INS CD-VALUATION OF POLICIES Senate SponsorsSen. William R. Haine 1/13/2015SenateSession Sine Die 215 ILCS 5/229.2from Ch. 73, par. 841.2Amends the Illinois Insurance Code. Makes a technical change in a Section concerning the standard non-forfeiture law for life insurance.Senate Committee Amendment No. 1 Adds reference to:215 ILCS 5/223from Ch. 73, par. 835Replaces everything after the enacting clause. Amends the Illinois Insurance Code. In the Section concerning the Director of Insurance's valuation of policies and the legal standard of valuation, provides that certain provisions shall apply to all policies and contracts, as appropriate, issued prior to the operative date of the National Association of Insurance Commissioners Valuation Manual. Sets forth provisions concerning the application of the Valuation Manual and experience reporting for policies issued or in force on or after the operative date of the Valuation Manual and the requirements of a principle-based valuation. Makes changes concerning the standard non-forfeiture law for life insurance and other changes.Senate Floor Amendment No. 2 Replaces everything after the enacting clause with the bill as amended by Senate Amendment No. 1 with the following changes. Specifies that the requirement that the Director annually value, or cause to be valued, the reserve liabilities for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in the State applies to policies and contracts issued prior to the operative date of the Valuation Manual. Specifies that the requirement that the Director annually value, or cause to be valued, the reserve liabilities for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the operative date of the Valuation Manual applies to policies and contracts issued on or after the operative date of the Valuation Manual. Makes technical and grammatical changes. 1/28/2014SenateFiled with Secretary by Sen. William R. Haine 1/28/2014SenateFirst Reading 1/28/2014SenateReferred to Assignments 3/19/2014SenateAssigned to Insurance 3/21/2014SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine 3/21/2014SenateSenate Committee Amendment No. 1 Referred to Assignments 3/25/2014SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance 3/26/2014SenateSenate Committee Amendment No. 1 Adopted 3/27/2014SenateDo Pass as Amended Insurance; 012-000-000 3/27/2014SenatePlaced on Calendar Order of 2nd Reading April 1, 2014 4/2/2014SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. William R. Haine 4/2/2014SenateSenate Floor Amendment No. 2 Referred to Assignments 4/7/2014SenateSenate Floor Amendment No. 2 Be Approved for Consideration Assignments 4/8/2014SenateSecond Reading 4/8/2014SenateSenate Floor Amendment No. 2 Adopted; Haine 4/8/2014SenatePlaced on Calendar Order of 3rd Reading April 9, 2014 4/11/2014SenateRule 2-10 Third Reading Deadline Established As May 1, 2014 7/1/2014SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments 1/13/2015SenateSession Sine Die