"I think everyone agrees there needs to be new revenue and spending cuts. We need a balanced approach," Frerichs said during a stop Tuesday in
The special session was called after the
The two-year budget impasse has led
"What that means is we're paying far more interest than we should have to, more money is going to
Last week, Gov.
But whether the Republican governor and the Democrat-controlled
"I think anything is possible. People know what the solution is going to be, but we need to stop campaigning, stop the commercials demonizing people who are across the aisle and work towards a positive solution," Frerichs said.
Frerichs spoke Tuesday at the
The legislation, which was passed by both the
Life insurance companies would have to compare their searchable electronic records with the names on the Death
The treasurer's office has identified, through insurance company audits, about
"I never met a man or woman who bought an insurance policy because they wanted to make an insurance company more profitable, or because they wanted an executive to get a bonus," Frerichs said. "They did it because there is someone in their life they want to take care of when they're no longer here.
Frerichs said if Rauner signs the legislation, his office will have nothing to do with life insurance again.
The Democratic treasurer said the bill passed along a party line vote but shouldn't be a partisan issue.
"Death knocks on all doors, not just Democratic doors," Frerichs said.
He said there are life insurance companies that plan for the profits off of not paying the benefits.
"There are a lot of good companies out there," Frerichs said. "But the simple fact is, they get to hold onto that money, they get to invest it and keep all the interest. They're making a lot of money off of these unpaid life insurance benefits."
Frerichs said many times people, or organizations, don't know they are beneficiaries of a life insurance policy.
Being on a "fixed income, anything that comes in helps out,"
Last year, Rauner signed legislation that requires life insurers to conduct Death
"We think (insurance companies) should do the right thing," Frerichs said. "They should keep the promises they made to their policy holders.
Rauner's office said it is still reviewing the legislation.
In January, the governor's office said the state's Life Policy Locator Service, a free service, helped families find a deceased person's lost life insurance policies and annuities, and the state
"The Life Policy Locator Service has drastically improved the state's response time in handling Illinoisans' life insurance policies. The swift manner in which funds are being identified and allocated is beneficial for all Illinoisans,"
Mum on the gubernatorial race
Frerichs said he wouldn't comment about whether he would make an endorsement in the race for the Democratic nomination for governor, which features
"There will be plenty of time for campaigning," Frerichs said. "I can't tell you the number of people I've talked to who are just sick and tired of the campaigning. They want people to stop the campaigning and to focus on governing. That's what we trying to do in our office. There will be plenty of time for elections down the road."
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