Illinois Compiled Statutes 765 ILCS 1026/15-802 – Administrator to retain records of property
Current as of: 2024 | Check for updates
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The administrator shall:
(1) record and retain the name and last-known address
(1) record and retain the name and last-known address
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of each person shown on a report filed under Section 15-401 to be the apparent owner of property delivered to the administrator;
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(2) record and retain the name and last-known address
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of each insured or annuitant and beneficiary shown on the report;
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(3) for each policy of insurance or annuity contract
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listed in the report of an insurance company, record and retain the policy or account number, the name of the company, and the amount due or paid shown on the report;
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(4) for each apparent owner listed in the report,
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record and retain the name of the holder that filed the report and the amount due or paid; and
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(5) maintain records sufficient to indicate the
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filing of reports required under Section 15-401 and the payment or delivery of property to the administrator under Section 15-603.
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Records created or maintained pursuant to this Section are subject to the requirements of the Illinois State Records Act.
Terms Used In Illinois Compiled Statutes 765 ILCS 1026/15-802
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14