Illinois Treasurer Michael Frerichs will propose new legislation on Thursday to strengthen the life insurance law that went into effect this month. The proposal represents the next logical step to bring commonsense change to the life insurance industry because some companies have not paid death benefits when they knew or should have known a customer died. The unpaid benefits are baked into the profit plans, some insurers acknowledge.
Treasurer Frerichs also will issue a final report on unclaimed life insurance policies to the Illinois General Assembly.
