Bill Title: 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.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2023-06-09 - Public Act . . . . . . . . . 103-0075 [SB0762 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator William Cunningham [D]	Primary	Sponsored Bills	SD-018	FollowTheMoney	Ballotpedia	VoteSmart
Representative Thaddeus Jones [D]	Primary	Sponsored Bills	HD-029	FollowTheMoney	Ballotpedia	VoteSmart
Representative Bob Morgan [D]	Cosponsor	Sponsored Bills	HD-058	FollowTheMoney	Ballotpedia	VoteSmart

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