Insurers Targets Ill. Regulator Over Death Benefits Probe
By Bibeka Shrestha
Law360, New York (September 6, 2013, 5:14 PM EDT) -- Three Kemper Corp. life insurance companies on Wednesday put up a legal challenge to the Illinois Department of Insurance's recent attempts to require insurers to comb through federal death records to proactively pay out death benefits, part of a multistate effort that has led to multimillion-dollar settlements.
In a new suit, United Insurance Co. of America, Reserve National Insurance Co. and The Reliable Life Insurance Co. asked a Cook County court to rule that the Illinois insurance code doesn't require carriers to search through the U.S....