SB2872 - 104th General Assembly (2025-2026)

CONTINGENT DEFERRED ANNUITIES
Last Action
2/03/2026 - Senate: Assigned to Insurance
Senate Sponsors
Sen. Julie A. Morrison
Statutes Amended In Order of Appearance
215 ILCS 5/229.4a  
Synopsis As Introduced
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.
Actions
DateChamberAction
1/16/2026SenateFiled with Secretary by Sen. Julie A. Morrison
1/16/2026SenateFirst Reading
1/16/2026SenateReferred to Assignments
2/03/2026SenateAssigned to Insurance