92nd General Assembly
Summary of SB1976
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Short description: 
INS-INSOLVENT COMPANY'S ESTATE                                             

Synopsis of Bill as introduced:
        Amends the Illinois Insurance Code.  Provides that from  July  1,      
   2002  until  July  1,  2005  the  rate of interest used in calculating      
   minimum nonforfeiture amounts for certain  contracts  shall  be  1.5%,      
   rather than 3%, per year.  Effective July 1, 2002.                          
          FISCAL NOTE (Department of Insurance)                                
          SB 1976 would create no fiscal impact on the Department.             
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          215 ILCS 5/229.4                                                     
          Adds reference to:                                                   
          215 ILCS 5/205                  from Ch. 73, par. 817                
          215 ILCS 5/226.1                from Ch. 73, par. 838.1              
        Replaces the title and  everything  after  the  enacting  clause.      
   Amends  the  Illinois Insurance Code.  Provides that claims against an      
   insolvent  company's  estate  by  policyholders,  beneficiaries,   and      
   insureds  under  funding  agreements  shall  have the same priority as      
   claims under insurance policies and annuities.  Provides that  funding      
   agreements  may  be  issued without a life contingency annuity payment      
   option on the same basis as annuity contracts. Effective immediately.       
 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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