INS CD-DEFERRED ANNUITIES House SponsorsRep. Frank J. Mautino-Ralph C. Capparelli Senate Sponsors(Sen. Denny Jacobs-William E. Peterson) 8/6/2004HousePublic Act . . . . . . . . . 93-0873 215 ILCS 5/229.4from Ch. 73, par. 841.4 Amends the Illinois Insurance Code. In provisions pertaining to the minimum values of any paid-up, cash surrender or death benefits available under an annuity contract based upon minimum nonforfeiture amounts as defined, modifies the definition determining the minimum nonforfeiture amount. Provides that the interest rate used in determining minimum nonforfeiture amounts to be an annual rate of interest determined as the lesser of 3% per annum and the following, which shall be specified in the contract if the interest rate will be reset, (i) the 5-year Constant Maturity Treasury Rate reported by the Federal Reserve, (ii) reduced by 125 basis points, (iii) the resulting interest rate is not less than 1%, and (iv) the interest rate applies for an initial period and may be redetermined for additional periods. Clarifies existing language and makes other changes. Effective July 1, 2006.Fiscal Note (Department of Insurance) This bill would have no fiscal impact on the Department of Insurance.House Amendment No. 1 Adds reference to:215 ILCS 5/229.4a newDeletes everything after the enacting clause. Amends the Illinois Insurance Code. Repeals the Standard Non-forfeiture Law for Individual Deferred Annuities on July 1, 2006, and adds a new Standard Non-forfeiture Law for Individual Deferred Annuities. Provides that a company may elect to apply the new provisions to annuity contracts on a contract form-by-contract form basis before July 1, 2006. Provides that, in all other instances, the new provisions become operative with respect to annuity contracts issued by the company on or after July 1, 2006. In provisions pertaining to the minimum values of any paid-up, cash surrender, or death benefits available under an annuity contract based upon minimum nonforfeiture amounts as defined, modifies the definition determining the minimum nonforfeiture amount. Provides that the interest rate used in determining minimum nonforfeiture amounts shall be an annual rate of interest determined as the lesser of 3% per annum and a specified formula, which shall be specified in the contract if the interest rate will be reset. The new provisions make numerous other modifications to the current Standard Non-forfeiture Law for Individual Deferred Annuities. Effective July 1, 2004.House Amendment No. 3 Repeals the new provisions on July 1, 2007. 2/5/2004HouseFiled with the Clerk by Rep. Frank J. Mautino 2/5/2004HouseFirst Reading 2/5/2004HouseReferred to Rules Committee 3/2/2004HouseAssigned to Insurance Committee 3/2/2004HouseMotion to Suspend Rule 25 - Prevailed by Voice Vote 3/3/2004HouseDo Pass / Short Debate Insurance Committee; 014-000-000 3/3/2004HousePlaced on Calendar 2nd Reading - Short Debate 3/12/2004HouseFiscal Note Filed 3/17/2004HouseHouse Amendment No. 1 Filed with Clerk by Rep. Frank J. Mautino 3/17/2004HouseHouse Amendment No. 1 Referred to Rules Committee 3/25/2004HouseHouse Amendment No. 2 Filed with Clerk by Rep. Frank J. Mautino 3/25/2004HouseHouse Amendment No. 2 Referred to Rules Committee 3/25/2004HouseHouse Amendment No. 3 Filed with Clerk by Rep. Frank J. Mautino 3/25/2004HouseHouse Amendment No. 3 Referred to Rules Committee 3/26/2004HouseAdded Chief Co-Sponsor Rep. Ralph C. Capparelli 3/29/2004HouseHouse Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000 3/29/2004HouseHouse Amendment No. 3 Recommends Be Adopted Rules Committee; 004-000-000 3/29/2004HouseSecond Reading - Short Debate 3/29/2004HouseHouse Amendment No. 1 Adopted by Voice Vote 3/29/2004HouseHouse Amendment No. 3 Adopted by Voice Vote 3/29/2004HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/30/2004HouseThird Reading - Short Debate - Passed 116-000-000 3/31/2004SenateArrive in Senate 3/31/2004SenatePlaced on Calendar Order of First Reading April 1, 2004 3/31/2004SenateChief Senate Sponsor Sen. Denny Jacobs 3/31/2004SenateFirst Reading 3/31/2004SenateReferred to Rules 4/21/2004SenateAssigned to Insurance & Pensions 4/22/2004SenateAdded as Alternate Chief Co-Sponsor Sen. William E. Peterson 4/28/2004SenateDo Pass Insurance & Pensions; 009-000-000 4/28/2004SenatePlaced on Calendar Order of 2nd Reading April 29, 2004 4/29/2004SenateSecond Reading 4/29/2004SenatePlaced on Calendar Order of 3rd Reading May 4, 2004 5/11/2004SenateThird Reading - Passed; 046-004-002 5/11/2004HousePassed Both Houses 6/9/2004HouseSent to the Governor 8/6/2004HouseGovernor Approved 8/6/2004HouseEffective Date August 6, 2004 8/6/2004HousePublic Act . . . . . . . . . 93-0873