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US Chamber lashes out at “rogue state treasurer”

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Three Kemper Corp. life insurance companies have sued the Illinois state treasurer, claiming the office is improperly demanding records to identify families that are owed life insurance money after a death of a family member.

United Insurance Company of America, Reserve National Insurance Company and Reliable Life Insurance Company claim that Illinois Treasurer Michael Frerichs is overstepping his authority. Frerichs has been doing audits of about 40 life insurance companies to determine whether people in Illinois are entitled to money from life insurance policies that have been forgotten after the insured person has died.

Since 2013, Frerichs said, $195 million has been identified for grieving families that often did not know a family member had a life insurance policy.

While 22 companies have provided records related to insurance payments, the three Kemper insurance companies sued to prevent the inquiries, he said. The life insurance industry has been raising issues over audits for years, and a similar case has been ongoing in California.

* The Daily Chronicle editorialized…

Their suit has less to do with principle than with their bottom line, which the company acknowledged in a May 2015 10-Q filing with the Securities and Exchange Commission.

“… Such requirements could have a material adverse effect on the Company’s profitability, financial position and cash flows,” the company wrote. “The Company’s stance in opposition to the aforementioned actions by state legislators, Treasurers and insurance regulators, including the Life Company’s initiation of the litigation described above, also creates a risk of reputational damage to the Company … particularly if the Company’s position is not ultimately vindicated.”

Whether or not their lawsuit is successful, Kemper’s reputation should suffer a hit. They should not be fighting measures meant to help them honor their commitment to their policyholders. This is money they were supposed to have paid out, in some cases years ago. It’s only fitting that they make good on their obligation now, along with any interest that might be due.

Bereaved families in Illinois deserve the benefit of their loved ones’ life insurance, whether or not they are aware it existed. Hopefully, the courts will side with Frerichs. If not, legislators should change our state’s laws to ensure that benefits reach the people for whom they were intended when they need them most.

* But the US Chamber is very upset and weighed in this week…

Rogue State Treasurer Rewriting the Law for a Private Auditor’s Gain

In a massive overreach of authority, the Illinois state treasurer has superseded state law by imposing new standards on how life insurance policies are paid out, and in the process, may fundamentally change the role the state plays in the life insurance industry.

Illinois State Treasurer Michael Frerichs, along with the private company Verus, have been conducting audits of insurance companies and requiring them to pay out life insurance policies based on an unreliable list of the deceased in the state. If a beneficiary can’t be found, that payment goes directly to the state, creating what many see as a taking.

Even more troubling, the private auditing firm Verus will take its paycheck from these payouts. […]

This abuse no longer flies under the radar. This latest lawsuit spotlights the highly unconstitutional nature of promulgating a new requirement outside the regulatory and legislative process and forcing retroactive use of the DMF by insurers. Courts in West Virginia, Florida, Ohio, and the U.S. District Court for the District of Massachusetts all have rejected the private audit firms’ demand that insurers cross-reference against the DMF. It’s time for Illinois to follow suit and reign-in this rogue state treasurer.

posted by Rich Miller
Tuesday, Nov 10, 15 @ 1:21 pm

Comments

Insurance is an actuarial business. If claims paid go up, premiums will rise. Just so everyone gets that.

Comment by Excessively Rabid Tuesday, Nov 10, 15 @ 1:26 pm
“Bereaved families in Illinois deserve the benefit of their loved ones’ life insurance, whether or not they are aware it existed.”

- Daily Chronicle

“Such requirements could have a material adverse effect on the Company’s profitability, financial position and cash flows”

- Kemper

Interesting debate.

Willy?

Comment by Juvenal Tuesday, Nov 10, 15 @ 1:30 pm
=== If claims paid go up, premiums will rise. Just so everyone gets that. ===

Um, no:

“Such requirements could have a material adverse effect on the Company’s profitability”

They are profiting from withholding death benefits from widows and orphans. It really is that simple.

