95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1951


 
Introduced 2/7/2008, by Sen. Deanna Demuzio
 
SYNOPSIS AS INTRODUCED:
 		














215 ILCS 5/245.1
  from Ch. 73, par. 857.1







    Amends the Illinois Insurance Code.  Makes a technical change referencing certain provisions of the Illinois Insurance Code.  Effective January 1, 2009.
















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A BILL FOR









 











SB1951

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    AN ACT concerning insurance.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Insurance Code is amended  by 
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changing Section 245.1 as follows:
 



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    (215 ILCS 5/245.1)  (from Ch. 73, par. 857.1)



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    Sec. 245.1. Assignability of Life Insurance. 

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    No provision of the Illinois Insurance Code, or any other 
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law prohibits
an insured under any policy of life insurance, or 
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any other person who may
be the owner of any rights under such 
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policy, from making an assignment of
all or any part of his 
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rights and privileges under the policy including but
not 
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limited to the right to designate a beneficiary thereunder and 
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to have
an individual policy issued in accordance with 
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paragraphs (H) and (K) of Section 231.1 (d) and (g) of
Section 
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231 of the Illinois Insurance Code. Subject to the terms of the

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policy or any contract relating thereto, an assignment by an 
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insured or by
any other owner of rights under the policy, made 
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before or after the
effective date of this amendatory Act of 
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1969 is valid for the purpose of
vesting in the assignee, in 
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accordance with any provisions included therein
as to the time 
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at which it is effective, all rights and privileges so

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assigned. However, such assignment is without prejudice to the 
 


 






SB1951
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company on
account of any payment it makes or individual policy 
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it issues in
accordance with paragraphs (H) and (K) of Section 
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231.1 of the Illinois Insurance Code (d) and (g) of Section 231 
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before receipt of
notice of the assignment. This amendatory Act 
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of 1969 acknowledges,
declares and codifies the existing right 
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of assignment of interests under
life insurance policies.

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(Source: P.A. 76-1443.)

 

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    Section 99. Effective date. This Act takes effect January 
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1, 2009.