HOLOCAUST VICTIMS INSURNCE LAW
Synopsis of Bill as introduced:
Amends the Illinois Insurance Code. Creates the Holocaust Victims
Insurance Law. Requires the Department of Insurance to establish a
toll-free telephone number to assist persons seeking recovery of
proceeds of an insurance policy issued to a Holocaust victim. Provides
that insurers must expeditiously investigate claims under policies
issued to Holocaust victims and allow claimants to meet a reasonable
standard of proof pursuant to standards established by the Department.
Requires insurers to allow claims irrespective of statute of
limitations and notice requirements if the claim is filed within 10
years after the effective date of this amendatory Act. Authorizes a
private right of action for damages caused by violations of the Law.
Requires the Department to report to the General Assembly regarding
insurers in this State that have a legal relationship with an
international insurer that could have issued a policy to a Holocaust
victim and claims related to Holocaust victims.
FISCAL NOTE (Department of Insurance)
The Department estimates that the costs associated with estab-
lishing a toll-free hotline would be approximately $600 annu-
ally, including obtaining a new toll-free number, monthly phone
charges, installation of the toll-free line, as well as instal-
lation and monthly charges associated with listing the number
in a directory. In addition to these charges, there would be a
cost associated with every incoming call received by the De-
partment. The Department cannot estimate how many calls would
be made to this hotline, and therefore, the Department cannot
determine the cost of these calls.
HOUSE AMENDMENT NO. 1.
Deletes provision requiring the Department of Insurance to
operate the toll-free telephone number in multiple languages.
Requires an insurance company to ascertain whether it has a legal
relationship to an international insurer that is a legal successor to
an international insurer that issued a policy to a Holocaust victim.
Provides that insurers can comply with the requirements of this
amendatory Act by demonstrating compliance with an international
commission on insurance claims by Holocaust victims.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status