Sec. 232. Extension of time and modification of standard provisions.
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/il/chapter-215/act-5/232A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 232. Extension of time and modification of standard provisions.
(1)Any company authorized to transact business in this State on the effective date of this Code may continue to issue policies and contracts of the kind or kinds it was permitted to issue immediately prior to such effective date, until December 31, 1937.
(2)Policies and contracts may be issued and delivered in this State which contain provisions more favorable to the holders of such policies or contracts than the standard provisions required by this article. No domestic company and holder of a policy or contract shall after the effective date of this Code enter into any agreement to waive or modify in whole or in part a standard provision required by this Code or any prior law of this State, for the benefit of such holder, unless the agreement be approved by a court in a proceeding under Article XIII.