Senate Sponsors: PETERSON AND CULLERTON. House Sponsors: BRUNSVOLD Short description: INS-INSOLVENT COMPANY'S ESTATE Synopsis of Bill as introduced: Amends the Illinois Insurance Code. Provides that from July 1, 2002 until July 1, 2005 the rate of interest used in calculating minimum nonforfeiture amounts for certain contracts shall be 1.5%, rather than 3%, per year. Effective July 1, 2002. FISCAL NOTE (Department of Insurance) SB 1976 would create no fiscal impact on the Department. HOUSE AMENDMENT NO. 1. Deletes reference to: 215 ILCS 5/229.4 Adds reference to: 215 ILCS 5/205 from Ch. 73, par. 817 215 ILCS 5/226.1 from Ch. 73, par. 838.1 Replaces the title and everything after the enacting clause. Amends the Illinois Insurance Code. Provides that claims against an insolvent company's estate by policyholders, beneficiaries, and insureds under funding agreements shall have the same priority as claims under insurance policies and annuities. Provides that funding agreements may be issued without a life contingency annuity payment option on the same basis as annuity contracts. Effective immediately. Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status