Treasurer backs override on life insurance money that companies - WEEK.com: Peoria-area News, Weather, Sports

Treasurer backs override on life insurance money that companies keep

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We haven't had a legislative showdown for a few weeks now but here comes the life insurance question.

Governor Bruce Rauner used an amendatory veto on House Bill 302, banning outside auditors from looking into life insurance payments that weren't made.


On the other side, state treasurer Michael Frerichs who says this issue is worth billions to taxpayers.

"Our office has conducted audits of about 23 different companies and discovered over half a billion dollars in unpaid insurance benefits. we know that there are hundreds of millions of dollars more (that) we'd like to get to the grieving family members of those who have passed," Frerichs said Thursday. 

The treasurer called Gov. Rauner's partial veto of the life insurance bill "political malpractice."


An override requires a three-fifths majority vote in both the house and senate.


They're scheduled to take up this issue in two weeks when the reconvene in Springfield.

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