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HB302

  • Collins’ legislation ensures more families will receive life insurance benefits

    collins 110817SPRINGFIELD – Rejecting a move that would have severely weakened the standing of grieving families in the face of misbehavior by insurance companies, the Illinois Senate voted to override Gov. Bruce Rauner’s veto of legislation by Senator Jacqueline Collins Wednesday.

    The measure, House Bill 302, would further strengthen the Unclaimed Life Insurance Benefits Act by requiring insurance companies to search their records back to the year 2000 if they have electronically searchable files to determine if life insurance policyholders have died, and to take steps to get money to beneficiaries.

  • New law strengthens life insurance protections for grieving families

    life insuranceCollins: “This is just one way that state government should be fighting inequality.”

    SPRINGFIELD – Grieving families who might be unaware their departed loved one left them a life insurance policy would be protected by a stronger Unclaimed Life Insurance Benefits Act under new legislation by State Sen. Jacqueline Collins and Illinois Treasurer Michael Frerichs that passed the Illinois General Assembly today.

    “As our technology and our best practices are updated and improved, we need to consider how that can also improve our accountability to the taxpayer and the consumer,” Collins said. “Dementia might rob an elder of the memory of their insurance policy, and not every grieving family has somebody on retainer to keep such affairs in order. In an age when we can computerize and automate these matters, we owe it to them to make the effort.”