reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 50 - INSURANCE › Part 1412 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 1412.60 - Gender-Blended Tables

Current through Register Vol. 48, No. 28, July 12, 2024
a) For any
			 ordinary life insurance policy delivered or issued for delivery in this State
			 on and after July 1, 2004 and before January 1, 2017 that utilizes the same
			 premium rates and charges for male and female lives or is issued in
			 circumstances where applicable law does not permit distinctions on the basis of
			 gender, a mortality table that is a blend of the 2001 CSO Mortality Table (M)
			 and the 2001 CSO Mortality Table (F) may, at the option of the company for each
			 plan of insurance, be substituted for the 2001 CSO Mortality Table for use in
			 determining minimum cash surrender values and amounts of paid-up nonforfeiture
			 benefits. No change in minimum valuation standards is implied by this
			 subsection.
b) The company may
			 choose from among the blended tables developed by the American Academy of
			 Actuaries CSO Task Force and adopted by the NAIC in December 2002.
c) It shall not, in and of itself, be a
			 violation of Article XXVI of the Code for an insurer to issue the same kind of
			 policy of life insurance on both a sex-distinct and sex-neutral
			 basis.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1412 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 1412.70 - Use of 2001 CSO Preferred Class Structure Mortality Table

Current through Register Vol. 48, No. 28, July 12, 2024
The 2001 CSO Preferred Class Structure Mortality Tables may be
				used for calculations under the requirements of 50 Ill. Adm. Code 1409 using
				the guidance in Section
				1412.50
				of this Part, but substituting the 2001 CSO Preferred Class Structure Mortality
				Table for use in determining minimum reserve liabilities as authorized and
				described in 50 Ill. Adm. Code 1413.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1413 - RECOGNITION OF 2001 CSO PREFERRED CLASS STRUCTURE MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 1413.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to recognize, permit and prescribe
				the use of mortality tables that reflect differences in mortality between
				preferred and standard lives in determining minimum reserve liabilities in
				accordance with Section 223(3)(a)(i) of the Illinois Insurance Code
				[215
				ILCS 5/223(3)(a)(i) ] and for use
				under 50 Ill. Adm. Code
				1409.40(a) and
				(b).
Illinois Administrative Code › Title 50 - INSURANCE › Part 1413 - RECOGNITION OF 2001 CSO PREFERRED CLASS STRUCTURE MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 1413.30 - 2001 CSO Preferred Class Structure Table

Current through Register Vol. 48, No. 28, July 12, 2024
At the election of the company, for each calendar year of
				issue, for any one or more specified plans of insurance and subject to
				satisfying the conditions stated in this Part, the 2001 CSO Preferred Class
				Structure Mortality Table may be substituted in place of the 2001 CSO Smoker or
				Nonsmoker Mortality Table as the minimum valuation standard for policies issued
				on or after January 1, 2007 and before January 1, 2017. For policies issued on
				or after July 1, 2004, and prior to January 1, 2007, these tables may be
				substituted with the consent of the Director and subject to the conditions of
				Section
				1413.40. In
				determining whether to grant consent, the Director may rely on the consent of
				the insurance supervisory official of the company's state of domicile. No such
				election shall be made until the company demonstrates at least 20% of the
				business to be valued on this table is in one or more of the preferred classes.
				A table from the 2001 CSO Preferred Class Structure Mortality Table used in
				place of a 2001 CSO Mortality Table, pursuant to the requirements of this Part,
				will be treated as part of the 2001 CSO Mortality Table only for purposes of
				reserve valuation pursuant to the requirements of 50 Ill. Adm. Code 1412,
				"Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum
				Reserve Liabilities and Nonforfeiture Benefits".
Illinois Administrative Code › Title 50 - INSURANCE › Part 1413 - RECOGNITION OF 2001 CSO PREFERRED CLASS STRUCTURE MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 1413.40 - Conditions

Current through Register Vol. 48, No. 28, July 12, 2024
a) For each plan of
			 insurance with separate rates for preferred and standard nonsmoker lives, an
			 insurer may use the Super Preferred Nonsmoker, Preferred Nonsmoker, and
			 Residual Standard Nonsmoker Tables to substitute for the nonsmoker mortality
			 table found in the 2001 CSO Mortality Table to determine minimum reserves. At
			 the time of election and annually thereafter, except for business valued under
			 the Residual Standard Nonsmoker Table, the appointed actuary shall certify
			 that:
1) The present value of death benefits
			 over the next 10 years after the valuation date, using the anticipated
			 mortality experience without recognition of mortality improvement beyond the
			 valuation date for each class, is less than the present value of death benefits
			 using the valuation basic table corresponding to the valuation table being used
			 for that class.
2) The present
			 value of death benefits over the future life of the contracts, using
			 anticipated mortality experience without recognition of mortality improvement
			 beyond the valuation date for each class, is less than the present value of
			 death benefits using the valuation basic table corresponding to the valuation
			 table being used for that class.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1414 - PRENEED LIFE INSURANCE MINIMUM STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 1414.10 - Scope

