Illinois SB 2872: SCH CD-RELAXATION ACTIVITIES

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 Full Text of SB2872

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SB2872 EnrolledLRB104 16830 BAB 30239 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Insurance Code is amended by 

5changing Section 229.4a as follows:

6 (215 ILCS 5/229.4a)

7 Sec. 229.4a. Standard Nonforfeiture Law for Individual 

8Deferred Annuities.

9 (1) Title. This Section shall be known as the Standard 

10Nonforfeiture Law for Individual Deferred Annuities.

11 (2) Applicability. 

12 (A) This Section shall not apply to any reinsurance, 

13 group annuity purchased under a retirement plan or plan of 

14 deferred compensation established or maintained by an 

15 employer (including a partnership or sole proprietorship) 

16 or by an employee organization, or by both, other than a 

17 plan providing individual retirement accounts or 

18 individual retirement annuities under Section 408 of the 

19 Internal Revenue Code, as now or hereafter amended, 

20 premium deposit fund, variable annuity, investment 

21 annuity, immediate annuity, any deferred annuity contract 

22 after annuity payments have commenced, or reversionary 

23 annuity, nor to any contract which shall be delivered 

SB2872 Enrolled- 2 -LRB104 16830 BAB 30239 b

1 outside this State through an agent or other 

2 representative of the company issuing the contract.

3 (B) Subsections (3) through (8) shall not apply to 

4 contingent deferred annuities. Notwithstanding this 

5 exemption, the Director shall have the authority to adopt, 

6 by rule, nonforfeiture benefits for contingent deferred 

7 annuities that are, in the opinion of the Director, 

8 equitable to the c