(5 ILCS 375/12) (from Ch. 127, par. 532)
Sec. 12. (a) Any surplus resulting from favorable experience of those
portions of the group life insurance and group health program shall be
refunded to the State of Illinois for deposit, respectively, in the Group Insurance
Premium Fund or Health Insurance Reserve Fund established under this Act.
Such funds may be applied to reduce member premiums, charges or fees or
increase benefits, or both, in accordance with Subsection (b) of this Section.
(b) Surplus resulting from favorable experience may be applied to
any current or future contract made under authority of this Act. With respect to any surplus relating to the Group Insurance Premium Fund, the surplus shall be deposited into the Group Insurance Premium Fund and may be applied either
towards the reduction of the cost of optional life insurance or the provision of additional life insurance as determined by the Director. With respect to any surplus relating to the Health Insurance Reserve Fund, the surplus shall be deposited into the Health Insurance Reserve Fund and may be applied towards
contributions to the
program of health benefits or other benefits or towards providing
additional health or other benefits, or both, as determined
by the Director.
(Source: P.A. 95-632, eff. 9-25-07.)
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