Illinois General Assembly - Bill Status for SB2396
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 Bill Status of SB2396  102nd General Assembly


Short Description:  UNCLAIMED LIFE INS BENEFITS

Senate Sponsors
Sen. John G. Mulroe - Terry Link - Jacqueline Y. Collins - David Koehler - Toi W. Hutchinson, Napoleon Harris, III, Scott M. Bennett, Linda Holmes, Daniel Biss, Melinda Bush, Julie A. Morrison, Heather A. Steans, Michael E. Hastings, Wm. Sam McCann, James F. Clayborne, Jr., Thomas Cullerton, Andy Manar, Michael Noland, Iris Y. Martinez, Steven M. Landek, William Delgado, Martin A. Sandoval and Patricia Van Pelt

Last Action
DateChamber Action
  1/10/2017SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
215 ILCS 5/424from Ch. 73, par. 1031


Synopsis As Introduced
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.

Actions 
DateChamber Action
  2/3/2016SenateFiled with Secretary by Sen. John G. Mulroe
  2/3/2016SenateFirst Reading
  2/3/2016SenateReferred to Assignments
  2/16/2016SenateAssigned to Insurance
  2/16/2016SenateAdded as Chief Co-Sponsor Sen. Terry Link
  2/16/2016SenateAdded as Co-Sponsor Sen. Napoleon Harris, III
  2/17/2016SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  2/23/2016SenateAdded as Chief Co-Sponsor Sen. David Koehler
  3/2/2016SenateAdded as Co-Sponsor Sen. Scott M. Bennett
  3/3/2016SenateAdded as Co-Sponsor Sen. Linda Holmes
  4/6/2016SenateAdded as Co-Sponsor Sen. Daniel Biss
  4/6/2016SenateAdded as Co-Sponsor Sen. Melinda Bush
  4/7/2016SenateAdded as Co-Sponsor Sen. Julie A. Morrison
  4/7/2016SenateAdded as Chief Co-Sponsor Sen. Toi W. Hutchinson
  4/7/2016SenateAdded as Co-Sponsor Sen. Heather A. Steans
  4/8/2016SenateAdded as Co-Sponsor Sen. Michael E. Hastings
  4/8/2016SenateAdded as Co-Sponsor Sen. Wm. Sam McCann
  4/8/2016SenateRule 2-10 Committee Deadline Established As April 22, 2016
  4/11/2016SenateAdded as Co-Sponsor Sen. James F. Clayborne, Jr.
  4/13/2016SenateAdded as Co-Sponsor Sen. Thomas Cullerton
  4/18/2016SenateAdded as Co-Sponsor Sen. Andy Manar
  4/20/2016SenateAdded as Co-Sponsor Sen. Michael Noland
  4/20/2016SenateAdded as Co-Sponsor Sen. Iris Y. Martinez
  4/21/2016SenateAdded as Co-Sponsor Sen. Steven M. Landek
  4/21/2016SenateAdded as Co-Sponsor Sen. William Delgado
  4/21/2016SenateAdded as Co-Sponsor Sen. Martin A. Sandoval
  4/21/2016SenateAdded as Co-Sponsor Sen. Patricia Van Pelt
  4/22/2016SenateRule 3-9(a) / Re-referred to Assignments
  1/10/2017SenateSession Sine Die

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