Ill. Admin. Code tit. 50 § 930.30

Current through Register Vol. 48, No. 43, October 25, 2024

Section 930.30 - Scope

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.

b) This Part shall not apply to:

1) Annuities.

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 policy).

4) Franchise life insurance as defined in Construction and Filing of Life Insurance and Annuity Forms (50 Ill. Adm. Code 1405).

5) 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) ( 29 U.S.C. 1001 et seq.).

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.

Ill. Admin. Code tit. 50, § 930.30

Amended at 22 Ill. Reg. 3058, effective June 1, 1998