property to owners is among the duties of the Illinois State Treasurer. Since 2011, the treasurer’s office has identified more than $550 million in death benefits that were not paid to grieving families in Illinois.
unclaimed property in perpetuity until the items or funds are claimed by the owner or heirs. There is more than $2 billion in unclaimed property such as life insurance benefits, forgotten bank accounts, and unclaimed rebate checks from retailers. Individuals can search a database for their name or the name of to search the database or return unclaimed property.
Rep. Robert Martwick, D-Chicago, was the chief House sponsor and Sen. Jacqueline Collins, D-Chicago, was the chief Senate sponsor. Among those supportive of the effort are the Catholic Conference of Illinois, the AARP, the Illinois Funeral Directors Association, Heartland Alliance for Human Needs and Human Rights, and the National Association of Social Workers Illinois Chapter.
Frerichs is still involved in a lawsuit with the Kemper Corporation, which sued to block a limited review of records by three of its life insurance companies to ensure they are not holding death benefits that should have been paid. In their original legal filing Kemper stated that “life insurers such as (Kemper) have no affirmative obligation to take any steps to determine that an insured has died and/or that benefits are payable …” and that they “do not want to … adopt a practice where (Kemper has) an affirmative obligation to identify deceased insureds and escheat policy proceeds five years after the date of a death reported on the DMF.” (Kemper Complaint pp 9, 20).
United Insurance Company of America in Illinois, Reserve National Insurance Company in Oklahoma and The Reliable Life Insurance Company of Missouri each are part of the Kemper family of companies that collectively filed the lawsuit in Sangamon County, case no. 2015MR998.
About the Illinois Treasurer The Illinois Treasurer is the state’s chief investment officer and Frerichs is a Certified Public Finance Officer. He protects consumers by encouraging savings plans for college or trade school, increasing financial education among all ages, and removing barriers to a secure retirement. As the state’s Chief Investment Officer, he actively manages approximately $25 billion. The portfolio includes $13 billion in state funds, $7 billion in college savings plans and $5 billion on behalf of local and state governments.
The investment approach is cautious to ensure the preservation of capital and returns $28 to the state for every $1 spent in operations. The Treasurer’s Office predates Illinois incorporation in 1818. Voters in 1848 chose to make it an elected office.
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