Exams / Illinois Life Insurance Producer License / 215 ILCS 5/150.1

215 ILCS 5/150.1 — what it says, and how the exam tests it

This section is cited by 3 of our practice questions and is tested on 5 exams including the Illinois Life Insurance Producer License.

The text

215 ILCS 5/150.1. (from Ch. 73, par. 762.1) Sec. 150.1. No company doing business in this State shall enter into a group contract for an annuity or pension plan to cover employees of the State, its agencies, instrumentalities, political subdivisions or municipal corporations prior to the time such employees are granted membership in any established retirement system or pension fund, by whatever name called, created by and operating pursuant to any of the provisions of the "Illinois Pension Code" if such employees are eligible for coverage under such statute; provided that this provision shall not apply to any contract entered into by a company for such annuity or pension plan for any such group of employees prior to the effective date of this amendatory Act. (Source: Laws 1967, p. 3002.)

Public record. Read the full, current section at the official source: www.ilga.gov

How it comes up on the exam

Practice questions written from this section — answers and explanations are in the drill.

  1. Under Section 150.1, which of the following is prohibited in Illinois regarding group annuity or pension contracts for state employees?
    drill Illinois Statutes and Regulations Pertinent to Life Insurance Only →
  2. Under Section 150.1, a company doing business in Illinois is prohibited from entering into a group annuity or pension contract for employees of the State prior to what event?
    drill Illinois Statutes and Regulations Pertinent to Life Insurance Only →
  3. Under Section 150.1, an insurer may NOT enter into a group annuity or pension plan contract for which employees prior to their being granted membership in an established retirement system?
    drill Illinois Statutes and Regulations Pertinent to Life Insurance Only →

Exams that test this section