IL SB0762 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on June 9 2023 - 100% progression
Action: 2023-06-09 - Public Act . . . . . . . . . 103-0075
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on June 9 2023 - 100% progression
Action: 2023-06-09 - Public Act . . . . . . . . . 103-0075
Text: Latest bill text (Chaptered) [HTML]
Summary
Amends the Illinois Insurance Code. Changes the definition of "insolvent company" to include any company which has assumed or has been allocated a policy obligation through an approved insurance business transfer plan. Provides that the fee for filing an insurance business transfer plan is $25,000. Creates the Insurance Business Transfers Article of the Illinois Insurance Code and provides that the Article may be cited as the Insurance Business Transfers Law. Sets forth provisions concerning notice requirements, application procedure, application to a court for approval of a plan, approval and denial of insurance business transfer plans, and fees and costs. Provides that the Department of Insurance may adopt rules that are consistent with the provisions. Provides that the portion of the application for an insurance business transfer that would otherwise be confidential, including any documents, materials, communications, or other information submitted to the Director of Insurance in contemplation of an application, shall not lose such confidentiality. Provides that insurers consent to the jurisdiction of the Director with regard to ongoing oversight of operations, management, and solvency relating to the transferred business. Provides that the Director may direct the applicant to retain parties to assist Department personnel. Defines terms. Effective immediately, except specified provisions take effect January 1, 2025.
Title
REGULATION-TECH
Sponsors
Roll Calls
2023-05-08 - House - Third Reading in House (Y: 104 N: 0 NV: 2 Abs: 3) [PASS]
2023-03-29 - Senate - Third Reading in Senate (Y: 57 N: 0 NV: 2 Abs: 0) [PASS]
2023-03-29 - Senate - Third Reading in Senate (Y: 57 N: 0 NV: 2 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2023-06-09 | Senate | Public Act . . . . . . . . . 103-0075 |
2023-06-09 | Senate | Effective Date January 1, 2025; Some Provisions |
2023-06-09 | Senate | Effective Date June 9, 2023; Some Provisions |
2023-06-09 | Senate | Governor Approved |
2023-06-06 | Senate | Sent to the Governor |
2023-05-08 | Senate | Passed Both Houses |
2023-05-08 | House | Third Reading - Short Debate - Passed 104-000-000 |
2023-05-03 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
2023-05-03 | House | Second Reading - Short Debate |
2023-04-26 | House | Placed on Calendar 2nd Reading - Short Debate |
2023-04-25 | House | Do Pass / Short Debate Insurance Committee; 012-000-000 |
2023-04-21 | House | Added Alternate Chief Co-Sponsor Rep. Bob Morgan |
2023-04-18 | House | Assigned to Insurance Committee |
2023-04-03 | House | Alternate Chief Sponsor Changed to Rep. Thaddeus Jones |
2023-03-30 | House | Referred to Rules Committee |
2023-03-30 | House | First Reading |
2023-03-30 | House | Chief House Sponsor Rep. Emanuel "Chris" Welch |
2023-03-30 | House | Arrived in House |
2023-03-29 | Senate | Third Reading - Passed; 057-000-000 |
2023-03-29 | Senate | Placed on Calendar Order of 3rd Reading |
2023-03-29 | Senate | Senate Floor Amendment No. 1 Adopted; Cunningham |
2023-03-29 | Senate | Recalled to Second Reading |
2023-03-29 | Senate | Senate Floor Amendment No. 1 Recommend Do Adopt Insurance; 009-000-000 |
2023-03-28 | Senate | Chief Sponsor Changed to Sen. Bill Cunningham |
2023-03-28 | Senate | Senate Floor Amendment No. 1 Assignments Refers to Insurance |
2023-03-28 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
2023-03-28 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Bill Cunningham |
2023-03-10 | Senate | Placed on Calendar Order of 3rd Reading March 21, 2023 |
2023-03-10 | Senate | Second Reading |
2023-03-09 | Senate | Placed on Calendar Order of 2nd Reading March 10, 2023 |
2023-03-09 | Senate | Do Pass Executive; 011-000-000 |
2023-03-02 | Senate | Assigned to Executive |
2023-02-02 | Senate | Referred to Assignments |
2023-02-02 | Senate | First Reading |
2023-02-02 | Senate | Filed with Secretary by Sen. Don Harmon |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
210 | 47 | 1-101 | Amended Code | Citation Text |