Current through Register Vol. 48, No. 28, July 12, 2024
This Part applies to preneed insurance contracts issued on or
				after January 1, 2009 and before January 1, 2017, as defined in Section
				1414.30, and to
				similar policies and certificates. The determination shall be based, in part,
				on the use of various types of insurance policies to accomplish goals similar
				to preneed contracts, as well as policies with characteristics and benefits
				that resemble those found in preneed contracts. The Director shall have the
				authority to determine what constitutes similar policies and
				certificates.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1414 - PRENEED LIFE INSURANCE MINIMUM STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 1414.20 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to establish for preneed insurance
				products minimum mortality standards for reserves and nonforfeiture values, and
				to require the use of the 1980 Commissioner's Standard Ordinary (CSO) Life
				Valuation Mortality Table for use in determining the minimum standard of
				valuation of reserves and the minimum standard nonforfeiture values for preneed
				insurance products.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1414 - PRENEED LIFE INSURANCE MINIMUM STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 1414.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
1980 CSO Valuation Table means the Commissioner's 1980 Standard
				Ordinary Mortality Tables (1980 CSO) without 10 year selection factors,
				incorporated into the 1980 amendments to the NAIC Standard Valuation Law, and
				the smoker and nonsmoker variations of the 1980 CSO Table approved by the NAIC
				in December 1983, as published in the 1984 Proceedings for the NAIC, Vol. 1, p.
				31 and approved by the Director for use in determining the minimum standards of
				valuation pursuant to 50 Ill. Adm. Code 934.
2001 CSO Mortality Table means that mortality table, consisting
				of separate rates of mortality for male and female lives found in 50 Ill. Adm.
				Code 1412.Appendix A, developed by the American Academy of Actuaries CSO Task
				Force from the Valuation Basic Mortality Table developed by the Society of
				Actuaries Individual Life Insurance Valuation Mortality Task Force, and adopted
				by the NAIC in December 2002. Unless the context indicates otherwise, the 2001
				CSO Mortality Table includes both the ultimate form of that table and the
				select and ultimate form of that table, and includes both the smoker and
				nonsmoker mortality tables and the composite mortality tables. It also includes
				both the age-nearest-birthday and age-last-birthday bases of the mortality
				tables.
Code means the Illinois Insurance Code [215 ILCS 5 ].
Department means the Department of Financial and Professional
				Regulation.
Director means the Director of the Department of Financial and
				Professional Regulation-Division of Insurance.
Division means the Illinois Department of Financial and
				Professional Regulation-Division of Insurance.
NAIC means the National Association of Insurance
				Commissioners.
Preneed Insurance is any life insurance policy or certificate,
				or any series or combination of agreements or contracts, issued in combination
				with, in support of, with an assignment to, or as a guarantee for a
				prearrangement agreement for goods and services to be provided at the time of
				and immediately following the death of the insured. Goods and services may
				include, but are not limited to, embalming, cremation, body preparation,
				viewing or visitation, coffin or urn, memorial stone, and transportation of the
				deceased. The status of the policy or contract as preneed insurance is
				determined at the time of issue in accordance with the policy form
				filing.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1414 - PRENEED LIFE INSURANCE MINIMUM STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 1414.40 - Minimum Valuation Mortality Standards

Current through Register Vol. 48, No. 28, July 12, 2024
For preneed insurance contracts, as defined in Section
				1414.30 of this Part,
				and similar policies and contracts, the minimum mortality standard for
				determining reserve liabilities and nonforfeiture values for both male and
				female insureds shall be the 1980 CSO Valuation Tables.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1414 - PRENEED LIFE INSURANCE MINIMUM STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 1414.50 - Transition Rules

Current through Register Vol. 48, No. 28, July 12, 2024
a) For preneed
			 insurance policies issued on or after January 1, 2009, and before January 1,
			 2012, the 2001 CSO may be used as the minimum standard for reserves and minimum
			 standard for nonforfeiture benefits for both male and female
			 insureds.
b) If an insurer elects
			 to use the 2001 CSO as a minimum standard for any policy issued on or after
			 January 1, 2009, and before January 1, 2012, the insurer shall provide, as a
			 part of the actuarial opinion memorandum submitted in support of the company's
			 asset adequacy testing, an annual written notification to the insurance
			 supervisory official of the state or jurisdiction in which the company is
			 domiciled. The notification shall include:
1)
			 A complete list of all preneed policy forms that use the 2001 CSO as a minimum
			 standard;
2) A certification signed
			 by the appointed actuary stating that the reserve methodology employed by the
			 company in determining reserves for the preneed policies issued after the
			 effective date, and using the 2001 CSO as a minimum standard, develops adequate
			 reserves (For the purposes of this certification, the preneed insurance
			 policies using the 2001 CSO as a minimum standard cannot be aggregated with any
			 other policies.); and
3) Supporting
			 information regarding the adequacy of reserves for preneed insurance policies
			 issued after January 1, 2009 and using the 2001 CSO as a minimum standard for
			 reserves.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1415 - MINIMUM STANDARDS FOR DETERMINING NONFORFEITURE BENEFITS FOR CERTAIN LIFE INSURANCE POLICIES HAVING INTERMEDIATE CASH BENEFITS › Section 1415.10 - Scope

