Illinois Compiled Statutes
215 ILCS 5/ - Illinois Insurance Code.
Article XIV 1/2 - Separate Accounts

(215 ILCS 5/Art. XIV.5 heading)

 
(215 ILCS 5/245.21) (from Ch. 73, par. 857.21)
Sec. 245.21. Establishment of separate accounts by domestic companies
organized to do a life, annuity, or accident and health insurance business. A
domestic company, including for the purposes of this
Article all domestic fraternal benefit
societies, may, for authorized
classes of insurance, establish one or more
separate accounts, and may allocate thereto amounts (including without
limitation proceeds applied under optional modes of settlement or under
dividend options) to provide for life, annuity, or accident and health
insurance (and benefits
incidental thereto), payable in fixed or variable amounts or both, subject
to the following:
(Source: P.A. 98-39, eff. 6-28-13.)
 
(215 ILCS 5/245.22) (from Ch. 73, par. 857.22)
Sec. 245.22.


Any contract providing benefits payable in variable amounts delivered or
issued for delivery in this State must contain a statement of the essential
features of the procedures to be followed by the insurance company in
determining the dollar amount of the variable benefits. Any such contract
under which the benefits vary to reflect investment experience, including a
group contract and any certificate in evidence of variable benefits issued
thereunder, must state that such dollar amount will so vary and must
contain on its first page a statement to the effect that the benefits
thereunder are on a variable basis.

(Source: P.A. 77-1572.)
 
(215 ILCS 5/245.23) (from Ch. 73, par. 857.23)
Sec. 245.23.

No company may deliver or issue for delivery within this State variable
contracts unless it is authorized or organized to do a
life, annuity, or accident and health insurance business in this State, and the Director is satisfied that its
condition or method of operation in connection with the issuance of such
contracts will not render its operation hazardous to the public or its
policyholders in this State. In this connection, the Director may consider
among other things:
(a) The history and financial condition of the company;
(b) The character, responsibility and fitness of the officers and
directors of the company; and
(c) The law and regulation under which the company is authorized in its
state of domicile to issue variable contracts.
If the company is a subsidiary of an authorized insurance
company, or
affiliated with such a company through common management or ownership, it
may be deemed by the Director to have met the requirements of this Section
if either it or the parent or the affiliated company meets the requirements
of this Section.

(Source: P.A. 90-381, eff. 8-14-97.)
 
(215 ILCS 5/245.24) (from Ch. 73, par. 857.24)
Sec. 245.24.


Notwithstanding any other provision of law, the Director has sole
authority to regulate the issuance and sale of variable contracts, and to
promulgate such reasonable rules and regulations as may be appropriate to
carry out the purposes and provisions of this Article.

(Source: P.A. 77-1572.)
 
(215 ILCS 5/245.25) (from Ch. 73, par. 857.25)
Sec. 245.25.

Except for subparagraphs (1)(a), (1)(f), (1)(g) and (3) of
Section
226 of the Illinois Insurance Code, in the case of a variable annuity
contract and subparagraphs (1)(b), (1)(f), (1)(g), (1)(h), (1)(i), and
(1)(k) of Section 224, subparagraph (1)(c) of Section 225, and
subparagraph (h) of Section 231 in the case of a variable life insurance
policy, except for Sections 357.4, 357.5, 367e, and 367e.1 in the
case of a variable
health insurance policy, and except as otherwise provided in this Article,
all pertinent
provisions of the Illinois Insurance Code which are appropriate to those
contracts apply to separate accounts and
contracts relating thereto. Any individual variable life insurance
contract, delivered or issued for delivery in this State, must contain
grace, reinstatement and non-forfeiture provisions appropriate to such a
contract. Any individual variable annuity contract, delivered or issued for
delivery in this State, must contain grace and reinstatement provisions
appropriate to such a contract. Any group variable life insurance contract,
delivered or issued for delivery in this State, must contain a grace
provision appropriate to such a contract. A group variable health insurance
contract delivered or issued for delivery in this State must contain a
continuation of group coverage provision appropriate to the contract. The
reserve liability for
variable contracts must be established in accordance with actuarial
procedures that recognize the variable nature of the benefits provided and
any mortality guarantees.

(Source: P.A. 93-477, eff. 1-1-04.)
 
(215 ILCS 5/245.60) (from Ch. 73, par. 857.60)
Sec. 245.60.

Whenever the Director finds that there has been a violation of
this Article or of any rules or regulations issued pertaining thereto, and
after written notice thereof and hearing given to the company or other
person authorized or licensed by the Director, he shall set forth his
findings, together with an order for compliance by a specific date. Such
order shall be binding on the company and other persons authorized or
licensed by the Director on the date specified unless sooner withdrawn by
the Director or a stay thereof has been ordered by a court of competent
jurisdiction.

(Source: Laws 1963, p. 1137.)
 
(215 ILCS 5/245.61) (from Ch. 73, par. 857.61)
Sec. 245.61.
(Repealed).

(Source: Laws 1963, p. 1137. Repealed by P.A. 90-381, eff. 8-14-97.)
 
(215 ILCS 5/245.62) (from Ch. 73, par. 857.62)
Sec. 245.62.
(Repealed).

(Source: P.A. 77-1572. Repealed by P.A. 90-381, eff. 8-14-97.)

Structure Illinois Compiled Statutes