Bill Title: Amends the Illinois Insurance Code. Provides that subject to the restrictions provided in the Article concerning life and health insurers, an insurer may invest in bonds, notes, warrants, and other securities not in default that are the direct obligations of the government of any foreign country that is a member of the Organisation for Economic Co-operation and Development (OECD) and for which the full faith and credit of such government has been pledged for the payment of principal and interest, provided that (i) the debt of the issuing country has been rated as investment grade for at least 10 years immediately before the time of acquiring the obligations by at least 2 of the major ratings agencies, including Moody's Investors Service, Standard & Poor's Rating Services, Fitch Rating, and the Securities Valuation Office of the National Association of Insurance Commissioners and (ii) the issuing country has not defaulted and has met its payment obligations in a timely manner on all similar obligations for a period of at least 30 years immediately before the time of acquiring the obligations.

Spectrum: Bipartisan Bill

Status: (Passed) 2013-08-27 - Public Act . . . . . . . . . 98-0571 [SB1718 Detail]

Text: Latest bill text (Chaptered) [HTML]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Ira Silverstein [D]	Primary	Sponsored Bills	SD-008	FollowTheMoney	Ballotpedia	VoteSmart
Senator Michael Frerichs [D]	Cosponsor	Sponsored Bills	SD-052	FollowTheMoney	Ballotpedia	VoteSmart
Senator Bill Brady [R]	Cosponsor	Sponsored Bills	SD-044	FollowTheMoney	Ballotpedia	VoteSmart
Senator Sara Feigenholtz [D]	Primary	Sponsored Bills	SD-006	FollowTheMoney	Ballotpedia	VoteSmart
Representative Dennis Reboletti [R]	Cosponsor	Sponsored Bills	HD-045	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on IL SB1718