Bill Title: Amends the Illinois Insurance Code. With regard to an assuming insurer's trust fund, provides that not later than February 28 of each year, the assuming insurer's chief executive officer or chief financial officer shall certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a trusteed surplus of not less than $20,000,000. Permits a reduction in the required trusteed surplus in specified circumstances. Provides that in the event that the provision concerning the reduction in the required trusteed surplus applies to the trust, the assuming insurer's chief executive officer or chief financial officer shall then certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a reduced trusteed surplus of not less than the amount that has been authorized by the regulatory authority having principal regulatory oversight of the trust. Makes changes to the provisions concerning financial strength ratings. Sets forth provisions concerning downgrades by rating agencies, the Director's authority, upgrading the rating of a certified reinsurer, and the revocation of the certification of a certified reinsurer. Makes other changes.

Spectrum: Moderate Partisan Bill (Democrat 10-2)

Status: (Passed) 2015-01-09 - Public Act . . . . . . . . . 98-1165 [SB2979 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator William Haine [D]	Primary	Sponsored Bills	SD-056	FollowTheMoney	Ballotpedia	VoteSmart
Representative Frank Mautino [D]	Primary	Sponsored Bills	HD-076	FollowTheMoney	Ballotpedia	VoteSmart
Representative Edward Acevedo [D]	Cosponsor	Sponsored Bills	HD-002	FollowTheMoney	Ballotpedia	VoteSmart
Senator Robert Martwick [D]	Cosponsor	Sponsored Bills	SD-010	FollowTheMoney	Ballotpedia	VoteSmart
Representative Michael Zalewski [D]	Cosponsor	Sponsored Bills	HD-023	FollowTheMoney	Ballotpedia	VoteSmart
Representative Maria Berrios [D]	Cosponsor	Sponsored Bills	HD-039	FollowTheMoney	Ballotpedia	VoteSmart
Representative Robert Rita [D]	Cosponsor	Sponsored Bills	HD-028	FollowTheMoney	Ballotpedia	VoteSmart
Representative Jack Franks [D]	Cosponsor	Sponsored Bills	HD-063	FollowTheMoney	Ballotpedia	VoteSmart
Representative Adam Brown [R]	Cosponsor	Sponsored Bills	HD-102	FollowTheMoney	Ballotpedia	VoteSmart
Representative Ronald Sandack [R]	Cosponsor	Sponsored Bills	HD-081	FollowTheMoney	Ballotpedia	VoteSmart
Representative Gregory Harris [D]	Cosponsor	Sponsored Bills	HD-013	FollowTheMoney	Ballotpedia	VoteSmart
Representative Anthony DeLuca [D]	Cosponsor	Sponsored Bills	HD-080	FollowTheMoney	Ballotpedia	VoteSmart

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