Illinois SB2872: CONTINGENT DEFERRED ANNUITIES

What the bill says

A bill FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026SB2872Introduced 1/16/2026, by Sen. Julie A. MorrisonSYNOPSIS AS INTRODUCED: ILCS 5/229.4a 215 ILCS 5/229.4a ILCS 5/229.4a Amends the Illinois Insurance Code. Provides that specifiedprovisions of the Standard Nonforfeiture Law for Individual DeferredAnnuities shall not apply to contingent deferred annuities…

From the introduced text, January 16, 2026:

A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026SB2872Introduced 1/16/2026, by Sen. Julie A. MorrisonSYNOPSIS AS INTRODUCED: ILCS 5/229.4a 215 ILCS 5/229.4a ILCS 5/229.4a Amends the Illinois Insurance Code. Provides that specifiedprovisions of the Standard Nonforfeiture Law for Individual DeferredAnnuities shall not apply to contingent deferred annuities. Provides that,notwithstanding this exemption, the Director of Insurance shall have theauthority to adopt, by rule, nonforfeiture benefits for contingentdeferred annuities that are, in the opinion of the Director, equitable tothe contract holder, appropriate given the risks insured, and, to theextent possible, consistent with the general intent of the provisionsconcerning individual deferred annuities. Effective immediately. LRB104 16830 BAB 30239 b LRB104 16830 BAB 30239 b LRB104 16830 BAB 30239 b A BILL FOR SB2872LRB104 16830 BAB 30239 b SB2872 LRB104 16830 BAB 30239 b SB2872 LRB104 16830 BAB 30239 b AN ACT concerning regulation. Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section 5.The Illinois Insurance Code is amended by changing Section 229.4a as follows: (215 ILCS 5/229.4a) Sec. 229.4a.Standard Nonforfeiture Law for Individual Deferred Annuities. (1) Title. This Section shall be known as the Standard Nonforfeiture Law for Individual Deferred Annuities. (2) Applicability. [ADDED: (A)]This Section shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of …

Read the full official text

Sponsors

• Julie A. Morrison (D, 29) · primary sponsor
• Margaret A. DeLaRosa (D, 42) · primary sponsor

Latest actions

1. July 24, 2026: Public Act . . . . . . . . . 104-0640
2. July 24, 2026: Effective Date July 24, 2026
3. July 24, 2026: Governor Approved
4. June 18, 2026: Sent to the Governor
5. May 21, 2026: Passed Both Houses
6. May 21, 2026: Third Reading - Short Debate - Passed 108-000-000
7. May 19, 2026: Placed on Calendar Order of 3rd Reading - Short Debate
8. May 19, 2026: Second Reading - Short Debate
9. May 6, 2026: Placed on Calendar 2nd Reading - Short Debate
10. May 5, 2026: Do Pass / Short Debate Insurance Committee; 015-000-000

Votes

• Third Reading - Short Debate - Passed (May 21, 2026): 108 yea, 0 nay, passed
• Do Pass / Short Debate Insurance Committee (May 5, 2026): 15 yea, 0 nay, passed
• Third Reading - Passed (April 16, 2026): 57 yea, 0 nay, passed
• Do Pass Insurance (March 4, 2026): 9 yea, 0 nay, passed

Common questions

What is SB2872?

SB2872 is a bill in the Illinois Legislature (104th General Assembly): CONTINGENT DEFERRED ANNUITIES.

What does SB2872 do?

In its own words: A bill FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026SB2872Introduced 1/16/2026, by Sen. Julie A. MorrisonSYNOPSIS AS INTRODUCED: ILCS 5/229.4a 215 ILCS 5/229.4a ILCS 5/229.4a Amends the Illinois Insurance Code. Provides that specifiedprovisions of the Standard Nonforfeiture Law for Individual DeferredAnnuities shall not apply to contingent deferred annuities…

What is the status of SB2872?

Signed into law as of July 24, 2026. Latest action: Public Act . . . . . . . . . 104-0640 (July 24, 2026).

Who sponsored SB2872?

Julie A. Morrison (D, 29), with 1 co-sponsor.

Where is the official record for SB2872?

On the Illinois Legislature website: https://www.ilga.gov/Legislation/BillStatus?DocNum=2872&GAID=18&DocTypeID=SB&SessionID=114