Current through Register Vol. 48, No. 28, July 12, 2024
a) This Part
			 applies to individual life insurance policies, other than variable and
			 non-variable adjustable life policies and current assumption whole life
			 policies, that provide for an endowment benefit, materially less than the
			 policy face amount, at a specified intermediate duration during a longer period
			 of life insurance protection. The payment of an endowment benefit does not
			 alter or eliminate any premiums or benefits scheduled for the period subsequent
			 to the endowment date, nor does the policy automatically terminate upon payment
			 of the endowment benefit. Policies that offer a return of premium endowment
			 benefit may be considered a special case of the policies subject to this
			 Part.
b) Other products within the
			 scope of this Part and designed to provide similar benefits and having similar
			 premium structures (for example, products having a cash value at the end of an
			 initial level premium period equal to the total premiums paid) would be
			 expected to provide minimum cash values that are determined in a manner
			 consistent with this Part. For products with multiple endowment benefits, the
			 minimum cash values should be determined in accordance with the principles of
			 this Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1415 - MINIMUM STANDARDS FOR DETERMINING NONFORFEITURE BENEFITS FOR CERTAIN LIFE INSURANCE POLICIES HAVING INTERMEDIATE CASH BENEFITS › Section 1415.20 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to establish minimum standards for
				nonforfeiture values for certain life insurance policies having intermediate
				cash values, as described in Section
				1415.10
				of this Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1551 - VARIABLE CONTRACTS › Section 1551.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Annuity 2000 Mortality Table" means the mortality table
				developed by the Society of Actuaries Committee on Life Insurance Research and
				adopted as a recognized mortality table for annuities in December 1996 by the
				National Association of Insurance Commissioners (NAIC), as published in the
				Transactions of the Society of Actuaries, Vol. XLVII, p. 240.
"Code" means the Illinois Insurance Code [215 ILCS 5].
"Company" means a stock or mutual legal reserve life insurance
				company or a fraternal benefit company that operates on a legal reserve basis.
				It does not include an assessment legal reserve company, or any other company
				as that term is defined in Section 2(e) of the Code.
"Department" means the Department of Insurance.
"Director" means the Director of the Illinois Department of
				Insurance.
"Producer" means any person who is licensed as a life insurance
				producer under the Code. The term producer also includes any person who
				represents a fraternal benefit company, operating on a legal reserve basis, and
				who solicits, negotiates or effects, for or on behalf of the fraternal benefit
				company, policies or contracts for insurance covering risks in this
				State.
"Securities Examination" means the Financial Industry
				Regulatory Authority (FINRA) Series 6 or Series 7 Qualification Examinations or
				any superseding FINRA examination that grants a person authority to sell
				variable contracts.
"Variable Contract" means any policy or contract that provides
				for life insurance or annuity benefits that vary according to the investment
				experience of any separate account or accounts maintained by the insurer as to
				that policy or contract, as provided for in Section 245.21 of the Code; or any
				policy or contract that is registered under the Securities Act of 1933, as
				amended (
				15
				USC 77a et seq.), and that provides for
				benefits that vary according to the performance of an index, when the funds are
				not guaranteed as to principal or a stated rate of interest and in which the
				supporting assets are held and reported in a noninsulated separate account in
				which changes in asset values substantially match changes in contractual
				benefits from inception of the contract.
"Variable Contract Producer" means a producer who sells or
				offers to sell any variable contract.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1551 - VARIABLE CONTRACTS › Section 1551.30 - Qualification of Insurance Companies to Issue Variable Contracts

Current through Register Vol. 48, No. 28, July 12, 2024
a) Before any
			 company shall deliver or issue for delivery variable contracts within this
			 State it shall submit to the Director:
1) A
			 general description of the kinds of variable contracts it intends to issue in
			 this State;
2) If requested by the
			 Director, a copy of the statutes and regulations of its state of domicile under
			 which it is authorized to issue variable contracts; and
3) If requested by the Director, biographical
			 affidavits with respect to officers and directors of the company. The
			 biographical affidavits shall include, but not be limited to, the following
			 information: identifying and contact information; educational, residential and
			 employment history; professional, business and technical licenses and
			 memberships; a complete history of fidelity bonding; criminal charges and
			 convictions; civil, regulatory, administrative and disciplinary actions; a
			 complete history of bankruptcy, insolvency, liens and foreclosures; affiant's
			 consent to release background reports to the Department and consent for third
			 parties to cooperate in the gathering of background information and
			 confirmation; and the individual's, and his or her immediate family's, equity
			 holdings in any entity subject to insurance regulation. The Department will
			 accept the biographical affidavit, and any supplement to that affidavit. The
			 affidavit is available on the website of the NAIC or the Department.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1551 - VARIABLE CONTRACTS › Section 1551.40 - Separate Accounts

