Illinois Senate Bill 1723 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Creates the Insurance Industry Innovation Act. Creates the Innovation Division within the Department of Insurance to promote insurance product innovations. Provides that the Innovation Division shall be under the direction of the Deputy Director of the Innovation Division. Sets forth duties of the Deputy Director. Provides that an individual may petition the Department to waive or modify certain requirements in State statutes or Department rules related to an insurance innovation the individual offers or intends to offer. Provides that the petition shall demonstrate that the insurance innovation would serve the public interest, improve access to insurance products or services, and does not present systematic risk to the State and promotes consumer protection. Provides the process by which a petition is submitted to the Department and the process by which the Department may approve or reject the petition. Provides that, if the Department approves a petition, the person may enter into an enforceable compliance agreement with the Department, which includes the terms under which the insurance innovation may be offered. Provides that one year after the effective date, and annually thereafter, the Department shall report to the General Assembly on the aggregate impact of the enforceable compliance agreements. Provides that the Act is repealed on December 31, 2022. Effective January 1, 2018.

INSURANCE INDUSTRY INNOVATION

Sen. Antonio Munoz [D]

Sen. Bill Brady [R]

Date	Chamber	Action
2019-01-09	Senate	Session Sine Die
2017-04-07	Senate	Senate Committee Amendment No. 2 Rule 3-9(a) / Re-referred to Assignments
2017-04-07	Senate	Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
2017-04-07	Senate	Rule 3-9(a) / Re-referred to Assignments
2017-03-29	Senate	Senate Committee Amendment No. 2 Postponed - Insurance
2017-03-29	Senate	Senate Committee Amendment No. 1 Postponed - Insurance
2017-03-29	Senate	Postponed - Insurance
2017-03-22	Senate	Senate Committee Amendment No. 2 Assignments Refers to Insurance
2017-03-17	Senate	Rule 2-10 Committee Deadline Established As April 7, 2017
2017-03-16	Senate	Senate Committee Amendment No. 1 Postponed - Insurance
2017-03-16	Senate	Postponed - Insurance
2017-03-15	Senate	Senate Committee Amendment No. 2 Referred to Assignments
2017-03-15	Senate	Senate Committee Amendment No. 2 Filed with Secretary by Sen. Antonio Muñoz
2017-03-14	Senate	Added as Chief Co-Sponsor Sen. William E. Brady
2017-03-09	Senate	Senate Committee Amendment No. 1 Postponed - Insurance
2017-03-09	Senate	Postponed - Insurance
2017-03-07	Senate	Senate Committee Amendment No. 1 Assignments Refers to Insurance
2017-02-28	Senate	Senate Committee Amendment No. 1 Referred to Assignments
2017-02-28	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Antonio Muñoz
2017-02-28	Senate	Assigned to Insurance
2017-02-09	Senate	Referred to Assignments
2017-02-09	Senate	First Reading
2017-02-09	Senate	Filed with Secretary by Sen. Antonio Muñoz

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1723&GAID=14&DocTypeID=SB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/SB/10000SB1723.htm
Amendment	https://www.ilga.gov/legislation/100/SB/10000SB1723sam001.htm
Amendment	https://www.ilga.gov/legislation/100/SB/10000SB1723sam002.htm