Rauner signs life insurance bill

Life insurance companies will be required to regularly check to see if their policyholders have died under legislation signed Friday by Illinois Gov. Bruce Rauner.

The Unclaimed Life Insurance Benefits Act requires insurers to, among other things, run semiannual checks against the Social Security Administration's "death master file," which contains the records of deaths reported to the federal agency, to determine if a policyholder has passed away and to notify beneficiaries on how to make a claim.

The act is effective Jan. 1, 2017.

Rauner signed the legislation days after Illinois Treasurer Michael Frerichs held a hearing in Chicago about how unpaid life insurance benefits can help families — if they know that the policies exist.

Read more: http://www.chicagotribune.com/business/ct-life-insurance-benefits-0827-biz-20160826-story.html