Current through Register Vol. 48, No. 28, July 12, 2024
A domestic company issuing variable contracts shall establish
				one or more separate accounts pursuant to Section 245.21 of the Code, subject
				to the following provisions of this Section:
a) Reserves for:
1) benefits guaranteed as to dollar amount
			 and duration, and
2) funds
			 guaranteed as to principal amount or stated rate of interest, which may be
			 maintained in a separate account if a portion of the assets of such separate
			 account at least equal to such reserve liability is invested in accordance with
			 the laws and regulations of this State governing the investments of life
			 insurance companies. Such portion of the assets also shall not be taken into
			 account in applying the investment limitations otherwise applicable to the
			 investments of the company. If a variable contract includes incidental minimum
			 guarantees as referred to in Section
			 1451.60(c)(3)(B)
			 of this Part, this subsection (a)(2) shall apply only to the reserves for any
			 excess of such minimum guarantees over the reserves for the benefits that would
			 be payable under the contract if there were no such minimum
			 guarantees.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1551 - VARIABLE CONTRACTS › Section 1551.50 - Filing of Contracts

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 filing requirements applicable to variable contracts shall be those filing
			 requirements otherwise applicable under existing statutes and regulations of
			 this State with respect to individual and group life insurance and annuity
			 contract form filings, to the extent appropriate as determined by the
			 Director.
b) Individual contracts
			 which provide for both fixed and variable benefits (which are specified at the
			 time of the sale of such contracts) shall show, separately, the consideration
			 to be paid for the fixed benefits and for the variable benefits.
c) In the sale of an individual variable
			 contract, made in correlation with the sale of either a fixed life insurance
			 policy or a fixed annuity contract, there shall be a disclosure to the
			 prospective purchaser which shows the consideration to be paid for the variable
			 contract separately from the other charges. If any benefits or nonforfeiture
			 values which may accrue prior to the death of the insured are involved in the
			 presentation of such a correlated sale, the value of such fixed life insurance
			 policy or such fixed annuity must be shown separately from any other
			 values.
d) Companies filing
			 variable contracts shall include a certification by an officer of the company
			 affirming that they will not sell the product subsequent to the Director's
			 approval unless the Securities and Exchange Commission has provided an
			 effective date for any securities registration required by federal
			 law.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1551 - VARIABLE CONTRACTS › Section 1551.60 - Contracts Providing for Variable Benefits

Current through Register Vol. 48, No. 28, July 12, 2024
a) Illustrations of benefits payable under
			 any variable contract shall not include projections of past investment
			 experience into the future or attempted predictions of future investment
			 experience; provided, however, that the form of illustration found in Appendix
			 A of this Part may be utilized by companies in the sale of immediate variable
			 annuities only.
b) No individual
			 variable annuity contract calling for the payment of periodic stipulated
			 payments shall be delivered or issued for delivery in this State unless it
			 contains in substance the following provisions or provisions which in the
			 opinion of the Director are more favorable to the holders of such contracts:
1) A provision that there shall be a period
			 of grace of 30 days or of one month, within which any stipulated payment to the
			 insurer falling due after the first may be made, during which period of grace
			 the contract shall continue in force. The contract may include a statement of
			 the basis for determining the date as of which any such payment received during
			 the period of grace shall be applied to produce the values under the contract
			 arising therefrom;
2) A provision
			 that, at any time within 1 year from the date of default, in making periodic
			 stipulated payments to the insurer during the life of the annuitant and unless
			 the cash surrender value has been paid, the contract may be reinstated upon
			 payment to the insurer of such overdue payments as required by the contract,
			 and of all indebtedness to the insurer on the contract, including interest. The
			 contract may include a statement of the basis for determining the date as of
			 which the amount to cover such overdue payments and indebtedness shall be
			 applied to produce the values under the contract arising therefrom;
3) A provision specifying the options
			 available in the event of default in a periodic stipulated payment. Those
			 options may include an option to surrender the contract for a cash value as
			 determined by the contract, and shall include an option to receive a paid-up
			 annuity if the contract is not surrendered for cash, the amount of the paid-up
			 annuity being determined by applying the value of the contract at the annuity
			 commencement date in accordance with the terms of the contract.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1551 - VARIABLE CONTRACTS › Section 1551.70 - Required Reports

