Section 1405.50  Group Insurance

a)         Group Insurance is defined in Section 230.1 of the Code.   Standard Provisions for Group Policies are cited in Section 231.1 of the Code.

b)         Group Insurance Contributory or Non-Contributory

            The policy shall state whether it is either contributory or non-contributory.

c)         If a group policy terminates or is amended to terminate any class of insured persons, Section 231.1(k) of the Code requires a limited conversion privilege for every insured person who, at termination, had been insured for at least 5 years prior to the termination.

d)         Paid-Up Term Life Insurance Benefit in Group Ordinary Life

            Any group ordinary life insurance form providing a paid-up term life insurance benefit may contain a limitation to the effect that, when the paid-up benefit amounts to less than $1,000, only the alternative cash value as provided in the form shall be payable.

(Source:  Amended at 34 Ill. Reg. 5835, effective April 7, 2010)