Bill Title: Amends the Illinois Insurance Code. Provides that a life company issuing an individual life insurance contract on or after January 1, 2022 shall notify an applicant, in writing on a form prescribed by the company at the time of application for the policy, of the applicant's right to designate a secondary addressee to receive notice of cancellation of the policy based on nonpayment of premium. Provides that the applicant may make the secondary addressee designation at the time of application for such policy or at any time such policy is in force by submitting a written notice to the insurer containing the name and address of the secondary addressee. Provides that an insurer's transmission to a secondary addressee of a copy of a notice of cancellation based on nonpayment of premium shall be in addition to the transmission of the original document to the policyholder, and that the copy of the notice of cancellation transmitted to the secondary addressee shall be made in the same manner and form required for the transmission of the notice to the policyholder. Provides that the designation of a secondary addressee shall not constitute acceptance of any liability on the part of the secondary addressee or insurer for services provided to the policyholder. Provides that the secondary notice requirement does not apply to any individual life insurance contract under which premiums are payable monthly or more frequently and are regularly collected by a licensed agent or are paid by credit card or any preauthorized check processing or automatic debit service of a financial institution. Provides that nothing in the language shall prohibit an applicant or policyholder from designating a life insurance agent of record as his or her secondary addressee. Effective January 1, 2022.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2021-08-20 - Public Act . . . . . . . . . 102-0542 [SB2112 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Napoleon Harris [D]	Primary	Sponsored Bills	SD-015	FollowTheMoney	Ballotpedia	VoteSmart
Senator Jacqueline Collins [D]	Cosponsor	Sponsored Bills	SD-016	FollowTheMoney	Ballotpedia	VoteSmart
Representative Robyn Gabel [D]	Primary	Sponsored Bills	HD-018	FollowTheMoney	Ballotpedia	VoteSmart

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