SB3660 Summary: Unclaimed Life Insurance Benefits Act

• Creates the Unclaimed Life Insurance Benefits Act requiring all authorized insurers regulated by the Department of Insurance to locate and pay beneficiaries of unclaimed life insurance policies, annuity contracts, and retained asset accounts.

• Requires insurers to compare all insureds against the Social Security Administration's Death Master File annually and at least quarterly thereafter, with reasonable procedures to account for data variations.

• Mandates insurers conduct a thorough search to locate beneficiaries within one year after date of death notice if no beneficiary contact is made within 120 days, including at least two written contact attempts and use of online locator tools.

• Requires insurers to remit unclaimed proceeds as unclaimed property to affected jurisdictions if beneficiaries cannot be located after a thorough search, and prohibits charging fees for search or verification activities.

• Designates failure to meet any requirement of the Act as an unfair trade practice under the Illinois Insurance Code, effective immediately.