Beginning in 2018, insurance companies must become more diligent in notifying beneficiaries of life insurance policies.

The Illinois state treasurer discusses his office's decisions in 2016 on college savings programs, suspending investment activity with Wells Fargo, and pushing legislation to require insurance companies to pay benefits.

Illinois Gov. Bruce Rauner has signed legislation to force insurance companies to locate beneficiaries of unclaimed life insurance policies and pay them money they're owed. Democratic Treasurer Michael Frerichs says his office has identified more than $550 million in unpaid benefits owed to Illinois residents.

Democratic Treasurer Mike Frerichs says some insurers are withholding death benefits funds to boost their own profit margins, rather than seek out beneficiaries.  He's urging Republican Gov. Bruce Rauner to sign a measure that unanimously passed both chambers - it would require these companies to use the federal Death Master File to determine if benefits have been paid.