Date	Chamber	Action
1/11/2005	Senate	Session Sine Die

Statutes Amended In Order of Appearance

215 ILCS 5/229.4

from Ch. 73, par. 841.4

Synopsis As Introduced
Amends the Illinois Insurance Code. In provisions pertaining to the minimum values, as specified in the Section, of any paid-up, cash surrender or death benefits available under an annuity contract be based upon minimum nonforfeiture amounts as defined, modifies the definition determining the minimum nonforfeiture amount. Provides that the interest rate used in determining minimum nonforfeiture amounts to be an annual rate of interest determined as the lesser of 3% per annum and the following, which shall be specified in the contract if the interest rate will be reset, (i) the 5-year Constant Maturity Rate reported by the Federal Reserve, (ii) reduced by 125 basis points, (iii) the resulting interest rate is not less than 1%, and (iv) the interest rate applies for an initial period and may be redetermined for additional periods. Clarifies existing language and makes other changes. Effective July 1, 2006.

Actions 

Date	Chamber	Action
2/3/2004	Senate	Filed with Secretary by Sen. Denny Jacobs
2/3/2004	Senate	First Reading
2/3/2004	Senate	Referred to Rules
1/11/2005	Senate	Session Sine Die

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