Senate Bill 2091 was sponsored by Senator William R. Haine (D-Alton) and Representative Frank J. Mautino (D-Spring Valley).
“I am very pleased that the Governor signed Senate Bill 2091,” said Senator Haine. “This bill, which was negotiated for three years, results in a good regulatory environment that will protect seniors from abusive STOLI transactions while protecting legitimate transactions in the life insurance and life settlement industries.”
“I commend Governor Quinn and Director McRaith for creating a law to protect Illinois consumers – especially seniors – from those that would take advantage of them financially and for creating a regulatory structure that will allow for legitimate use of life settlements,” said Representative Mautino, the House sponsor of the bill.
More Information Visit the Illinois Department of Insurance Web site at http://insurance.illinois.gov or call toll-free at (866) 445-5364.