Comment by Juvenal Tuesday, Nov 10, 15 @ 1:32 pm
Good for the Treasurer! When my Dad died, I found some paperwork related to a few small life insurance policies connected to different credit unions and former employers but when I contacted them, they all said the policy had lapsed. I don’t doubt that at all, but I always wondered if there were additional policies that I didn’t know about since my Dad’s record keeping system was a shoebox under the bed.

Comment by Anonymous Tuesday, Nov 10, 15 @ 1:33 pm
From another perspective..so they are suing the state to protect…fraud?

Comment by JS Mill Tuesday, Nov 10, 15 @ 1:33 pm
So in other words, they don’t want us to know who they might owe because if we do then we might force them to pay it out. How pathetic.

Comment by Demoralized Tuesday, Nov 10, 15 @ 1:37 pm
How much is Verus making off these audits?

Comment by Anonymous Tuesday, Nov 10, 15 @ 1:39 pm
===Willy?===

I’m reading more as to the grounds for both the Treasurer and the Insurance company and the industry.

Comment by Oswego Willy Tuesday, Nov 10, 15 @ 1:39 pm
Any money that goes into unclaimed property that does not get claimed goes into the state pension fund so this action by the Treasurer, if successful, will likely be a net benefit to the state’s unfunded pension liability. It won’t make a huge dent obviously, but every little bit helps.

Comment by The Captain Tuesday, Nov 10, 15 @ 1:40 pm
Chamber: We only support rogue governors, not rogue treasurers.

Comment by Ducky LaMoore Tuesday, Nov 10, 15 @ 1:40 pm
“Insurance is an actuarial business. If claims paid go up, premiums will rise. Just so everyone gets that.” — No, not an accurate statement. I agree with Juvenal. What about float, Excessively Rabid?

Comment by The Velour Nail Tuesday, Nov 10, 15 @ 1:40 pm
It’s rein in, like a horse, not reign in, like a king.

Comment by Anonymous Tuesday, Nov 10, 15 @ 1:42 pm
Fwiw, Mike Frerichs is doing an outstanding job as our state treasurer. Badge of honor to be called “Rogue” in this case.

Comment by The Velour Nail Tuesday, Nov 10, 15 @ 1:42 pm
Also, you may be thinking that the money going into the state pension fund would just be offset by a corresponding reduction in GRF money used make the state’s annual pension contribution and that was the case years ago but the law has since been changed so that the unclaimed property money going into the SPF is on top of the state’s annual pension contribution.

It goes without saying but I’ll say it anyway, the number one priority should be for these death benefits to get to the proper beneficiaries. But in the case where that does not or cannot happen I’d rather see the state’s unfunded pension liability go down rather than see the insurance companies just pocket the cash.

Comment by The Captain Tuesday, Nov 10, 15 @ 1:45 pm
Rogue State Treasurer was the worst of the Assassin’s Creed sequels.

– MrJM

Comment by @MisterJayEm Tuesday, Nov 10, 15 @ 1:45 pm
===Fwiw, Mike Frerichs is doing an outstanding job as our state treasurer. Badge of honor to be called “Rogue” in this case.===

Slow your roll there, Speed Racer, lets just focus on the post for the moment…

Comment by Oswego Willy Tuesday, Nov 10, 15 @ 1:45 pm
Reliable Life Insurance Company? Hmm.
Another misnomer rears its greedy little head.

Comment by Jake From Elwood Tuesday, Nov 10, 15 @ 1:46 pm
Good for Freirichs!

Comment by burbanite Tuesday, Nov 10, 15 @ 1:48 pm
“Hang in there, Mike”

Comment by ADude Tuesday, Nov 10, 15 @ 1:49 pm
=== How much is Verus making off these audits? ===

I guess that depends on how much Kemper is withholding from widows and orphans.

