HB4962 Summary

• Amends the Public Funds Investment Act to authorize public agencies to invest in pooled life settlement policies where underlying insurance policies have no greater than 60-day liquidity and are issued by A-grade investment quality insurance companies.

• Limits life settlement policy investments to no more than 5% or less of total assets in the fund plan or account, with modified duration not exceeding 10 years.

• Requires the entity creating the life settlement pool to be Illinois-registered and the life settlement provider to be licensed in Illinois; allows premiums to be transferable or contractually assigned.

• Maintains existing investment authorization restrictions and conflict-of-interest prohibitions for treasurers and financial officers, preventing them from having direct or indirect interests in authorized investments or receiving compensation from such investments.