Ill. Admin. Code tit. 50 § 3701.50

Current through Register Vol. 48, No. 45, November 8, 2024

Section 3701.50 - Standards for Evaluation of Reasonable Payments for Terminally or Chronically Ill Insureds

a) In order to assure that viators receive a reasonable return for viaticating an insurance policy, the return for viaticating a policy shall be no less than the following payouts for insureds who are terminally or chronically ill:

Insured's Life Expectancy	Minimum Percentage of Face Value Less Outstanding Loans Received by Viator
25 months or less	[75%]

b) Except when the cash surrender value is paid, the percentage may be reduced by 5% for viaticating a policy written by an insurer rated less than the highest 4 categories by A.M. Best, or a comparable rating by another rating agency.

Ill. Admin. Code tit. 50, § 3701.50

Recodified from 5701.50 at 42 Ill. Reg. 16457