90th General Assembly
Summary of SB1901
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Short description: 
INS LIFE EARLY PAYMENT                                                     

Synopsis of Bill as introduced:
        Amends the Illinois Insurance Code.  Provides that a policy  that      
   allows  payment  of  a  percentage  of  the face amount of benefits in      
   advance upon a diagnosis that  the  insured  has  incurred  a  medical      
   condition  listed in the policy may pay up to 75%, rather than 25%, of      
   the benefits in advance.  Provides that total and permanent disability      
   or any condition approved by the Department of Insurance  may  qualify      
   for advance payments.  Effective immediately.                               
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          215 ILCS 5/57                   from Ch. 73, par. 669                
          215 ILCS 5/59.2 new                                                  
        Amends the Illinois Insurance Code.   Authorizes the formation of      
   mutual insurance holding companies.  Provides for  the  conversion  of      
   subsidiary  mutual companies to stock companies.  Requires approval of      
   the Director of Insurance and of the members.  Defines terms.               
          FISCAL NOTE, H-AM 1 (Dpt. Insurance)                                 
          No fiscal impact on the Department.                                  
          STATE MANDATES ACT FISCAL NOTE, H-AM 1                               
          Fails to create a State mandate.                                     
Last action on Bill: PUBLIC ACT.............................. 90-0810

   Last action date: 99-01-06

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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