HB 502

Abstract

Amends the Legal Reserve Life Insurance Article of the Illinois Insurance Code. Removes a provision concerning continuation of coverage during the insured's total disability. Adds provisions requiring extension of coverage for an individual under a group policy during an authorized absence. Defines "authorized absence" to mean an absence that is administratively approved and does not result in a charge to leave of any kind or in loss of basic salary. Sets forth provisions concerning the conditions of the extension of coverage. Provides that the prior insurer shall be liable only to the extent of its extensions of coverage. Includes provisions related to the liability of the succeeding insurer, including regular coverage, temporary coverage, deductible and waiting periods, and determinations of the prior insurer's coverage. Effective immediately.