All Companies Filing Certain Separate Account Insurance products : The purpose ofthis bulletin is to remind Illinois domestics of the appropriate procedures for seeking approval to establish certain separate accounts.
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Illinois Department of Insurance Company Bulletins › All Companies Filing Certain Separate Account Insurance products : The purpose ofthis bulletin is to remind Illinois domestics of the appropriate procedures for seeking approval to establish certain separate accounts.
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Illinois Department of Insurance
Jack Messmore
Acting Director
TO:
ALL ILLINOIS DOMESTIC COMPANIES LICENSED TO WRITE LIFE
INSURANCE (INCLUDING FRATERNALS)
FROM:
JACK MESSMORE
DATE:
JUNE 28, 2011
RE:
COMPANY BULLETIN 2011-08
FILiNG OF CERTAIN SEPARATE ACCOUNT INSURANCE PRODUCTS
The purpose ofthis bulletin is to remind Illinois domestics ofthe appropriate procedures for
seeking approval to establish certain separate accounts.
Specifically, this bulletin addresses products that result in the establishment ofa separate
account in which values due the policyholder are not unit-linked or “unitized”as is the case with
traditional separate account products. The approval process for such products is two-fold:
1)
the company must secure the Director’s approval under 215 ILCS 5/245.21; and 2) the policy
form filing must he approved.
215 ILCS 5/245.21 requirements must be satisfied prior to the approval of the policy form
in Illinois AND prior to sale of the product in any other states.
Prior to submitting the policy form filing, the company should contact the Department’s Life
Actuary, Bruce Sartain, FSA, MAAA, at bruce.sartain(a illinois.gov with product details, draft
policy forms, prospectus, actuarial memorandums, etc. Companies should contact the
Department early in the development stage.
Domestics must meet the requirements of215 ILCS 5/245.21 regardless ofwhether: 1) the new
product is filed for sale in Illinois or not; or 2) the new product is filed with individual state
insurance departments or through the Interstate Insurance Product Regulation Commission
(IIPRC). These products cannot be filed via the certification process (Company Bulletin CB
2007-01).
For questions regarding this bulletin please contact Bruce Sartain or Susan Lamb, ASA, MAAA
at susa~l~jinb~iI1inoi
s.go~.
320 \VesI Washington St.
Springfield IL 62767
(217) 782-1515
insurancei1linoisgo~
PAT QUINN
Governor
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.