(215 ILCS 5/226.1) (from Ch. 73, par. 838.1)
Sec. 226.1.
Entitled annuity payment options.
Annuity contracts and
funding agreements may be
issued without a life contingency annuity payment option in the following
circumstances: (1) to fund benefits under an employee benefit plan as
defined in the Employee Retirement Income Security Act of 1974, as now or
hereafter amended; (2) to fund the activities of an organization exempt
from taxation under Internal Revenue Code Section 501(c), as now or
hereafter amended; (3) to fund a program of a governmental entity or of an
agency or instrumentality thereof; (4) to fund an agreement providing for
periodic payments entered into in satisfaction of a claim; or (5) to fund a
program of an institution having assets in excess of $25,000,000.
(Source: P.A. 92-875, eff. 1-3-03.)
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