IL SB3721

Amends the Illinois Insurance Code Section 231.1 to add a new standard provision (N) for group life insurance policies that replace another carrier's group life insurance policy.

Requires the new policy to prevent loss of coverage for active employees who are not actively at work on the effective date of the new policy, subject to premium payments, if four conditions are met.

The four conditions are: employee was insured under the prior carrier's policy immediately before the effective date; employee is not actively at work on the new policy's effective date; employee is in an eligible class; and employee is not receiving or eligible for benefits under the prior carrier's policy.

Renames the previous provision (N) regarding debtor life insurance policies as provision (O) to accommodate the new provision.