state_legiscan_drain · IL
CHARITABLE ORG BFY-PROBATE
November 20, 2025
Summary
If enacted, this bill would amend the Unclaimed Life Insurance Benefits Act and the Illinois Insurance Code to require insurers and property holders to respond to charitable beneficiary inquiries within 120 days, provide documentation, and face potential penalties for noncompliance. It defines beneficiary designation and excludes certain instruments. The bill also allows courts to impose penalties up to $10,000 for bad faith.
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Source: https://www.ilga.gov/Legislation/BillStatus?DocNum=4206&GAID=18&DocTypeID=HB&SessionID=114&GA=104
Common questions
- What does "CHARITABLE ORG BFY-PROBATE" cover?
- If enacted, this bill would amend the Unclaimed Life Insurance Benefits Act and the Illinois Insurance Code to require insurers and property holders to…
- When was it published?
- It was published on November 20, 2025.