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Monday 23 January 2017 BUSINESS
A24

Illinois treasurer seeks

payout of unclaimed

life insurance

PEORIA, Ill. (AP) — A measure backed by Illinois’ treasurer
could help ensure that insurance companies have paid
out money properly to beneficiaries of life insurance poli-
cies.
The proposed legislation would require companies to
examine the past 20 years of their records to ensure
that money was distributed properly, the (Peoria) Journal
Star (http://bit.ly/2j3XNo6) reported.
State Treasurer Michael Frerichs said the measure is im-
portant for individuals who don’t know they have funds
owed to them.
“We think there are tens if not hundreds of millions of dol-
lars more that should be paid out to the loved ones, the
heirs or beneficiaries, of Illinois life insurance holders,” Fr-
erichs said.
In this Saturday, Dec. 10, 2016 file photo, Russian Minister of Energy Alexander Novak, left, and Frerichs’ office has been working with about 20 of the
Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia attend a news largest companies that sell such policies in Illinois. So far,
conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at there has been about $500 million found in unpaid life in-
their headquarters in Vienna, Austria. surance benefits.
Associated Press Not all such companies cooperated with the efforts of
OPEC, allies says production the treasurer’s office. Some of the insurance businesses

weren’t responsive, and others told the office they didn’t
cuts ahead of schedule want to participate.
Peoria County Board Chairman Andrew Rand said the
proposed legislation is common sense.
“It seems so self-evident that the one event that the pol-
GEORGE JAHN Novak said firm figures Novak said that his coun-
The Associated Press wouldn’t be available be- try, which committed to icy protects and covers, the death, would be the one
VIENNA (AP) — OPEC and fore the end of the month the largest cut of 300,000 responsibility the insurer would have,” he said. “Death is
key non-OPEC oil produc- on what already had been barrels a day, already had a certainty, and that’s why the life insurance policy was
ers are near their target of achieved. achieved trimmed produc- created.”
taking 1.8 million barrels of But he estimated that tion by 100,000 barrels — The proposed legislation is also backed by the NAACP,
crude a day off global mar- “close to” 1.5 million bar- double its projected target AARP, the activist group Citizen Action and the Illinois Fu-
kets less than two months rels a day had been cut of 50,000 barrels by late neral Directors Association.q
after agreeing to do so in as of late January, adding January. U.S. gas prices drop
efforts to push up the price that many countries are ex- The announced reductions
of crude, Russia’s energy ceeding promised reduc- come after years of failed
minister said Sunday. tions. attempts, with individual a cent over 2 weeks
Alexander Novak’s upbeat Crude oil sold for over $100 OPEC members ignoring
comments to reporters a barrel in the summer of calls to hew to production
came at the end of the first 2014. Prices bottomed out, targets in attempt to maxi- to $2.36 a gallon
meeting of a joint OPEC- below $30 a barrel in Janu- mize sales and OPEC out-
non-OPEC committee set ary 2016 but seldom rose siders showing little interest
up to monitor compliance much above $50 for the in cooperating with the oil CAMARILLO, Calif. (AP) — The average price of a gallon
to the Dec. 10 agreement. rest of the year, prompt- cartel. of regular-grade gasoline fell just over 1 cent nationally
Back then, Russia and 10 ing December’s concerted But in the wake of the prog- during the past two weeks, to $2.36.
other nations outside OPEC action by the producers ress announced Sunday, Industry analyst Trilby Lundberg said Sunday that the drop
decided to join with the within and outside OPEC. Kuwaiti Oil Minister Issam A. mostly results from a dip in crude oil costs. Lundberg says
13 members of the Orga- On Friday, benchmark U.S. Almarzooq, who chaired the current price is 46 cents a gallon above what it was
nization of the Petroleum crude was selling at $52.42 the meeting, spoke confi- a year ago.
Exporting Countries to re- a barrel in New York, while dently of the agreement’s Gas in San Diego was the highest in the continental Unit-
duce the daily amount of a barrel of Brent crude, ultimate success. ed States at an average of $2.82 a gallon Friday. The low-
oil on sale by 1.8 million bar- used to price international “We will not accept any- est average was in Tulsa, Oklahoma, at $2.05 a gallon.
rels in the first six months of oils, fetched $55.49 in Lon- thing less than 100 percent The U.S. average diesel price is $2.57, up a penny from
this year. don. compliance,” he said.q two weeks ago.q