(215 ILCS 5/301.1) (from Ch. 73, par. 913.1)
(Section scheduled to be repealed on January 1, 2027)
Sec. 301.1.
Nonforfeiture benefits, cash surrender values, certificate
loans and other options. (a) For certificates issued prior to one year
after the effective date of this amendatory Act, the value of every paid-up
nonforfeiture benefit and the amount of any cash surrender value, loan or
other option granted shall comply with the provisions of law applicable
immediately prior to the effective date of this amendatory Act.
(b) For certificates issued on or after one year from the effective date
of this amendatory Act for which reserves are computed on the Commissioner's
1941 Standard Ordinary Mortality Table, the Commissioner's 1941 Standard
Industrial Table, the Commissioner's 1958 Standard Ordinary Mortality
Table, the Commissioner's 1980 Standard Mortality Table or any more
recent table made applicable to life insurers, every paid-up nonforfeiture
benefit and the amount of any cash surrender value, loan or other option
granted shall not be less than the corresponding amount ascertained in
accordance with the laws of this State applicable to life insurers issuing
policies containing like benefits based upon such tables.
(Source: P.A. 84-303.)
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