Illinois General Assembly - Bill Status for SB2764

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Bill Status of SB2764 98th General Assembly

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Short Description: INS CD-VALUATION OF POLICIES

Senate Sponsors
Sen. William R. Haine

Last Action

Date	Chamber	Action
1/13/2015	Senate	Session Sine Die

Statutes Amended In Order of Appearance

215 ILCS 5/229.2

from Ch. 73, par. 841.2

Synopsis As Introduced
Amends 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 5/223	from Ch. 73, par. 835

Replaces 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.

Actions

Date	Chamber	Action
1/28/2014	Senate	Filed with Secretary by Sen. William R. Haine
1/28/2014	Senate	First Reading
1/28/2014	Senate	Referred to Assignments
3/19/2014	Senate	Assigned to Insurance
3/21/2014	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
3/21/2014	Senate	Senate Committee Amendment No. 1 Referred to Assignments
3/25/2014	Senate	Senate Committee Amendment No. 1 Assignments Refers to Insurance
3/26/2014	Senate	Senate Committee Amendment No. 1 Adopted
3/27/2014	Senate	Do Pass as Amended Insurance; 012-000-000
3/27/2014	Senate	Placed on Calendar Order of 2nd Reading April 1, 2014
4/2/2014	Senate	Senate Floor Amendment No. 2 Filed with Secretary by Sen. William R. Haine
4/2/2014	Senate	Senate Floor Amendment No. 2 Referred to Assignments
4/7/2014	Senate	Senate Floor Amendment No. 2 Be Approved for Consideration Assignments
4/8/2014	Senate	Second Reading
4/8/2014	Senate	Senate Floor Amendment No. 2 Adopted; Haine
4/8/2014	Senate	Placed on Calendar Order of 3rd Reading April 9, 2014
4/11/2014	Senate	Rule 2-10 Third Reading Deadline Established As May 1, 2014
7/1/2014	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Assignments
1/13/2015	Senate	Session Sine Die

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