IL SB2872

Exempts contingent deferred annuities from subsections (3) through (8) of the Standard Nonforfeiture Law for Individual Deferred Annuities under the Illinois Insurance Code

Grants the Director of Insurance authority to adopt rules establishing nonforfeiture benefits specifically for contingent deferred annuities

Requires any rules adopted by the Director to provide benefits that are equitable to contract holders, appropriate for the risks insured, and consistent with the general intent of individual deferred annuity provisions

Amends Section 229.4a of the Illinois Insurance Code (215 ILCS 5/229.4a)

Takes effect immediately upon becoming law