SB2872

SB2872 exempts contingent deferred annuities from certain nonforfeiture law provisions, allowing the Director of Insurance to set equitable.

SB2872 amends the Illinois Insurance Code to exempt contingent deferred annuities from specific provisions of the Standard Nonforfeiture Law for Individual Deferred Annuities. This includes provisions related to minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits. Despite this exemption, the Director of Insurance retains the authority to establish nonforfeiture benefits for contingent deferred annuities, ensuring they are equitable to the contract holder, appropriate given the risks insured, and consistent with the general intent of the law.