Illinois Treasurer Mike Frerichs is expanding his fight against life insurance companies that don’t properly pay out death benefits. Last year, Frerichs spearheaded a law requiring insurers to use the Federal Master Death File to ensure a policy holder hasn’t died. Now he wants to require companies to look thru their old records to make sure no one was missed and benefits are due. He expects some opposition.
The legislation requires insurers to check their records back to 1996.