=== While 22 companies have provided records related to insurance payments, the three Kemper insurance companies sued to prevent the inquiries ===

That’s a killer for Kemper. Its hard for them to argue Frerichs has exceeded his authority. It makes them look like the dregs of an industry that doesn’t have the best reputation to begin with.

Comment by Juvenal Tuesday, Nov 10, 15 @ 1:54 pm
Uh, the Chamber needs to read the Unclaimed Property Act, especially Section 3 which cover Life Insurance proceeds. 765 ILCS 1025/3

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2228&ChapterID=62

This has been the law for many years in Illinois. Any business model that is counting on not filing unclaimed property, according to the statute, is a bad business model.

The Chamber is encouraging non-compliance? A legal “finder” doesn’t even have to use the DMF (death master file) if they use the dormant parameters defined in Section 3 of the Act. And the finder is entitled to a cut, by statute.

Game over.

Comment by cdog Tuesday, Nov 10, 15 @ 1:54 pm
@The Captain 1:40 =Any money that does not get claimed goes into the state pension fund=

The state holds the unclaimed money forever in an interest bearing account until it is claimed. The interest on the money goes in the state pension fund.

Comment by DuPage Tuesday, Nov 10, 15 @ 1:55 pm
MrJM cracking me up. Fantastic post.

Comment by The Velour Nail Tuesday, Nov 10, 15 @ 1:55 pm
To the Post,

There really can’t be an argument as to helping those families that have what is due to them to get that.

The question(s) that concern me are the reaching into the companies themselves to have the state take the unclaimed monies, and under what laws, which is why this is in court, and I found this telling in the Editorial…

===Whether or not their lawsuit is successful, Kemper’s reputation should suffer a hit.===

The “legality” is fine, but the editorial makes the point of the reputation being far more in play then whether or not the move by Frerich’s own move passes the lawsuit.

Interesting.

The ethics of this and the lawsuit and its outcome can both be on opposite ends, and both be “right”

For Treasurer Frerich’s sake, I hope that the Office of the Treasurer wins in court. Winning the “ethics” of the move isn’t the oath the Treasurer took.

Comment by Oswego Willy Tuesday, Nov 10, 15 @ 1:59 pm
The Treasurer thanks you in advance for the ad copy for his re-election campaign

Comment by Tommydanger Tuesday, Nov 10, 15 @ 2:00 pm
Almost spit out my diet soda. MrJM wins

Comment by Lester Holt's Mustache Tuesday, Nov 10, 15 @ 2:16 pm
This strikes me as a fight that just about any politician, and certainly any Dem, would love to have.

Comment by Arsenal Tuesday, Nov 10, 15 @ 2:24 pm
=== Insurance is an actuarial business. If claims paid go up, premiums will rise. Just so everyone gets that. ===

Isn’t paying claims for policies issued figured into their actuarial analyses.

Business ethics 101 here. Don’t do the right thing if it hurts your profit margin.

Comment by Norseman Tuesday, Nov 10, 15 @ 2:26 pm
If this were not a significant matter, I don’t believe that Kemper would spend money to fight it. I don’t think the Chamber would have reacted. In practice, that suggests that unpaid policies carry a significant impact, money kept by the company to the detriment of the families entitled to it. To that I say ‘well done’ Treasurer Frerichs. I also think the argument could be as simple as unclaimed property.

Comment by Lincoln Lad Tuesday, Nov 10, 15 @ 2:27 pm
“Rogue State Treasurer” Dibs on the band name

Comment by Skeptic Tuesday, Nov 10, 15 @ 2:28 pm
MrJM - thanks for the afternoon laugh.

Comment by Team Sleep Tuesday, Nov 10, 15 @ 2:30 pm
If Illinois law doesn’t authorize what Frerichs is doing, then the law needs to be changed.

Comment by Norseman Tuesday, Nov 10, 15 @ 2:32 pm
===If Illinois law doesn’t authorize what Frerichs is doing, then the law needs to be changed.===

That is also true…

Comment by Oswego Willy Tuesday, Nov 10, 15 @ 2:34 pm
Codifying this admirable practice by the Treasurer would get a unanimous vote in the General Assembly. Who would side with Kemper over widows on a floor vote?

