Topic:
Unclaimed Life Insurance Benefits Act
(Martwick, D-Chicago; Haine, D-Alton) requires insurers to periodically use the federal Death Master File to determine if a policyholder has died but the death benefits have not been made. If a match is found but the beneficiaries do not file a claim within 120 days, the insurer is required to make a good-faith effort to locate them. This Act will apply to all policies, annuity contracts, and retained asset accounts in force on after January 1, 2017. Passed both chambers.