(Notice of the Enactment of a Non-Forfeiture Option.) No life company doing business in this State may enact a non-forfeiture option, unless a notice is given to the policyowner which explains this action and refers the policyowner to the other available options, if any, under the provisions of the policy. Evidence of this notice shall be maintained by the insurer.
215 ILCS 5/234.1
Known as the Standard Nonforfeiture Law
The act spans §§ 215-5-222 to 215-5-245-3 (42 sections).
P.A. 80-566.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.