Illinois General Assembly - Bill Status for HB4633

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.

Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with the following changes: Makes changes to provisions setting forth the purpose of the Act. Requires insurers to complete an initial comparison of its records with the Death Master File by December 31, 2017 and then on a semi-annual basis thereafter. Provides that in the event that one of the insurer's lines of business conducts a search for matches more frequently than semi-annually, then all lines of the insurer's business shall conduct searches for matches with the same frequency. Removes provisions concerning partial matches. Makes changes to the procedure for potential matches and searches an insurer must perform. Provides that nothing in the Act shall be construed to amend, modify, or supersede the Uniform Disposition of Unclaimed Property Act. Requires the Department of Insurance to develop and implement a lost policy finder to assist requesters with locating unclaimed life insurance benefits. Provides that the Department may limit an insurer's Death Master File comparisons to the insurer's electronic searchable files or approve a plan and timeline for conversion of the insurer's files to searchable electronic files upon a demonstration of hardship by the insurer. Removes and makes changes to certain definitions. Changes various references from "insureds" to "insureds, annuitants, and retained asset account holders." Makes other changes.

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