The state treasurer’s office, due to a lawsuit, can’t audit an insurance company to make sure policy holders are getting their benefits.
Mike Frerichs says Kemper doesn’t want him looking at its books.
“The majority of companies out there are letting us come in and audit them,” Frerichs says. “We requested to do that with Kemper, and we were met with a lawsuit.”
Click here for summary
The suit contends the companies, which include United Insurance in Illinois, Reserve National in Oklahoma and Reliable Life in Missouri, don’t have to pay benefits unless the beneficiaries or their families file claims, present a death certificate or if the beneficiary is at least 99 years old, if still living.
Frerichs has requested Attorney General Lisa Madigan defend the state.
Roughly $195 million in unclaimed benefits has been recovered in the past few years.