Illinois State Treasurer’s Office News Releases
Media Advisory: Treasurer Frerichs Invites Public to Information Events in Itasca, Peoria and Urbana
SPRINGFIELD — Illinois State Treasurer Michael Frerichs will join local elected officials and representatives from the NAACP, AARP, and the Illinois Fun eral Directors Association for informational events to share information about new life insurance legislation to further protect consumers. House Bill 302 would compel life insurance companies to review their records going back to 1996 to find life insurance customers who died and no benefits were claimed. The public and m edia are invited to attend the events at the following locations: • 1/17/17 – 11:30 a.m. – Itasca…
HB 302 Forces Insurance Companies to Make Good on Promise Dating Back to 1996
SPRINGFIELD — New legislation would compel life insurance companies to review their records going back to 1996 and confirm death benefits have been paid to life insurance customers who died, Illinois State Treasurer Michael Frerichs said today. The proposal represents the next logical step to bring commonsense change to the life insurance industry because some companies acknowledge not paying death benefits when they knew or should have known a customer died. The unpaid benefits are baked into the profit plans , some insurers acknowledge. “Some companies will tell you that…