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HB 5075 Illinois House · 93rd Regular Session

INS CD-DEFERRED ANNUITIES

Summary
Amends the Illinois Insurance Code. In provisions pertaining to the minimum values of any paid-up, cash surrender or death benefits available under an annuity contract based upon minimum nonforfeiture amounts as defined, modifies the definition determining the minimum nonforfeiture amount. Provides that the interest rate used in determining minimum nonforfeiture amounts to be an annual rate of interest determined as the lesser of 3% per annum and the following, which shall be specified in the contract if the interest rate will be reset, (i) the 5-year Constant Maturity Treasury Rate reported by the Federal Reserve, (ii) reduced by 125 basis points, (iii) the resulting interest rate is not less than 1%, and (iv) the interest rate applies for an initial period and may be redetermined for additional periods. Clarifies existing language and makes other changes. Effective July 1, 2006.
Bill status signed all 5 stages cleared
Introduction
Mar 2004
Committee Review
Apr 2004
House Passage
May 2004
Senate Passage
May 2004
Signed into Law
Aug 2004
Introduced Mar 31, 2004 Signed Aug 6, 2004
Floor votes · Senate May 11, 2004 · House Mar 30, 2004

How they voted

43–4
Passed · 9 other
Total votes 56
May 11, 2004
D Democratic30
24 Yea 2 Nay 4
80% Yea
R Republican26
19 Yea 2 Nay 5
73% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
41
Key actions
10
Committee
11
Amendments
5
Aug 6, 2004
Signed into law
Governor Approved
lower
May 11, 2004
Lower · Passed
Passed Both Houses
lower
May 11, 2004
Senate · Passed
Senate Vote: pass (43-4-9)
senate
Apr 28, 2004
Upper · Passed
Do Pass Insurance & Pensions; 009-000-000
upper
Apr 21, 2004
Committee
Assigned to Insurance & Pensions
upper
Mar 31, 2004
Committee
Referred to Rules
upper
Mar 31, 2004
Introduced
Arrive in Senate
upper
Mar 30, 2004
House · Passed
House Vote: pass (113-0-2)
house
Mar 29, 2004
Lower · Passed
House Floor Amendment No. 3 Adopted by Voice Vote
lower
Mar 29, 2004
Lower · Passed
House Floor Amendment No. 1 Adopted by Voice Vote
lower
Mar 29, 2004
Lower · Passed
House Floor Amendment No. 3 Recommends Be Adopted Rules Committee; 004-000-000
lower
Mar 29, 2004
Lower · Passed
House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
lower
Mar 25, 2004
Committee
House Floor Amendment No. 3 Referred to Rules Committee
lower
Mar 25, 2004
Introduced
House Floor Amendment No. 3 Filed with Clerk by Rep. Frank J. Mautino
lower
Mar 25, 2004
Committee
House Floor Amendment No. 2 Referred to Rules Committee
lower
Mar 25, 2004
Introduced
House Floor Amendment No. 2 Filed with Clerk by Rep. Frank J. Mautino
lower
Mar 17, 2004
Committee
House Floor Amendment No. 1 Referred to Rules Committee
lower
Mar 17, 2004
Introduced
House Floor Amendment No. 1 Filed with Clerk by Rep. Frank J. Mautino
lower
Mar 3, 2004
Lower · Passed
Do Pass / Short Debate Insurance Committee; 014-000-000
lower
Mar 2, 2004
Committee
Assigned to Insurance Committee
lower
Feb 5, 2004
Committee
Referred to Rules Committee
lower
0 primary · 1 co-sponsor

Sponsors

No sponsor information available.