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 Bill Status of SB0735  100th General Assembly


Short Description:  LIFE INS-UNCLAIMED BENEFITS

Senate Sponsors
Sen. Jacqueline Y. Collins - Patricia Van Pelt - David Koehler, Cristina Castro, Daniel Biss, Linda Holmes and Napoleon Harris, III

Last Action
DateChamber Action
  3/17/2017SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
215 ILCS 185/10
215 ILCS 185/15
215 ILCS 185/35
410 ILCS 535/24.6 new
765 ILCS 1025/20from Ch. 141, par. 120


Synopsis As Introduced
Amends the Unclaimed Life Insurance Benefits Act. Provides that "policy" includes a policy that has lapsed or been terminated. Requires insurers to, at no later than the date of policy delivery or the establishment of an account, and upon any change of insured or beneficiary, request information sufficient to ensure that all benefits or proceeds are distributed to the appropriate persons upon the death of the insured. Allows insurers to contact insureds in certain circumstances for the information. Provides that the Act applies to policies, annuity contracts, and retained asset accounts in force at any time on or after January 1, 1996 (rather than on or after the effective date of the Act). Provides that the Act does not apply to a lapsed or terminated policy with no benefits payable that was compared against the Death Master File within the 18 months following the date of the lapse or termination of the applicable policy. Amends the Vital Records Act. Provides that any information contained in the vital records shall be made available at no cost to the State Treasurer for purposes related to the Uniform Disposition of Unclaimed Property Act. Amends the Uniform Disposition of Unclaimed Property Act. Removes provisions concerning certain fees and charges for unclaimed property. Provides that no person or company shall be entitled to a fee for discovering presumptively unclaimed property during the period beginning on the date the property was presumed abandoned and ending 24 months after the payment or delivery of the property to the State Treasurer (rather than until it has been in the custody of the State Treasurer for at least 24 months). Makes other changes.

Actions 
DateChamber Action
  1/30/2017SenateFiled with Secretary by Sen. Jacqueline Y. Collins
  1/30/2017SenateFirst Reading
  1/30/2017SenateReferred to Assignments
  2/1/2017SenateAdded as Chief Co-Sponsor Sen. Patricia Van Pelt
  2/7/2017SenateAdded as Co-Sponsor Sen. Cristina Castro
  2/8/2017SenateAdded as Chief Co-Sponsor Sen. David Koehler
  2/8/2017SenateAssigned to Insurance
  2/27/2017SenateAdded as Co-Sponsor Sen. Daniel Biss
  2/28/2017SenateAdded as Co-Sponsor Sen. Linda Holmes
  3/1/2017SenateAdded as Co-Sponsor Sen. Napoleon Harris, III
  3/17/2017SenateRule 3-9(a) / Re-referred to Assignments

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