PETERSON AND CULLERTON.
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
END OF INQUIRY
Full Text Bill Status