Illinois Senate Bill 762

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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]

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.

REGULATION-TECH

Sen. William Cunningham [D]

Rep. Thaddeus Jones [D]

Rep. Bob Morgan [D]

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]

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

Chapter	Article	Section	Citation Type	Statute Text
210	47	1-101	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=762&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB0762.htm
Text	https://www.ilga.gov/legislation/103/SB/10300SB0762eng.htm
Text	https://www.ilga.gov/legislation/103/SB/10300SB0762enr.htm
Text	https://www.ilga.gov/legislation/publicacts/103/103-0075.htm
Amendment	https://www.ilga.gov/legislation/103/SB/10300SB0762sam001.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/103/senate/10300SB0762_03292023_012000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/103/house/10300SB0762_05082023_020000T.pdf