Illinois State Treasurer Michael Frerichs has called for statewide hearings to educate the public on how life insurance companies avoid paying death benefits.
Read MoreBased on the policy language before it, the U.S. Court of Appeals for the Seventh Circuit recently found that an insurer has a duty to defend a pharmaceutical distributor in a lawsuit brought by West Virginia’s attorney general alleging that drug distributors contributed to the rise of so-called “pill mills” and, given the massive quantities of drugs ordered, they should have known that the drugs were being used for illicit and destructive purposes.
Read MoreThe Illinois Department of Insurance recently issued a bulletin requiring all companies to obtain independent third party background investigation/verification reports from nationally recognized vendors.
Read MoreThe Illinois Department of Insurance (“IL DOI”) has amended its record disposal and destruction regulation effective May 23, 2016, significantly reducing reporting, book-keeping and retention obligations for Illinois domestic insurers, as well as any principal U.S. office of a foreign or alien insurer located in Illinois.
Read MoreThe U.S. District Court for the Northern District of Illinois recently dismissed a complaint filed by a policy beneficiary asserting that her husband’s lapsed life insurance policy was reinstated because she paid the unpaid premiums five days after her husband’s death.
Read MoreThe Illinois Legislature has a bill pending in the House Rules Committee that would ban the use of price optimization by insurers. Price Optimization is the practice of setting premiums based on factors that are not tied to expected losses.
Read MoreThe Illinois Department of Insurance recently posted its January 2016 Regulatory Agenda. The Regulatory Agenda contains several proposed changes to holding company regulations. The Insurance Holding Company Systems Article of the Illinois Insurance Code was amended by Public Act 98-609, effective in 2014.
Read MoreThe Illinois Department of Insurance (“ IL DOI”) has proposed an amendment to Illinois’ insurer record retention requirements, which would significantly reduce reporting, book-keeping and retention obligations.
Read MoreOn October 26, 2015, three life insurance companies (the “Kemper Companies”) filed a lawsuit against the Illinois State Treasurer (the “Treasurer”) and private auditing firm, Verus Financial LLC, over the Treasurer’s unclaimed property audits of the Kemper Companies.
Read MoreAn Illinois trial court recently addressed the issue of whether an insurer exhausted its limits of liability in paying nearly $90 million for an insured’s defense and indemnity associated with asbestos bodily injury claims.
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