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any company
			 issuing individual variable contracts shall mail to the contractholder at least
			 once in each contract year after the first at his last address known to the
			 company, a statement or statements reporting the investments held in the
			 separate account. The company shall submit annually to the Director a statement
			 of the business of its separate account or accounts in such form as may be
			 prescribed by the National Association of Insurance Commissioners.
b) Any company issuing individual variable
			 contracts shall mail to the contractholder at least once in each contract year
			 after the first at his last address known to the company, a statement reporting
			 as of a date not more than four months previous to the date of mailing:
1) in the case of an annuity contract under
			 which payments have not yet commenced,
A) the
			 number of accumulation units credited to such contract and the dollar value of
			 a unit, or
B) the value of the
			 contractholder's account; and
Illinois Administrative Code › Title 50 - INSURANCE › Part 1551 - VARIABLE CONTRACTS › Section 1551.80 - Foreign or Alien Companies

Current through Register Vol. 48, No. 28, July 12, 2024
If the law or regulation in the place of domicile of a foreign
				or alien company provides a degree of protection to the policyholder and the
				public which is substantially equal to that provided by applicable provisions
				of the Illinois Insurance Code and this Part, the Director, to the extent
				deemed appropriate, may consider compliance with such law or regulation as
				compliance with applicable provisions of the Illinois Insurance Code and this
				Part. The state of entry of an alien company shall be deemed its place of
				domicile for the purposes of this Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1551 - VARIABLE CONTRACTS › Section 1551.90 - Licensing of Producers for Variable Contracts

Current through Register Vol. 48, No. 28, July 12, 2024
a) No producer shall be eligible to sell or
			 offer for sale a variable contract unless, prior to making any solicitation or
			 sale of such a contract, the producer also is licensed as a variable contract
			 producer. No agent of a fraternal benefit company that operates on a legal
			 reserve basis shall be eligible to be licensed as a variable contract producer
			 unless the producer also is licensed as a life insurance producer.
b) Any producer who participates only in the
			 sale or offering for sale of variable contracts that are not registered under
			 the Federal Securities Act of 1933 (
			 15 USC
			 77(a) et seq.) need not be
			 licensed as a variable contract producer.
c) Any producer applying for a license as a
			 variable contract producer shall do so by obtaining a life insurance producer
			 license pursuant to 50 Ill. Adm. Code 3119 and filing with this Department
			 proof of passing the Securities Examination. Upon completion of these
			 requirements, the Director shall issue a variable contract license to the
			 individual.
d) Any person licensed
			 in this State as a variable contract producer shall immediately report to the
			 Director:
1) any suspension or revocation of
			 the variable contract producer's license or life insurance producer's license
			 in any other State or Territory of the United States;
2) the imposition of any disciplinary
			 sanction (including suspension or expulsion from membership, suspension or
			 revocation of or denial of registration) imposed by any national securities
			 exchange, or national securities association, or any federal, or state or
			 territorial agency with jurisdiction over securities or variable
			 contracts;
3) any judgement or
			 injunction entered against the producer on the basis of conduct deemed to have
			 involved fraud, deceit, misrepresentation, or violation of any insurance or
			 securities law or regulation.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1551 - VARIABLE CONTRACTS › Section 1551.100 - Disclosure

Current through Register Vol. 48, No. 28, July 12, 2024
a) The following
			 information shall be furnished to an applicant for a contract of variable life
			 insurance prior to execution of the application:
1) A summary description of the insurance
			 company and its principal activities.
2) A summary explanation in non-technical
			 terms of the principal variable features of the contract and of the manner in
			 which any variable benefits reflect the investment experience of a separate
			 account.
3) A brief description of
			 the investment policy for the separate account with respect to such
			 contract.
4) A list of investments
			 in the separate account as of a date not earlier than the end of the last year
			 for which an annual statement has been filed with the Director of the state of
			 domicile.
5) Summary financial
			 statements of the insurance company and the separate account based upon the
			 last annual statement filed with such Director, except that for a period of 4
			 months after the filing of any annual statement the summary required by this
			 subsection (a)(5) may be based upon the annual statement, immediately preceding
			 such last annual statement, filed with the Director.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1551 - VARIABLE CONTRACTS › Appendix A - Variable Annuities Only

Current through Register Vol. 48, No. 28, July 12, 2024
[Name of Company]
Hypothetical Illustration of Benefits
From An Immediate Variable Annuity
Prepared for
John Doe
_________________________________________________________________
Age & Sex
65 Male
__________________________________________________________________
Annuity Form
Life Annuity with 120
_________________________________________________________________
Months Certain
_________________________________________________________________
Single Purchase Payment
$15,000
______________________________________________________________
Annuity payments will vary as described in the prospectus, and
				in accordance with the actual investment results.
An interest rate of 3 1/2% is used in calculating the initial
				payment. If the investment result after charges and taxes, as described in the
				prospectus, is equal to the interest rate assumed for the annuity, the annuity
				payment for that period will be unchanged. If the investment result is greater,
				the annuity payment will increase; if less, the payment will decrease.
The table below illustrates the effect of three hypothetical
				annual rates of investment return. The hypothetical rates of investment return
				shown are after provision for any taxes chargeable to the account, but before
				deduction of other charges.
MONTHLY ANNUITY PAYMENT
___________________________________________________
AT AGE
___________________________________________________
Hypothetical
Investment
Result
First
Payment
70
75
80
85
8%
$92.64
$109.40
$129.19
$152.56
$180.16
4%
92.64
90.42
88.26
86.15
84.09
0%
92.64
74.18
59.39
47.56
38.08
The investment results bear no relationship to past or future
				investment results. Actual investment results will vary from month to month and
				actual payments may be more or less than shown above.
Use of this material is prohibited unless preceded or
				accompanied by a current prospectus which sets forth the sales expenses and
				other material information.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1703 - WAR CLAUSES › Section 1703.5 - Introduction

