Keane's Unclaimed Property Blog

Insurance (100 articles)

The unclaimed property landscape is rapidly evolving for insurance companies. States are adopting new regulations that require insurers to actively seek out and locate beneficiaries when proceeds are due, as well as conduct regular comparisons of their in-force policies against sources such as the Social Security Administration Death Master File.

Unclaimed Life Insurance Benefits: IL 17858 2018

Unclaimed Life Insurance Benefits: IL 17858 2018

Compliance, Insurance, Legislative Updates

Legislative Alert – IL 17858 2018 (State ID: 42 IR 19362): Administrative Rules Adopted – Unclaimed Life Insurance Benefits Adopted on August 16, 2019, the Administrative Rules have a retroactive effective date of July 30, 2019. This new rule impacts all life insurance companies and fraternal benefit societies authorized to do business in Illinois. As […]

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Illinois Amends Unclaimed Life Insurance Benefits Act

Illinois Amends Unclaimed Life Insurance Benefits Act

Insurance, Legislative Alerts

With the override of the Governor’s Amendatory Veto of IL HB 302 on November 8, 2017, the Unclaimed Life Insurance Benefits Act was amended to include a modified definition of “policy” and new requirements for insurers to perform comparisons of their in-force policies, annuity contracts, and retained asset accounts against the Death Master File (DMF).

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