(215 ILCS 5/232) (from Ch. 73, par. 844)
Sec. 232.
Extension
of time and modification of standard provisions.
(1) Any company authorized to transact business in this State on the
effective date of this Code may continue to issue policies and contracts of
the kind or kinds it was permitted to issue immediately prior to such
effective date, until December 31, 1937.
(2) Policies and contracts may be issued and delivered in this State
which contain provisions more favorable to the holders of such policies or
contracts than the standard provisions required by this article. No
domestic company and holder of a policy or contract shall after the
effective date of this Code enter into any agreement to waive or modify in
whole or in part a standard provision required by this Code or any prior
law of this State, for the benefit of such holder, unless the agreement be
approved by a court in a proceeding under Article XIII.
(Source: Laws 1937, p. 696.)
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