Illinois State Treasurer’s Office News Releases

SPRINGFIELD — New legislation would compel life insurance companies to review their records going back to 1996 and confirm death benefits have been paid to life insurance customers who died, Illinois State Treasurer Michael Frerichs said today. The proposal represents the next logical step to bring commonsense change to the life insurance industry because some companies acknowledge not paying death benefits when they knew or should have known a customer died. The unpaid benefits are baked into the profit plans , some insurers acknowledge. “Some companies will tell you that…

SPRINGFIELD — Illinois State Treasurer Michael Frerichs today returned a Purple Heart medal to Barbara Ann Reynolds, the daughter of late Korean War Veteran Corporal John W. Naylor of Springfield, at a ceremony at the Illinois State Capitol. The Purple Heart is one of the most recognized and respected medals awarded to members of the U.S. Armed Forces. Frerichs also returned Cpl. Naylor’s Combat Infantryman Badge, a special military award for members of the infantry who fight in combat. Naylor served in the Army. The awards were discovered in a…

SPRINGFIELD — Illinois Treasurer M ichael Frerichs released the following statement today after Wells Fargo adopted a n amendment to the corporate bylaws that requires the Board Chair be independent from the CEO. Frerichs co -filed a shareholder resolution with Connecticut State Treasurer Denise L. Nappier to require the change to Wells Fargo bylaws. “I am pleased to see Wells Fargo embracing change. This change to ensure accountability and stronger oversight will benefit everyone with an interest in the company. An independent board chair, as well as board diversity, is…