•May 3, 2017•

Legislation requiring life insurance companies to look back to 1996 to identify policy holders who have died and the benefits have not been claimed or paid to their loved ones passed the Illinois House today, Illinois Treasurer Michael Frerichs said.

The Illinois House passed the proposal (HB 302) by a vote of 68-47. The proposal now goes to the Senate for consideration.

“We must continue to stand up for Illinois consumers and make sure they are getting what they are owed from insurance companies,” Frerichs said. “For decades, we know some life insurance companies manipulated the rules to avoid paying death benefits, and that dishonest practice to help pad their bottom line at the expense of the deceased needs to stop.”     Login or Subscribe to read the rest of this story.