Section 1451.20  Definitions

Code means the Illinois Insurance Code [215 ILCS 5].

Company shall mean a stock or mutual legal reserve life insurance company or a fraternal benefit company that operates on a legal reserve basis.  It does not include an assessment legal reserve company, or any other company as that term is defined in subsection (e) of Section 2 of the Illinois Insurance Code [215 ILCS 5/2(e)].

1983 Table "a" means the mortality table developed by the Society of Actuaries Committee to Recommend a New Mortality Basis for Individual Annuity Valuation and adopted as a recognized mortality table for annuities in June 1982 by the National Association of Insurance Commissioners.

Producer shall mean any person who is licensed as a life insurance producer under the Illinois Insurance Code.  The term producer also includes any person who represents a fraternal benefit company, operating on a legal reserve basis, and who solicits, negotiates or effects, for or on behalf of any such company, policies or contracts for insurance covering risks in this State.

Securities Examination shall mean proof of passing either of the NASD Series 6 or 7 Qualification Examinations or any superseding NASD examination that grants a person authority to sell variable contracts.

Variable Contract shall mean any policy or contract which provides for life insurance or annuity benefits that vary according to the investment experience of any separate account or accounts maintained by the insurer as to such policy or contract, as provided for in Section 245.21 of the Illinois Insurance Code [215 ILCS 5/245.21].

Variable Contract Producer shall mean a producer who shall sell or offer to sell any variable contract.

(Source:  Amended at 25 Ill. Reg. 4208, effective March 5, 2001)