Illinois Administrative Code (Last Updated: March 27, 2024) |
TITLE50. INSURANCE |
PART3120. SUITABILITY IN ANNUITY TRANSACTIONS |
§3120.30. Exemptions
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Unless otherwise specifically included, this Part shall not apply to transactions involving:
a) Direct response solicitations where there is no recommendation based on information collected from the consumer pursuant to this Part;
b) Contracts used to fund:
1) An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA);
2) A plan described by sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the Internal Revenue Code (IRC) (26 USCS 401 et seq.), as amended, if established or maintained by an employer;
3) A government or church plan defined in section 414 of the IRC, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under section 457 of the IRC; or
4) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;
c) Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
d) Formal prepaid funeral contracts.
(Source: Amended at 47 Ill. Reg. 2312, effective February 3, 2023)