The proposed bill would significantly update current statutes related to life insurance illustrations by introducing new definitions and requirements, as indicated by the ... tags. It would establish guidelines for various types of illustrations, including basic, supplemental, and in-force illustrations, ensuring they include non-guaranteed elements and are clearly labeled. Insurers would be required to provide policyholders with annual reports detailing the status of their policies, including any adverse changes in non-guaranteed elements, and must deliver a basic illustration upon policy issuance. The bill also mandates that insurers appoint illustration actuaries to certify compliance with statutory requirements and to notify the director of any changes in actuaries. In addition to these insertions, the bill would remove outdated language from current statutes, as marked by the ... tags, streamlining the legal text and enhancing clarity. The overall aim of the bill is to improve consumer protection by ensuring that life insurance illustrations are accurate, informative, and transparent, thereby fostering better consumer education and informed decision-making. The core of the existing law remains intact, as denoted by the ... tags, while the new provisions seek to address contemporary issues in the life insurance market.