Bill Status of SB3714  101st General Assembly

Short Description:  INS CODE-LIFE INSURANCE/NOTICE

Senate Sponsors
Sen. Napoleon Harris, III, Dave Syverson and Bill Cunningham

Last Action
DateChamber Action
  1/13/2021SenateSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 5/143.17b new


Synopsis As Introduced
Amends the Illinois Insurance Code. Provides that a contract for life insurance covering a natural person 64 years of age or older that has been in force for at least one year may not be lapsed for nonpayment of premium unless the insurer has mailed a notification of the impending lapse in coverage to the policyowner and to a specified secondary addressee if such addressee has been designated in writing by name and address by the policyowner. Provides that an insurer issuing a life insurance contract on or after January 1, 2021 shall notify the applicant of the right to designate a secondary addressee at the time of application for the policy, on a form provided by the insurer and at any time the policy is in force, by submitting a written notice to the insurer containing the name and address of the secondary addressee. Provides that the notice of impending lapse in coverage must be mailed to the policyowner and the secondary addressee at least 21 days before the expiration of the grace period provided in the policy in specified circumstances. Provides that the secondary notice requirement does not apply to any life insurance contract under which premiums are payable monthly or more frequently and are regularly collected by a licensed agent or are paid by credit card or any preauthorized check processing or automatic debit service of a financial institution. Provides that if the policyowner has a life agent of record or any agent of record, the insurer must also notify the agent of the impending lapse in coverage at least 21 days before the effective date of the lapse. Provides that an insurer is not required to notify the agent in specified circumstances. Effective January 1, 2021.

Actions 
DateChamber Action
  2/14/2020SenateFiled with Secretary by Sen. Napoleon Harris, III
  2/14/2020SenateFirst Reading
  2/14/2020SenateReferred to Assignments
  2/20/2020SenateAdded as Co-Sponsor Sen. Dave Syverson
  3/3/2020SenateAdded as Co-Sponsor Sen. Bill Cunningham
  3/3/2020SenateAssigned to Insurance
  3/18/2020SenateRule 2-10 Committee Deadline Established As April 2, 2020
  3/25/2020SenateRule 2-10 Committee Deadline Established As April 24, 2020
  3/25/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 7, 2020
  4/12/2020SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  4/16/2020SenateRule 2-10 Committee Deadline Established As April 30, 2020
  4/23/2020SenateRule 2-10 Committee Deadline Established As May 7, 2020
  4/23/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 15, 2020
  4/30/2020SenateRule 2-10 Committee Deadline Established As May 15, 2020
  4/30/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 22, 2020
  5/7/2020SenateRule 2-10 Committee Deadline Established As May 22, 2020
  5/7/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 29, 2020
  5/15/2020SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2020
  1/13/2021SenateSession Sine Die