Illinois Treasurer Mike Frerichs’ office is holding a series of hearings statewide on life insurance companies that don’t pay out death benefits. Treasurer Frerichs says this is a problem that is not uncommon, but that not many know about.
Lawmakers passed a bill requiring insurers to compare policy holders with the Federal Death Master File so no one gets missed. It’s awaiting the Governor’s signature to become law. The first hearing will be held in Normal this week.