, annuity owner, or | 18 | | retained asset account holder. "Date of death notice" includes, | 19 | | but is not limited to, the date the insurer received | 20 | | information or gained knowledge of a Death Master File match or | 21 | | any other source or record maintained or located in insurer | 22 | | records of the death of an insured, annuity owner, or retained | 23 | | asset account holder. |
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| 1 | | "Death Master File" means the United States Social Security | 2 | | Administration's Death Master File or any other database or | 3 | | service that is at least as comprehensive as the United States | 4 | | Social Security Administration's Death Master File for | 5 | | determining that a person has reportedly died. | 6 | | "Death Master File match" means a match of the social | 7 | | security number or the name and date of birth of an insured, | 8 | | annuity owner, or retained asset account holder resulting from | 9 | | a search of the Death Master File. | 10 | | "Department" means the Department of Insurance. | 11 | | "Lost policy finder" means a service made available by the | 12 | | Department on its website or otherwise developed by the | 13 | | Department to assist consumers with locating unclaimed life | 14 | | insurance benefits. | 15 | | "Policy" means any policy or certificate of life insurance | 16 | | that provides a death benefit. "Policy" does not include any | 17 | | policy or certificate of life insurance that is used to fund a | 18 | | pre-need funeral contract or prearrangement, any policy or | 19 | | certificate of credit life or accidental death insurance or | 20 | | health coverages, including, but not limited to, disability and | 21 | | long-term care arising from the reported death of a person | 22 | | insured under the coverage, or any policy issued to a group | 23 | | master policyholder for which the insurer does not provide | 24 | | record keeping services. | 25 | | "Record keeping services" means services provided under | 26 | | circumstances in which the insurer has agreed with a group |
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| 1 | | policy or annuity contract customer to be responsible for | 2 | | obtaining, maintaining, and administering its own or its | 3 | | agents' systems information about each individual insured | 4 | | under an insured's group insurance contract, or a line of | 5 | | coverage thereunder, including, but not limited to, the | 6 | | following: (1) social security number or name and date of | 7 | | birth, (2) beneficiary designation information, (3) coverage | 8 | | eligibility, (4) benefit amount, and (5) premium payment | 9 | | status. | 10 | | "Retained asset account" means any mechanism whereby the | 11 | | settlement of proceeds payable under a policy or annuity | 12 | | contract is accomplished by the insurer or an entity acting on | 13 | | behalf of the insurer depositing the proceeds into an account | 14 | | with check or draft writing privileges, where those proceeds | 15 | | are retained by the insurer or its agent pursuant to a | 16 | | supplementary contract not involving annuity benefits other | 17 | | than death benefits.
| 18 | | (Source: P.A. 99-893, eff. 1-1-17 .)
| 19 | | Section 99. Effective date. This Act takes effect upon | 20 | | becoming law.
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