(a) A guardian desiring to retain any investment (including a life, endowment or annuity policy) or any increase thereof, not expressly authorized by Section 21-2 [755 ILCS 5/21-2] shall petition the court for approval thereof.

(b) A guardian desiring to make any material change in the terms of any life, endowment or annuity policy, (i) received by the guardian at the time of the guardian's appointment or subsequently acquired by the ward and (ii) not expressly authorized by Section 21-2.11 [755 ILCS 5/21-2.11] shall petition the court for approval thereof.

[Amended August 8, 1996, effective September 3, 1996.]