| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| 1 | AN ACT concerning regulation.
| |||||||||||||||||||
| 2 | Be it enacted by the People of the State of Illinois,
| |||||||||||||||||||
| 3 | represented in the General Assembly:
| |||||||||||||||||||
| 4 | Section 5. The Unclaimed Life Insurance Benefits Act is | |||||||||||||||||||
| 5 | amended by changing Section 10 as follows:
| |||||||||||||||||||
| 6 | (215 ILCS 185/10)
| |||||||||||||||||||
| 7 | Sec. 10. Definitions. As used in this Act: | |||||||||||||||||||
| 8 | "Annuity contract" does not include an annuity contract | |||||||||||||||||||
| 9 | used to fund an employment-based retirement plan or program | |||||||||||||||||||
| 10 | where (1) the insurer does not perform the record keeping | |||||||||||||||||||
| 11 | services or (2) the insurer is not committed by the terms of | |||||||||||||||||||
| 12 | the annuity contract to pay death benefits to the beneficiaries | |||||||||||||||||||
| 13 | of specific plan participants. | |||||||||||||||||||
| 14 | "Date of death" means the date on which an insured, annuity | |||||||||||||||||||
| 15 | owner, or retained asset account holder died. | |||||||||||||||||||
| 16 | "Date of death notice" means the date the insurer first has | |||||||||||||||||||
| 17 | notice of the date of death of an insured, annuity owner, or | |||||||||||||||||||
| 18 | retained asset account holder. "Date of death notice" includes, | |||||||||||||||||||
| 19 | but is not limited to, the date the insurer received | |||||||||||||||||||
| 20 | information or gained knowledge of a Death Master File match or | |||||||||||||||||||
| 21 | any other source or record maintained or located in insurer | |||||||||||||||||||
| 22 | records of the death of an insured, annuity owner, or retained | |||||||||||||||||||
| 23 | asset account holder. | |||||||||||||||||||
| |||||||
| |||||||
| 1 | "Death Master File" means the United States Social Security | ||||||
| 2 | Administration's Death Master File or any other database or | ||||||
| 3 | service that is at least as comprehensive as the United States | ||||||
| 4 | Social Security Administration's Death Master File for | ||||||
| 5 | determining that a person has reportedly died. | ||||||
| 6 | "Death Master File match" means a match of the social | ||||||
| 7 | security number or the name and date of birth of an insured, | ||||||
| 8 | annuity owner, or retained asset account holder resulting from | ||||||
| 9 | a search of the Death Master File. | ||||||
| 10 | "Department" means the Department of Insurance. | ||||||
| 11 | "Lost policy finder" means a service made available by the | ||||||
| 12 | Department on its website or otherwise developed by the | ||||||
| 13 | Department to assist consumers with locating unclaimed life | ||||||
| 14 | insurance benefits. | ||||||
| 15 | "Policy" means any policy or certificate of life insurance | ||||||
| 16 | that provides a death benefit. "Policy" does not include any | ||||||
| 17 | policy or certificate of life insurance that is used to fund a | ||||||
| 18 | pre-need funeral contract or prearrangement, any policy or | ||||||
| 19 | certificate of credit life or accidental death insurance or | ||||||
| 20 | health coverages, including, but not limited to, disability and | ||||||
| 21 | long-term care arising from the reported death of a person | ||||||
| 22 | insured under the coverage, or any policy issued to a group | ||||||
| 23 | master policyholder for which the insurer does not provide | ||||||
| 24 | record keeping services. | ||||||
| 25 | "Record keeping services" means services provided under | ||||||
| 26 | circumstances in which the insurer has agreed with a group | ||||||
| |||||||
| |||||||
| 1 | policy or annuity contract customer to be responsible for | ||||||
| 2 | obtaining, maintaining, and administering its own or its | ||||||
| 3 | agents' systems information about each individual insured | ||||||
| 4 | under an insured's group insurance contract, or a line of | ||||||
| 5 | coverage thereunder, including, but not limited to, the | ||||||
| 6 | following: (1) social security number or name and date of | ||||||
| 7 | birth, (2) beneficiary designation information, (3) coverage | ||||||
| 8 | eligibility, (4) benefit amount, and (5) premium payment | ||||||
| 9 | status. | ||||||
| 10 | "Retained asset account" means any mechanism whereby the | ||||||
| 11 | settlement of proceeds payable under a policy or annuity | ||||||
| 12 | contract is accomplished by the insurer or an entity acting on | ||||||
| 13 | behalf of the insurer depositing the proceeds into an account | ||||||
| 14 | with check or draft writing privileges, where those proceeds | ||||||
| 15 | are retained by the insurer or its agent pursuant to a | ||||||
| 16 | supplementary contract not involving annuity benefits other | ||||||
| 17 | than death benefits.
| ||||||
| 18 | (Source: P.A. 99-893, eff. 1-1-17.)
| ||||||
| 19 | Section 99. Effective date. This Act takes effect upon | ||||||
| 20 | becoming law.
| ||||||