Current through Register Vol. 48, No. 28, July 12, 2024
Life insurance policy forms may contain war clauses
				substantially complying with the recommendations contained in the report, dated
				December 3, 1951, of the special Sub-Committee of the Life Committee of the
				National Association of Insurance Commissioners as follows:
Illinois Administrative Code › Title 50 - INSURANCE › Part 1703 - WAR CLAUSES › Section 1703.10 - Military Exclusion

Current through Register Vol. 48, No. 28, July 12, 2024
Risk of death may be excluded:
a) As a result of war or act of war, if the
			 cause of death occurs while the insured is serving in the military, naval or
			 air forces of any country, combination of countries or international
			 organization, provided such death occurs while in such forces or within six (6)
			 months after termination of service in such forces; or
b) As a result of the special hazards
			 incident to service in the military, naval or air forces of any country,
			 combination of countries or international organization, if the cause of death
			 occurs while the insured is serving in such forces and is outside the home
			 area, provided such death occurs outside the home area or within six (6) months
			 after the insured's return to the home area in such forces or within six (6)
			 months after the termination of service in such forces, whichever is
			 earlier.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1703 - WAR CLAUSES › Section 1703.20 - Non-Combatant Civilian Exclusion

Current through Register Vol. 48, No. 28, July 12, 2024
Risk of death may be excluded:
a) As a result of war or an act of war while
			 the insured is serving in any civilian non-combatant unit serving with such
			 forces, provided such death occurs while in such units or within six (6) months
			 after termination of service in such units; or
b) As a result of the special hazards
			 incident to service in any civilian non-combatant unit serving with such
			 forces, if the cause of death occurs while the insured is serving in such units
			 and is outside the home area, provided such death occurs outside the home area
			 or within six (6) months after the insured's return to the home area in such
			 units or within six (6) months after the termination of service in such units,
			 whichever is earlier.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1703 - WAR CLAUSES › Section 1703.30 - Civilian Exclusion

Current through Register Vol. 48, No. 28, July 12, 2024
Risk of death may be excluded as a result of war on an act of
				war, within two (2) years from the date of issue of the policy, while the
				insured is not in such forces or units, if the cause of death occurs while the
				insured is outside the home area, provided such death occurs outside the home
				area or within six (6) months after the insured's return to the home
				area.
a) "Home Area" is defined as the
			 50 States of the United States, District of Columbia, Canal Zone, Puerto Rico,
			 Virgin Islands and Canada.
b) "War"
			 includes, but is not limited to, declared war, and armed aggression by one or
			 more countries resisted on orders of any other country, combination of
			 countries or international organization.
c) "Act of War" means any act peculiar to
			 military, naval or air operations in time of war.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1704 - SEGREGATION OF ACCIDENT AND HEALTH BUSINESS › Section 1704.10 - Authorization of Fraternal Benefit Societies to Write Accident and Health Insurance

Current through Register Vol. 48, No. 28, July 12, 2024
No domestic, foreign or alien fraternal benefit society (except
				a society providing exclusively for benefits in case of death or disability
				resulting solely from accident and which does not obligate itself to pay
				natural death or sick benefits), shall write accident and health insurance
				under Article XX of the Illinois Insurance Code pursuant to the authority
				granted by Section 288 (2) of Article XVII of said Code unless authorized to do
				so by its articles of incorporation, constitution or by-laws.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1704 - SEGREGATION OF ACCIDENT AND HEALTH BUSINESS › Section 1704.20 - Establishment and Maintenance of Separate Accounts

Current through Register Vol. 48, No. 28, July 12, 2024
Every society which writes accident and health insurance shall
				establish and maintain entirely separate accounts for all transactions
				pertaining to its accident and health business, to which accounts shall be
				credited all moneys collected for accident and health insurance contracts and
				the accretions thereon and to which accounts shall be charged or allocated all
				losses and expenses incurred in connection with such contracts and all
				dividends paid, if any.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1704 - SEGREGATION OF ACCIDENT AND HEALTH BUSINESS › Section 1704.30 - Provision for Payment

