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Sen. Chuck Weaver (R-Peoria) cleaned up some civil law language regarding insurance policies in divorce cases by introducing SB2437 during Senate debate April 11.
Weaver said the non-marital life insurance bill was negotiated by the Illinois State Bar Association.
“What this bill does is ensure that a person going through a divorce is not penalized for forgetting about an old insurance policy stuck in a drawer and thereby reduces litigation and clarifies who should be the beneficiary,” Weaver said.
Sen. Chuck Weaver (R-Peoria)
The bill text further defines the law, stating “a life insurance company that insures the life of either spouse or holds a policy in which either spouse has an interest will not be held liable for distributing the proceeds or transferring an interest in such a policy if it is disburses the proceeds or transfers the interest prior to the actual receipt of proof of the judgment of dissolution or declaration of invalidity of marriage.”
SB2437 passed the Senate on a 58-0 vote and moved to the House.
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