Comment by Dan Johnson Tuesday, Nov 10, 15 @ 2:35 pm
Velour Nail: “Badge of honor to be called “Rogue” in this case.”

OW: “Slow your roll there, Speed Racer”

TA: It’s a badge of honor to be called Speed Racer on this blog by Oswego Willy!

Comment by Team America Tuesday, Nov 10, 15 @ 2:36 pm
Funny how when the insurance companies do the very same thing then it is ok but when it is done to them it is not.

Comment by BIG R. Ph. Tuesday, Nov 10, 15 @ 2:38 pm
We are talking about life insurance. Am I to believe that “if claims paid go up, costs go up”? Doesn’t everyone die, so that on an actuarial basis, ALL claims are to be paid? And if they actuarially assume that they will not have to pay some claims, are they not selling life insurance under fraudulent pretenses?

Comment by MasterPiece Tuesday, Nov 10, 15 @ 2:40 pm
Its already the law.
(b) “Unclaimed funds”, as used in this Section, means all moneys held and owing by any life insurance corporation unclaimed and unpaid for more than 5 years after the moneys became due and payable as established from the records of the corporation under any life or endowment insurance policy or annuity contract which has matured or terminated. A life insurance policy not matured by actual proof of the death of the insured is deemed to be matured and the proceeds thereof are deemed to be due and payable if such policy was in force when the insured attained the limiting age under the mortality table on which the reserve is based, unless the person appearing entitled thereto has within the preceding 5 years, (1) assigned, readjusted, or paid premiums on the policy, or subjected the policy to loan, or (2) corresponded in writing with the life insurance corporation concerning the policy. Moneys otherwise payable according to the records of the corporation are deemed due and payable although the policy or contract has not been surrendered as required.
(Source: P.A. 87-925.)

Comment by cdog Tuesday, Nov 10, 15 @ 2:41 pm
Good points Willy.

22 other insurers thought Frerichs was within the law it would seem, but every once-in-a-while its okay to touch base with a a judge.

I am not sure why the U.S. Chamber wants to draw public attention to Kemper. It seems like they aren’t really doing Kemper any favors. This is a p.r. nightmare just waiting to happen.

Comment by Juvenal Tuesday, Nov 10, 15 @ 2:42 pm
- cdog -,

Appreciate the cite. We’ll see if that will hold up in the lawsuit.

- Juvenal -,

Yeah, the Chamber making “points” is losing points on “style” for Kemper.

Will be interesting to see if this lawsuit has legs.

Comment by Oswego Willy Tuesday, Nov 10, 15 @ 2:50 pm
“I don’t care about their coverage, Bob! Don’t tell me about their coverage! Tell me how you’re keeping Insuricare in the black! Tell me how that’s *possible* with you writing checks to every Harry Hardluck and Sally Sobstory that gives you a phone call!”

Comment by Gilbert Huph Tuesday, Nov 10, 15 @ 2:58 pm
I support Frerichs on this.
No reason insurance companies should be able to skip out on paying the families whose loved ones kept a policy with them. No reason Illinois should cough up money to assist families who are owed money.

Scam-o-rama?
Say it isn’t so, Chamber?

Comment by VanillaMan Tuesday, Nov 10, 15 @ 3:01 pm
Kemper. careful, we could develop a whole new definition for your name. ask Rick Santorum how that is going.

Comment by Amalia Tuesday, Nov 10, 15 @ 3:06 pm
At home, we call it being a responsible elected official. Keep up the good work. If you’ve torked off an insurance company and the Chamber of Commerce, you’re doing something right.

Comment by Aldyth Tuesday, Nov 10, 15 @ 3:15 pm
=== Since 2013, Frerichs said, $195 million has been identified for grieving families ===

Also not good for Kemper, Willy.

