Frank J. Mautino
- Democratic
Primary
Amends the Illinois Insurance Code. In provisions pertaining to the minimum values of any paid-up, cash surrender or death benefits available under an annuity contract based upon minimum nonforfeiture amounts as defined, modifies the definition determining the minimum nonforfeiture amount. Provides that the interest rate used in determining minimum nonforfeiture amounts to be an annual rate of interest determined as the lesser of 3% per annum and the following, which shall be specified in the contract if the interest rate will be reset, (i) the 5-year Constant Maturity Treasury Rate reported by the Federal Reserve, (ii) reduced by 125 basis points, (iii) the resulting interest rate is not less than 1%, and (iv) the interest rate applies for an initial period and may be redetermined for additional periods. Clarifies existing language and makes other changes. Effective July 1, 2006.
Public Act . . . . . . . . . 93-0873
Governor Approved
Effective Date August 6, 2004
Sent to the Governor
Third Reading - Passed; 046-004-002
Passed Both Houses
Placed on Calendar Order of 3rd Reading May 4, 2004
Second Reading
Do Pass Insurance & Pensions; 009-000-000
Placed on Calendar Order of 2nd Reading April 29, 2004
Added as Alternate Chief Co-Sponsor Sen. William E. Peterson
Assigned to Insurance & Pensions
Chief Senate Sponsor Sen. Denny Jacobs
Placed on Calendar Order of First Reading April 1, 2004
Referred to Rules
First Reading
Arrive in Senate
Third Reading - Short Debate - Passed 116-000-000
House Floor Amendment No. 3 Adopted by Voice Vote
House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
House Floor Amendment No. 3 Recommends Be Adopted Rules Committee; 004-000-000
Second Reading - Short Debate
House Floor Amendment No. 1 Adopted by Voice Vote
Placed on Calendar Order of 3rd Reading - Short Debate
Added Chief Co-Sponsor Rep. Ralph C. Capparelli
House Floor Amendment No. 2 Filed with Clerk by Rep. Frank J. Mautino
House Floor Amendment No. 3 Referred to Rules Committee
House Floor Amendment No. 3 Filed with Clerk by Rep. Frank J. Mautino
House Floor Amendment No. 2 Referred to Rules Committee
House Floor Amendment No. 1 Filed with Clerk by Rep. Frank J. Mautino
House Floor Amendment No. 1 Referred to Rules Committee
Fiscal Note Filed
Placed on Calendar 2nd Reading - Short Debate
Do Pass / Short Debate Insurance Committee; 014-000-000
Motion to Suspend Rule 25 - Prevailed by Voice Vote
Assigned to Insurance Committee
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Frank J. Mautino
| Bill Text Versions | Format |
|---|---|
| Introduced | HTML |
| Engrossed | HTML |
| Enrolled | HTML |
| Document | Format |
|---|---|
| Public Act | |
| House Amendment 003 | |
| House Amendment 002 | |
| House Amendment 001 |
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