SJ0058LRB099 21995 GRL 49095 r

1
SENATE JOINT RESOLUTION

 
2    RESOLVED, BY THE SENATE OF THE NINETY-NINTH GENERAL
3ASSEMBLY OF THE STATE OF ILLINOIS, THE HOUSE OF REPRESENTATIVES
4CONCURRING HEREIN, that there is created the Task Force on
5Unclaimed Life Insurance Policies to gather information and
6recommend legislation, including amendments to any legislation
7passed by the 99th General Assembly, concerning unclaimed life
8insurance policies; and be it further
 
9    RESOLVED, That the Task Force shall perform the following
10tasks:
11        (1) review provisions concerning unclaimed life
12    insurance policies in the laws of other states and in
13    Global Resolution Agreements entered into between life
14    insurance companies and state insurance and unclaimed
15    property administrators;
16        (2) review the work and research of the National
17    Association of Insurance Commissioners Unclaimed Benefits
18    Model Drafting (A) Subgroup, the National Conference of
19    Insurance Legislators, and the National Conference of
20    Commissioners on Uniform State Laws;
21        (3) review information provided by the Department of
22    Insurance;
23        (4) make recommendations on how to treat various kinds
24    of life insurance policies identified in the records of

 

 

SJ0058- 2 -LRB099 21995 GRL 49095 r

1    life insurance companies as lapsed, especially when the
2    policy had not lapsed, had not been cancelled, and had not
3    been terminated at the time of death of the insured; and
4        (5) make recommendations on improvements to collecting
5    and updating current contact information for the
6    beneficiaries of life insurance policies so as to reduce
7    the amount of life insurance benefits that are reported to
8    the State Treasurer as unclaimed property; and be it
9    further
 
10    RESOLVED, That the Task Force shall be composed of 11
11voting members as follows:
12        (1) the Illinois State Treasurer or his or her
13    designee, who shall serve as chair of the Task Force;
14        (2) two members appointed by the President of the
15    Senate;
16        (3) one member appointed by the Minority Leader of the
17    Senate;
18        (4) two members appointed by the Speaker of the House
19    of Representatives;
20        (5) one member appointed by the Minority Leader of the
21    House of Representatives;
22        (6) one member appointed by the Director of the
23    Department of Insurance; and
24        (7) three members representing the public appointed by
25    the State Treasurer, one of whom must represent the

 

 

SJ0058- 3 -LRB099 21995 GRL 49095 r

1    insurance industry; and be it further
 
2    RESOLVED, That the Task Force may conduct business upon the
3appointment of a majority of the voting members; the Task Force
4shall meet at the call of the Chair or of any six members of the
5Task Force; for the purposes of Task Force meetings, a quorum
6is six voting members; the Task Force shall meet in accordance
7with the requirements of the Open Meetings Act; and be it
8further
 
9    RESOLVED, That staff support services shall be provided to
10the Task Force by the Office of the State Treasurer and
11appropriate legislative staff; members shall serve without
12compensation, but may be reimbursed for their expenses; and be
13it further
 
14    RESOLVED, That the Task Force shall submit a final report
15with any recommendations by December 31, 2016 and may submit
16other reports as it deems appropriate; the Task Force is
17abolished upon the submission of its final report.