INS CD-DEFERRED ANNUITIES Senate SponsorsSen. Denny Jacobs 1/11/2005SenateSession Sine Die 215 ILCS 5/229.4from Ch. 73, par. 841.4Amends the Illinois Insurance Code. In provisions pertaining to the minimum values, as specified in the Section, of any paid-up, cash surrender or death benefits available under an annuity contract be 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 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. 2/3/2004SenateFiled with Secretary by Sen. Denny Jacobs 2/3/2004SenateFirst Reading 2/3/2004SenateReferred to Rules 1/11/2005SenateSession Sine Die