Environmental & Healthcare Legislative Watch50 States · D.C. · U.S. Congress
From official state and federal legislative records. Informational only, not legal advice.
Signed — now law
The governor signed it. This is now an official law.
The governor signed it. Nothing left to watch.
In plain words
AI summaryWritten by AI from the bill text. Check the official text before relying on it.
Amends the Illinois Insurance Code. Provides that specified provisions of the Standard Nonforfeiture Law for Individual Deferred Annuities shall not apply to contingent deferred annuities. Provides that, notwithstanding this exemption, the Director of Insurance shall have the authority to adopt, by rule, nonforfeiture benefits for contingent deferred annuities that are, in the opinion of the Director, equitable to the contract holder, appropriate given the risks insured, and, to the extent possible, consistent with the general intent of the provisions concerning individual deferred annuities. Effective immediately.
