BRIEF: Illinois treasurer to discuss life insurance legislation

June 20--EAST ST. LOUIS -- The legislation, which was passed by both the House and Senate, would require life insurance companies to search their records for any unpaid death benefits that should have been paid to beneficiaries, if it is signed by Governor Bruce Rauner.

Life insurance companies would have to compare their searchable electronic records of customers twice a year with the names on the Death Master File, which is maintained by the Social Security Administration, to confirm a policyholder is not dead, according to the treasurer's office. The legislation calls on insurance companies to look at records dating back to 2000.

Last year, Rauner signed legislation that requires life insurers to conduct Death Master File comparisons on polices in good standing from January 2017 forward.

Frerichs' appearance at City Hall was set for 10:30 a.m.

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