It appears these audits predate Frerichs.

Comment by Juvenal Tuesday, Nov 10, 15 @ 3:19 pm
How does the Illinois treasurer go about “requiring” that insurance companies pay out anything? Is there some enforcement mechanism in that office? Is the chamber saying invalid claims are being made?

Comment by Wordslinger Tuesday, Nov 10, 15 @ 3:24 pm
the swiss banks tha stole from the jews made these arguments the insurance companies are making when asked to disgorge the money and art that was placed for deposit, but was not theirs.

Comment by Ghost Tuesday, Nov 10, 15 @ 3:24 pm
My grandmother died in 1981. At this point, my siblings and I are her only heirs.

Last year, the Unnamed Insurance Company contacted a relative (and fellow policy holder) with the same surname and asked if grandma was related.

The Social Security Death Index is semi-public record. Grandma’s been in it lo these many years. Her address (and that of my then-surviving grandfather, and father) are on her death certificate. Certainly Unnamed has access to these — and many other — sources of information.

(Their sole methodology is to call up their other insureds who happen to have similar surnames? Really?)

Oh, yeah, we did get the proceeds: five hundred bucks, to be divided among us. With (per the policy) two percent interest.

Two percent. From 1981. (This was after we had gone to great lengths to establish our heirship: certified copies of Grandma’s and Grandpa’s and Dad’s death certificates, blah, blah.)

Ummmm……..methinks the stock market (where Unnamed surely invests) has done a bit better than two percent per year compounded since 1981.

So what is this?

They slow-walked Grandpa starting in 1981. Then they slow-walked Dad starting in 1995 when Grandpa died. And when Dad died in 2005, they started slow-walking we the grandchildren.

And they’d STILL be slow-walking us if it hadn’t been for the “serendipity” of a relative happening to have a life insurance policy with the same company!

I say it’s arbitrage — slow-walk arbitrage. Capitalizing on interest spreads using the money of bereaved people.

Shame, shame, shame!

I’m outta here.

Comment by Third Reading Tuesday, Nov 10, 15 @ 3:33 pm
If Treasurer Frerichs is not on good legal ground, change the law to allow this. Pay the claims.

@MrJm +1

Comment by Formerly Known As... Tuesday, Nov 10, 15 @ 3:38 pm
Insurance companies want to be paid premiums for life insurance policies then not pay what is owed when someone dies. This dishonesty on the part of insurance companies is the abuse, not identifying when a family member had a life insurance policy.
by our Illinois state treasurer.

Comment by Enviro Tuesday, Nov 10, 15 @ 3:39 pm
I think Norseman 2:26 wins.

Comment by Tatler Tuesday, Nov 10, 15 @ 3:54 pm
The U.S. Chamber might want to direct its whip at the State of Texas.

Apparently, the “rogues” down there have been auditing life insurance companies atleast since 2007:

http://comptroller.texas.gov/taxinfo/audit/unclaimed/06_Employee_Benefit_Trust_to_Matured_Endowments.htm#life_insurance

We need a good-old-fashioned Rogues Gallery.

Hang their pictures!

Comment by Juvenal Tuesday, Nov 10, 15 @ 4:04 pm
Think it’s pretty clear who the ‘rogues’ are here; and it ain’t Frerichs.

Comment by sal-says Tuesday, Nov 10, 15 @ 4:09 pm
Mr. Word, there is a very robust enforcement provision in the Uncl Prop Act. The Treasurer can make a demand, conduct an exam, go to court to enforce.

(765 ILCS 1025/25) (from Ch. 141, par. 125)
Sec. 25. (a) Any person who fails to render any report or perform other duties required under this Act, is guilty of a business offense and fined not more than $500. Each day such report is withheld or the duties are not performed constitutes a separate offense.
(b) Any person who wilfully refuses to pay or deliver abandoned property to the State Treasurer as required under this Act shall be guilty of a Class B misdemeanor. Each day the violation continues is a separate offense.
(Source: P.A. 91-16, eff. 7-1-99.)

