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News
July 25, 2016

Troubling ‘Unclaimed Property’ Bill Sits on Illinois Governor’s Desk

Legislation currently sitting on the desk of Illinois Governor Bruce Rauner, the Unclaimed Life Insurance Benefits Act, would require “life insurance companies to make an effort to track down beneficiaries of unclaimed policies, contracts and accounts when they know the policyholder has died,” reports Madison – St. Clair Record

A spokesperson for Kemper said that big winners in this area “are the audit firms that take a huge piece of the assets they claim to have ‘found.’” The spokesperson said “states and these auditing firms have a questionable relationship that needs further examination, as does the state treasurers’ conflict of interest.”

One such audit firm is Verus, which has been sued by Kemper and a number of other insurers. That lawsuit revealed Verus “has earned more than $51 million from its work in California and Illinois.” 

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