Current through Register Vol. 45, No. 52, December 27, 2021
a) This Part shall
apply to any solicitation, negotiation or procurement of life insurance
occurring within this State. This Part shall apply to any issuer of life
insurance contracts including fraternal benefit societies.
This Part shall not apply to:
2) Credit life insurance.
3) Group life insurance (except for
disclosures relating to preneed funeral contracts or prearrangements as
provided in this Part; these disclosure requirements shall extend to the
issuance or delivery of certificates as well as to the master
4) Franchise life
insurance as defined in Construction and Filing of Life Insurance and Annuity
Forms (50 Ill. Adm. Code 1405).
Life insurance policies issued in connection with pension and welfare plans as
defined by, and which are subject to, the federal Employee Retirement Income
Security Act of 1974 (ERISA) (
6) Variable life insurance under which the
death benefits and cash values vary in accordance with unit values of
investments held in a separate account.