TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE SUBCHAPTER ii: INSURANCE PRODUCERS, LIMITED INSURANCE REPRESENTATIVES AND REGISTERED FIRMS
PART 3120 SUITABILITY IN ANNUITY TRANSACTIONS
SECTION 3120.30 EXEMPTIONS


 

Section 3120.30  Exemptions

 

Unless otherwise specifically included, this Part shall not apply to recommendations involving:

 

a)         Direct response solicitations where there is no recommendation based on information collected from the consumer pursuant to this Part;

 

b)         Contracts used to fund:

 

1)         An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA);

 

2)         A plan described by sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the Internal Revenue Code (IRC) (26 USCS 401 et seq.), as amended, if established or maintained by an employer;

 

3)         A government or church plan defined in section 414 of the IRC, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under section 457 of the IRC;

 

4)         A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;

 

5)         Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or

 

6)         Formal prepaid funeral contracts.

 

(Source:  Amended at 35 Ill. Reg. 16087, effective September 26, 2011)