Current through Register Vol. 48, No. 28, July 12, 2024
Every society must provide for the payment on accident and
				health contracts of premiums, assessments or contributions which together with
				the accretions thereon shall be sufficient to provide for the claims, reserves,
				expenses and other liabilities attributable to such accident and health
				contracts.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1704 - SEGREGATION OF ACCIDENT AND HEALTH BUSINESS › Section 1704.40 - Prohibition of Transfer of Money Collected to Pay for Losses

Current through Register Vol. 48, No. 28, July 12, 2024
No part of the money collected for any purposes other than
				accident and health contracts and no part of the accretions thereon shall be
				transferred to the accident and health accounts or be used to pay any losses or
				expenses of the accident and health business or to maintain the required
				reserves thereon except that before any society commences the writing of
				accident and health insurance, the supreme legislative and governing body may
				authorize the transfer of a reasonable amount from the unassigned funds of the
				society to the accident and health fund. This transfer shall be for the purpose
				of defraying the necessary and incidental expenses of setting up the accident
				and health fund and for a period not in excess of three years may be drawn
				upon, if necessary, to maintain such fund in a solvent condition, after which
				period the residue, if any, shall be returned to the fund from which
				transferred.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1704 - SEGREGATION OF ACCIDENT AND HEALTH BUSINESS › Section 1704.50 - Deficiency in Accounts

Current through Register Vol. 48, No. 28, July 12, 2024
Any deficiency in the accident and health accounts shall be
				apportioned only to the accident and health contracts, except only as provided
				in Section
				1704.40
				above, and prompt action shall be taken to eliminate such
				deficiency.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1704 - SEGREGATION OF ACCIDENT AND HEALTH BUSINESS › Section 1704.60 - Transferral of Accounts to Other Societies

Current through Register Vol. 48, No. 28, July 12, 2024
Any society may provide that all or any part of the surplus in
				the accident and health accounts may be transferred to and become a part of any
				other accounts of the society.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1705 - CONSTRUCTION AND FILING OF FORMS › Section 1705.10 - Application

Current through Register Vol. 48, No. 28, July 12, 2024
This Part shall apply to:
a) Life Certificates, endorsement, rider and
			 application forms filed with the Department by foreign, alien and domestic
			 societies as required by Section 143 of the Illinois Insurance Code (Ill. Rev.
			 Stat. 1981, ch. 73, par. 755), and
b) Accident and health certificates,
			 endorsement, rider and application forms filed with the Department by foreign,
			 alien and domestic societies as required by Section 355 of the Code (Ill. Rev.
			 Stat. 1981, ch. 73, par. 967).
Illinois Administrative Code › Title 50 - INSURANCE › Part 1705 - CONSTRUCTION AND FILING OF FORMS › Section 1705.20 - Construction of Life Certificate Forms

Current through Register Vol. 48, No. 28, July 12, 2024
a)
1)
			 Fraternal Benefit Societies "Societies" may issue certificates providing for
			 the payment of death benefits as authorized by the Code.
2) Section 288(1) of the Illinois Insurance
			 Code, insofar as it authorizes additional benefits, permits Societies to
			 provide in the life certificate, or supplemental thereto, for the following:
A) Additional accidental death
			 benefits;
B) Waiver of premium
			 disability benefits due to accident or sickness;
C) Benefits or an annuity in case a member
			 becomes totally and permanently disabled from accident or sickness; without
			 including Accident and Health Policy Provisions required by Section
			 357.1 et
			 seq. of the Code (Ill. Rev. Stat. 1981, ch. 73, par. 969.1 ). All other
			 accident and health benefits included in the life certificates or supplemental
			 thereto must conform to Article XX of the Code and of Department Rules and
			 Regulations pertaining to construction and filing of accident and health forms,
			 in the same manner as though those benefits were provided under separate
			 certificates.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1705 - CONSTRUCTION AND FILING OF FORMS › Section 1705.30 - Construction of Accident and Health Forms

