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(215 ILCS 5/353a) (from Ch. 73, par. 965a)
Sec. 353a. Accident
and health reserves.
The reserves for all accident and health policies issued after the
operative date of this section shall be computed and maintained on a basis
which shall place an actuarially sound value on the liabilities under such
policies. To provide a basis for the determination of such actuarially
sound value, the Director from time to time shall adopt rules requiring the
use of appropriate tables of morbidity, mortality, interest rates and
valuation methods for such reserves for policies issued before January 1, 2017. For policies issued on or after January 1, 2017, Section 223 shall govern the basis for determining such actuarially sound value. In no event shall such reserves be
less than the pro rata gross unearned premium reserve for such policies.
The company shall give the notice required in section 234 on all
non-cancellable accident and health policies.
After this section becomes effective, any company may file with the
Director written notice of its election to comply with the provisions of
this section after a specified date before January 1, 1967. After the
filing of such notice, then upon such specified date (which shall be the
operative date of this section for such company), this section shall become
operative with respect to the accident and health policies thereafter
issued by such company. If a company makes no such election, the operative
date of this section for such company shall be January 1, 1967.
After this section becomes effective, any company may file with the
Director written notice of its election to establish and maintain reserves
upon its accident and health policies issued prior to the operative date of
this section in accordance with the standards for reserves established by
this section, and thereafter the reserve standards prescribed pursuant to
this section shall be effective with respect to said accident and health
policies issued prior to the operative date of this section.
(Source: P.A. 102-775, eff. 5-13-22.)
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