Illinois Administrative Code
Title 50 - INSURANCE
Part 1405 - CONSTRUCTION AND FILING OF LIFE INSURANCE AND ANNUITY FORMS
Section 1405.70 - Annuities
Current through Register Vol. 48, No. 12, March 22, 2024
a) Group Variable Annuities
The applicable jurisdiction for group variable annuity contracts is the jurisdiction where the group master policy is delivered.
b) Fixed Dollar or Flexible Premium Individual Annuity Contracts - Options to Purchase Additional Annuity
If options for the purchase of additional annuity benefits are provided, including a flexible annuity plan, it must be made clear that the payments are considered "premiums" or purchase payments, rather than deposits, to distinguish annuity premiums from premiums placed in a Premium Deposit Reserve Account, as provided for by Section 240 of the Code.
c) Notice to Policyholder
d) Reinstatement
Evidence of insurability may not be required in order to reinstate an annuity benefit. However, such evidence may be a requirement for reinstatement of any supplemental benefits that may be attached to an annuity contract.
e) An annuity contract must be incontestable from the date of issue unless it includes an application asking health questions, as provided for by Section 226(1)(b) of the Code.