SJ0058 99TH GENERAL ASSEMBLY

SJ0058 LRB099 21995 GRL 49095 r

SENATE JOINT RESOLUTION

RESOLVED, BY THE SENATE OF THE NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE HOUSE OF REPRESENTATIVES CONCURRING HEREIN, that there is created the Task Force on Unclaimed Life Insurance Policies to gather information and recommend legislation, including amendments to any legislation passed by the 99th General Assembly, concerning unclaimed life insurance policies; and be it further

RESOLVED, That the Task Force shall perform the following tasks:

(1) review provisions concerning unclaimed life insurance policies in the laws of other states and in Global Resolution Agreements entered into between life insurance companies and state insurance and unclaimed property administrators;

(2) review the work and research of the National Association of Insurance Commissioners Unclaimed Benefits Model Drafting (A) Subgroup, the National Conference of Insurance Legislators, and the National Conference of Commissioners on Uniform State Laws;

(3) review information provided by the Department of Insurance;

(4) make recommendations on how to treat various kinds of life insurance policies identified in the records of life insurance companies as lapsed, especially when the policy had not lapsed, had not been cancelled, and had not been terminated at the time of death of the insured; and

(5) make recommendations on improvements to collecting and updating current contact information for the beneficiaries of life insurance policies so as to reduce the amount of life insurance benefits that are reported to the State Treasurer as unclaimed property; and be it further

RESOLVED, That the Task Force shall be composed of 11 voting members as follows:

(1) the Illinois State Treasurer or his or her designee, who shall serve as chair of the Task Force;

(2) two members appointed by the President of the Senate;

(3) one member appointed by the Minority Leader of the Senate;

(4) two members appointed by the Speaker of the House of Representatives;

(5) one member appointed by the Minority Leader of the House of Representatives;

(6) one member appointed by the Director of the Department of Insurance; and

(7) three members representing the public appointed by the State Treasurer, one of whom must represent the insurance industry; and be it further

RESOLVED, That the Task Force may conduct business upon the appointment of a majority of the voting members; the Task Force shall meet at the call of the Chair or of any six members of the Task Force; for the purposes of Task Force meetings, a quorum is six voting members; the Task Force shall meet in accordance with the requirements of the Open Meetings Act; and be it further

RESOLVED, That staff support services shall be provided to the Task Force by the Office of the State Treasurer and appropriate legislative staff; members shall serve without compensation, but may be reimbursed for their expenses; and be it further

RESOLVED, That the Task Force shall submit a final report with any recommendations by December 31, 2016 and may submit other reports as it deems appropriate; the Task Force is abolished upon the submission of its final report.