Illinois Senate Bill 2577 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Engrossed) [HTML]

Amends the Illinois Insurance Code to set forth provisions concerning the rehabilitation or liquidation of a domestic company that is a covered financial company under the federal Dodd-Frank Wall Street Reform and Consumer Protection Act. Sets forth the grounds upon which the Director of Insurance may file a complaint for an order of rehabilitation or liquidation pursuant to the provisions of the Code concerning the grounds for rehabilitation and liquidation. Provides that after notice to the insurance company, the receivership court may grant an order on the complaint for rehabilitation or liquidation within 24 hours after its filing and that if the court does not make a determination on a complaint for rehabilitation or liquidation filed by the Director within 24 hours after its filing, then it shall be deemed granted by operation of law upon the expiration of the 24-hour period. Sets forth provisions concerning the court order and the Director's powers and authority. Effective immediately.

INS CD-REHAB DOMESTIC INS CO

Sen. William Haine [D]

Rep. JoAnn Osmond [R]

2012-03-22 - Senate - Third Reading in Senate (Y: 54 N: 0 NV: 5 Abs: 0) [PASS]

Date	Chamber	Action
2013-01-08	Senate	Session Sine Die
2012-03-22	House	Referred to Rules Committee
2012-03-22	House	First Reading
2012-03-22	House	Chief House Sponsor Rep. JoAnn D. Osmond
2012-03-22	House	Placed on Calendar Order of First Reading
2012-03-22	House	Arrived in House
2012-03-22	Senate	Third Reading - Passed; 054-000-000
2012-02-27	Senate	Placed on Calendar Order of 3rd Reading February 28, 2012
2012-02-27	Senate	Second Reading
2012-02-24	Senate	Placed on Calendar Order of 2nd Reading February 27, 2012
2012-02-24	Senate	Do Pass Insurance; 010-000-000
2012-01-24	Senate	Assigned to Insurance
2012-01-18	Senate	Referred to Assignments
2012-01-18	Senate	First Reading
2012-01-18	Senate	Filed with Secretary by Sen. William R. Haine

Chapter	Article	Section	Citation Type	Statute Text
215	5	188.2	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2577&GAID=11&DocTypeID=SB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/SB/09700SB2577.htm
Text	https://www.ilga.gov/legislation/97/SB/09700SB2577eng.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/97/senate/09700SB2577_03222012_014000T.pdf