SB2872 exempts contingent deferred annuities from certain nonforfeiture law provisions in Illinois.
SB2872 amends the Illinois Insurance Code to exempt contingent deferred annuities from specified provisions of the Standard Nonforfeiture Law for Individual Deferred Annuities. This includes exemptions from certain minimum nonforfeiture amount requirements and the calculation of cash surrender value. However, the Director of Insurance retains the authority to adopt nonforfeiture benefits for contingent deferred annuities that are deemed equitable to the contract holder.
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