Comment by cdog Tuesday, Nov 10, 15 @ 4:11 pm
Sorry, but if this issue has the Illinois Chamber of Commerce and the Billion Dollar Insurance Companies on one side and our State Treasurer on the other, I hope that the Treasurer prevails!

Many good points already made on this posting. Glad no one in my family, as far as I know, has any insurance with Kemper.

Comment by illini Tuesday, Nov 10, 15 @ 4:12 pm
Cog, thanks

Comment by Wordslinger Tuesday, Nov 10, 15 @ 4:18 pm
Insurance company shameless greed, if not downright fraud. Shame on the Chamber for attacking Frerichs, who just wants people to get what they are owed. Never was a fan of his, but Frerichs deserves credit here.

Comment by phocion Tuesday, Nov 10, 15 @ 4:21 pm
==This latest lawsuit spotlights the highly unconstitutional nature of promulgating a new requirement outside the regulatory and legislative process==
“Is that how it works?”
“Unconstitutional!”
“Overruled.”
“Oh no no no. No, it is HIGHLY unconstitutional.”
“Oh, well if it is highly unconstitutional, I should take time to reconsider.”

Comment by Robert the Bruce Tuesday, Nov 10, 15 @ 4:27 pm
This is not the Illinois Chamber. It is the national body, with an agenda of their own to stop all such audits of big insurance companies across the country.

They cannot really attack the practices of any who companies who avoid paying legitimate claims. They don’t have a strong case that the Illinois audit results are false. So they attack the auditors and the costs to employ them.

This is not something anyone should take seriously, except as a sign of the power and ethics of national insurance industry lobbying.

Comment by walker Tuesday, Nov 10, 15 @ 4:29 pm
Inquiring minds may want to look into who this Verus is, what their other lines of business are, and why they might want to get their hooks into an aggressive mope like Frerichs before you award them the Nobel Peace Prize.

Comment by Arthur Andersen Tuesday, Nov 10, 15 @ 4:32 pm
Thanks for the cites

Comment by Dan Johnson Tuesday, Nov 10, 15 @ 4:37 pm
Verus website

http://verusfinancial.com/index.html

Comment by Wonderer Tuesday, Nov 10, 15 @ 4:41 pm
@AA I don’t know who Verus is.

But I hope he’s, you know, connected and I hope he brings plenty of muscle with him.

After all, he’s collecting on these debts on behalf of families who lose a loved one.

Of course, Verus gets his cut. Anyone got a problem with that?

Comment by Robert the Bruce Tuesday, Nov 10, 15 @ 4:42 pm
Wonderer - thanks for the link. Not a lot of info there, but worth noting.

Comment by illini Tuesday, Nov 10, 15 @ 4:47 pm
Arthur Anderson:

Per the Tribune story and my earlier post, it appears that these audits began under Treasurer Rutherford, and have been going on as far back as at least 2007 in Texas.

I don’t know that anyone is suggesting the Nobel Prize, but if you have something to actually share or allege regarding Verus, please stop being so coy.

We are on the edge of our seats: what could be worse that taking money from widows and orphans?

Comment by Juvenal Tuesday, Nov 10, 15 @ 4:48 pm
These audit and lawsuits date far prior than when the State Treasurer offices have gotten involved. The State Department of Insurance for each of these states does exams of these insurance companies (in Illinois at least one every 5 years) and specifically looks at whether or not the insurance companies are complying with escheat laws. However, this issue is much bigger than what is typically looked at. The exams look at the escheating process after the checks are cut and whether they can find the owners of the proceeds or if they properly hand the money over to the state. This lawsuit is about before the checks are cut, identifying checks that should have been cut, and then finding those people or handing the money over to the state. The state wants the in force records of the companies to look for these “deceased” individuals, the company doesn’t want to give them the records so now they are at the point where they are suing each other and the courts will eventually have to decide who wins because Kemper isn’t going to settle this.