Current through Register Vol. 48, No. 28, July 12, 2024
a) A separate certificate which provides for
			 the payment of benefits as a result of bodily injury, disablement or death by
			 accident and against disablement resulting from sickness or old age, and every
			 benefit appertaining thereto, as provided for by subsection (2) of Section 288
			 of the Illinois Insurance Code, must be issued in accordance with Article XX of
			 the Code and of Rules and Regulations pertaining to construction and filing of
			 Accident and Health forms issued by the Department. (See Section
			 1705.10(b)
			 of this Part relative to accident and health benefits provided in or
			 supplemental to life certificates.)
b) Section 306 of the Illinois Insurance Code
			 (Ill. Rev. Stat. 1981, ch. 73, par. 918) may not be interpreted so as to allow
			 an accident and health certificate to require that the insured must first seek
			 the services of a Society's hospital before benefits of a certificate will be
			 paid for expenses incurred and services rendered.
c) Societies issuing accident and health
			 certificates under the authority of Section 288 of the Code are not qualified
			 to issue the types of accident and health certificates authorized by Section
			 367 of the Code (Ill. Rev. Stat. 1981, ch. 73, par. 979) except that type
			 described in paragraph (4) of Section 367 and commonly known as "Family Group
			 Accident and Health"; nor is any Society qualified to issue the types of
			 certificates authorized by Section 367(a) of the Code.
d) A certificate issued by Societies of the
			 type authorized by paragraph (4) of Section 367 of the Code may insure, either
			 originally or by subsequent amendment, and only upon the application of an
			 adult member of a family, who is deemed the certificateholder and beneficial
			 member of the Society, any two or more eligible members of that family.
			 Eligible members of a family include a husband, a wife, dependent children or
			 any children under a specified age which may not exceed 19 years, and any other
			 person dependent upon the certificateholder.
e) Societies issuing accident and health
			 certificates under Section 288 of the Code are qualified to issue the type of
			 accident and health certificate authorized by Section 368 of the Code, (Ill.
			 Rev. Stat. 1981, ch. 73, par. 980) but such certificates may be issued only
			 upon the signed application of a person who is deemed to be the
			 certificateholder and beneficial member of the Society.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1705 - CONSTRUCTION AND FILING OF FORMS › Section 1705.40 - Construction of All Forms Issued by Fraternal Benefit Societies

Current through Register Vol. 48, No. 28, July 12, 2024
a) Certificates
			 issued under Section 288(2) of the Illinois Insurance Code may be issued in
			 connection with or separate from life certificates issued under Section 288(1).
			 Because such certificates must conform, as far as practical, to Article XX and
			 Department Rules and Regulations pertaining to Accident and Health Benefits,
			 (50 Ill. Adm. Code Subchapter z) it is urged that they not be issued as a part
			 of, supplemental to, or attached to life certificates.
b)
1)
			 Societies may provide for only one application to be made for both the life and
			 the accident and health insurance, a copy of the application is made a part of
			 each certificate. This procedure may be used only when the life and the
			 accident and health certificates are to be issued concurrently.
2) A combined application must set forth the
			 amount of life insurance and the amount of the accident and health insurance in
			 addition to the contribution for each class of insurance.
Illinois Administrative Code › Title 50 - INSURANCE › Part 1705 - CONSTRUCTION AND FILING OF FORMS › Exhibit A - Certificate of Compliance

Current through Register Vol. 48, No. 28, July 12, 2024
STATE OF
___________________
)
)
SS
COUNTY OF
________________
)
______________________________________
___(Official's name)___________, being first duly sworn,
				deposes and says that:
1. He is the
			 _____(Official title)_____________ of the ____(Name of fraternal benefit
			 society) ___________, a fraternal benefit society formed under the laws of the
			 State of;
2. He is the duly
			 appointed official custodian of the Articles of Incorporation or Association,
			 Constitution, By-laws, Rules and Regulations of said Society; and
3. The certificate(s) rider(s) or
			 endorsement(s) hereto and filed for approval herewith are in full compliance
			 with the provisions and requirements of those Articles of Incorporation or
			 Association, Constitution, By-laws, Rules and Regulations.
________________________________
(Official Title)
Subscribed and sworn to
before me this
___
day of
____________________,
19
________________.____________________
________________________
Notary Public
____________________________
My Commission expires _________, 19 ___ .
Illinois Administrative Code › Title 50 - INSURANCE › Part 1710 - SELECTION OF SENIOR MANAGEMENT › Section 1710.10 - Hiring and Discharge of Chief Executive Officer

Current through Register Vol. 48, No. 28, July 12, 2024
A domestic fraternal benefit society that provides any of the
				benefits specified in Section 297.1 of the Illinois Insurance Code (Code)
				[215
				ILCS 5/297.1 ] must be governed by a board of
				directors and managed by a qualified officer subject to the following
				requirements:
a) The laws of a society
			 must provide that the board of directors shall have the power and perform the
			 duties ordinarily possessed and exercised by a board of directors under the
			 Code, including, but not limited to, the authority and responsibility for the
			 hiring and the discharge of a president, chief executive officer, or an
			 equivalent position, except that a society that elects its president, chief
			 executive officer, or equivalent position pursuant to its by-laws, after
			 January 1, 2015, may continue to do so by first screening candidates through a
			 nomination committee of directors if the candidates chosen by the committee
			 satisfy the qualifications set forth in this Section.
b) Any person serving as president, as chief
			 executive officer, or in an equivalent position of a domestic fraternal benefit
			 society must not have been convicted of a felony, must have at least 5 years
			 insurance industry or insurance regulatory experience, and shall possess two or
			 more of the following qualifications:
1)
			 working knowledge of financial accounting;
2) bachelor's degree from an accredited
			 university or equivalent combination of education and financial industry
			 experience;
3) prior management
			 experience; or
4) demonstrated
			 superior judgment, analytical ability, communication skills and
			 leadership.