Illinois General Assembly - Bill Status for HB5075

Illinois General Assembly - Bill Status for HB5075

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Bill Status of HB5075 93rd General Assembly

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Short Description: INS CD-DEFERRED ANNUITIES

House Sponsors
Rep. Frank J. Mautino - Ralph C. Capparelli

Senate Sponsors
(Sen. Denny Jacobs - William E. Peterson)

Last Action

Date	Chamber	Action
8/6/2004	House	Public Act . . . . . . . . . 93-0873

Statutes Amended In Order of Appearance

215 ILCS 5/229.4

from Ch. 73, par. 841.4

Synopsis As Introduced
Amends the Illinois Insurance Code. In provisions pertaining to the minimum values of any paid-up, cash surrender or death benefits available under an annuity contract based upon minimum nonforfeiture amounts as defined, modifies the definition determining the minimum nonforfeiture amount. Provides that the interest rate used in determining minimum nonforfeiture amounts to be an annual rate of interest determined as the lesser of 3% per annum and the following, which shall be specified in the contract if the interest rate will be reset, (i) the 5-year Constant Maturity Treasury Rate reported by the Federal Reserve, (ii) reduced by 125 basis points, (iii) the resulting interest rate is not less than 1%, and (iv) the interest rate applies for an initial period and may be redetermined for additional periods. Clarifies existing language and makes other changes. Effective July 1, 2006.

	Fiscal Note (Department of Insurance)
	This bill would have no fiscal impact on the Department of Insurance.

House Floor Amendment No. 1

	Adds reference to:
	215 ILCS 5/229.4a new

Deletes everything after the enacting clause. Amends the Illinois Insurance Code. Repeals the Standard Non-forfeiture Law for Individual Deferred Annuities on July 1, 2006, and adds a new Standard Non-forfeiture Law for Individual Deferred Annuities. Provides that a company may elect to apply the new provisions to annuity contracts on a contract form-by-contract form basis before July 1, 2006. Provides that, in all other instances, the new provisions become operative with respect to annuity contracts issued by the company on or after July 1, 2006. In provisions pertaining to the minimum values of any paid-up, cash surrender, or death benefits available under an annuity contract based upon minimum nonforfeiture amounts as defined, modifies the definition determining the minimum nonforfeiture amount. Provides that the interest rate used in determining minimum nonforfeiture amounts shall be an annual rate of interest determined as the lesser of 3% per annum and a specified formula, which shall be specified in the contract if the interest rate will be reset. The new provisions make numerous other modifications to the current Standard Non-forfeiture Law for Individual Deferred Annuities. Effective July 1, 2004.

House Floor Amendment No. 3
Repeals the new provisions on July 1, 2007.

Actions

Date	Chamber	Action
2/5/2004	House	Filed with the Clerk by Rep. Frank J. Mautino
2/5/2004	House	First Reading
2/5/2004	House	Referred to Rules Committee
3/2/2004	House	Assigned to Insurance Committee
3/2/2004	House	Motion to Suspend Rule 25 - Prevailed by Voice Vote
3/3/2004	House	Do Pass / Short Debate Insurance Committee; 014-000-000
3/3/2004	House	Placed on Calendar 2nd Reading - Short Debate
3/12/2004	House	Fiscal Note Filed
3/17/2004	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Frank J. Mautino
3/17/2004	House	House Floor Amendment No. 1 Referred to Rules Committee
3/25/2004	House	House Floor Amendment No. 2 Filed with Clerk by Rep. Frank J. Mautino
3/25/2004	House	House Floor Amendment No. 2 Referred to Rules Committee
3/25/2004	House	House Floor Amendment No. 3 Filed with Clerk by Rep. Frank J. Mautino
3/25/2004	House	House Floor Amendment No. 3 Referred to Rules Committee
3/26/2004	House	Added Chief Co-Sponsor Rep. Ralph C. Capparelli
3/29/2004	House	House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
3/29/2004	House	House Floor Amendment No. 3 Recommends Be Adopted Rules Committee; 004-000-000
3/29/2004	House	Second Reading - Short Debate
3/29/2004	House	House Floor Amendment No. 1 Adopted by Voice Vote
3/29/2004	House	House Floor Amendment No. 3 Adopted by Voice Vote
3/29/2004	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/30/2004	House	Third Reading - Short Debate - Passed 116-000-000
3/31/2004	Senate	Arrive in Senate
3/31/2004	Senate	Placed on Calendar Order of First Reading April 1, 2004
3/31/2004	Senate	Chief Senate Sponsor Sen. Denny Jacobs
3/31/2004	Senate	First Reading
3/31/2004	Senate	Referred to Rules
4/21/2004	Senate	Assigned to Insurance & Pensions
4/22/2004	Senate	Added as Alternate Chief Co-Sponsor Sen. William E. Peterson
4/28/2004	Senate	Do Pass Insurance & Pensions; 009-000-000
4/28/2004	Senate	Placed on Calendar Order of 2nd Reading April 29, 2004
4/29/2004	Senate	Second Reading
4/29/2004	Senate	Placed on Calendar Order of 3rd Reading May 4, 2004
5/11/2004	Senate	Third Reading - Passed; 046-004-002
5/11/2004	House	Passed Both Houses
6/9/2004	House	Sent to the Governor
8/6/2004	House	Governor Approved
8/6/2004	House	Effective Date August 6, 2004
8/6/2004	House	Public Act . . . . . . . . . 93-0873