Comment by Wonderer Tuesday, Nov 10, 15 @ 5:01 pm
For starters, hoe about disclosure of their fees?

Then there’s “Senior Adviser” Frank Zarb, best known as the guy who “cleaned up” AIG while making a nice bundle in the process.

Then there’s Verus’ recent acquisition of a (third-tier) pension investment consulting firm that was previously fired by a large Illinois pension fund. Vertical expansion?

Is that enough to be suspicious? For me, yes.

Comment by Arthur Andersen Tuesday, Nov 10, 15 @ 5:22 pm
What does the attorney general say?

Comment by Anonymous Tuesday, Nov 10, 15 @ 5:23 pm
1). The fees are disclosed. Read. The. Links.

2) I admit I never heard of Frank Zarb, so I googled. Frerichs is employing a firm with ties to a nationally respected business leader who headed NASDAQ and was a leader in the Ford White House?!? Gadzooks!

3) 1 + 1 = 3? Help me understand the connection between auditing insurance companies and the takeover of a pension investment bit player who isn’t even that in Illinois, anymore.

Comment by Juvenal Tuesday, Nov 10, 15 @ 5:38 pm
AA:

So, let me get this straight: you do think it is wrong of Kemper to withold money belonging to widows and orphans, you just think the Treasurer should hire a different company to go after them?

Comment by Juvenal Tuesday, Nov 10, 15 @ 5:41 pm
If I recall, AA once supported Jon Bauman and the rest Cellini-Levine SRS cabal. So AA may be judging by the good old days standard.

Comment by Qui Tam Tuesday, Nov 10, 15 @ 5:56 pm
If the insurance companies go under because of money they rightfully owe then so be it. Cheaters should never prosper…

Comment by Mouthy Tuesday, Nov 10, 15 @ 7:15 pm
It is sad that the Treasurer has to step in to protect Illinois Consumers because Rauner is such a shill for the insurance companies. As the great Anthony Weiner once said, every republican I have ever met is a wholly owned subsidiary of the insurance industry. Deal with it!

Comment by Horace Manson Tuesday, Nov 10, 15 @ 8:31 pm
More…http://youtu.be/KBqtyvn7OVw

Comment by Horace Manson Tuesday, Nov 10, 15 @ 8:39 pm
As the executor of my mom’s estate, it took me nearly two months to get her life insurance check on a very simple claim. The insurance company had been sold multiple times. I sent the original policy in and they lost it. I ran out of patience with them and not sure I trust them so I’m all for Frerichs trying to keep them honest.

Comment by justacitizen Tuesday, Nov 10, 15 @ 9:16 pm
Don’t Shop at Chamber Members

Comment by x ace Tuesday, Nov 10, 15 @ 11:15 pm
I thought supply side economics and union busting would save us all. Oh the horror.

Comment by Jorge Tuesday, Nov 10, 15 @ 11:29 pm
The Chamber didn’t want the Governor to be the only one withholding benefits from widows, single parents ant their children.

Comment by Michael Westen Wednesday, Nov 11, 15 @ 12:15 am
I, too, have experienced finding insurance papers in my parents’ files and have been told the insurnace has lapsed or was closed by my parents. I cannot verify any of these claims. And, I also wonder if there were other policies I did not find. After all, in their later years, my parents were not very good custodians of their paper work.

Comment by Late to the Party Thursday, Nov 12, 15 @ 8:07 am
cdog (Nov 10, at 2:41 pm) pointed out
”
Its already the law.
(b) “Unclaimed funds”, as used in this Section, means all moneys held and owing by any life insurance corporation unclaimed and unpaid for more than 5 years after the moneys became due and payable as established from the records of the corporation under any life or endowment insurance policy …
”

I submit that all an insurance company has to do is keep death notices out of their records and the insurance company gets to keep the money.

Comment by Late to the Party Thursday, Nov 12, 15 @ 8:10 am