Bill Text: IL SB2877 | 2011-2012 | 97th General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Insurance Code in the Article concerning insurance holding company systems. Makes changes to the definitions. Provides that a domestic company, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries, and that the subsidiaries may conduct any kind of business or businesses and their authority to do so shall not be limited by reason of the fact that they are subsidiaries of a domestic company. Makes changes to the provisions concerning a domestic company's permitted investments. Includes certain filing requirements in the provision concerning the acquisition of control of or merger with a domestic company. Makes changes to provisions concerning the statement that is required to be filed with the Director of Insurance. Deletes certain provisions concerning deposits made with the Director, orders entered by the Director, and reports of potential adverse economic impact made to the General Assembly by the Director. Makes changes to the provisions concerning certain violations, judicial jurisdiction, acquisitions, registration statements, reporting materials, termination of registration, disclaimers, prior notification, officers and directors, examination, confidential treatment, voting , sanctions, and judicial review. . Sets forth provisions concerning summary filing, enterprise risk filing, violations, and supervisory colleges. Repeals a provision concerning the delivery of certain filings. Contains a severability provision. Effective on January 1, 2013.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Failed) 2013-01-08 - Session Sine Die [SB2877 Detail]

Download: Illinois-2011-SB2877-Amended.html

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Sen. William R. Haine

Filed: 3/12/2012

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AMENDMENT TO SENATE BILL 2877
AMENDMENT NO. ______. Amend Senate Bill 2877, AS AMENDED,
as follows:
in Section 5, Sec. 131.4, subsection (a), paragraph (3), by
replacing "131.12;" with "131.11 131.12;"; and
in Section 5, Sec. 131.4, subsection (b), the sentence
beginning "The Director shall determine", by replacing
"parties seeking" with "party or parties seeking"; and
in Section 5, Sec. 131.5, by replacing the Section heading with
"Statement; contents Statement-Contents"; and
in Section 5, Sec. 131.5, paragraph (12), by replacing "An
agreement" with "Beginning July 1, 2013, an agreement"; and
in Section 5, Sec. 131.12a, subsection (4), paragraph (b),

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subparagraph (i), item (B), by replacing "insurers possess"
with "companies insurers possess"; and
in Section 5, Sec. 131.13, the sentence beginning "Every
company which is authorized", by replacing "131.19." with
"131.20a 131.19."; and
in Section 5, Sec. 131.14, paragraph (3), subparagraph (e), by
replacing "principles; and" with "principles; and"; and
in Section 5, Sec. 131.20, subsection (1), paragraph (a-5), by
replacing "rule by the Director;" with "rules and regulations
issued by the Director;"; and
in Section 5, Sec. 131.20c, subsection (a), by replacing "131.4
of this Code," with "131.13 of this Code,"; and
in Section 5, Sec. 131.22, subsection (c), paragraph (1), by
replacing "notwithstanding this paragraph (1), the Director
may only" with the following:
"(1.5) notwithstanding paragraph (1) of this
subsection (c), may only"; and
in Section 5, Sec. 131.22, subsection (c), paragraph (1), by
replacing "pursuant to Section 131.20c" with "pursuant to
Section 131.14b"; and

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in Section 5, Sec. 131.24, subsection (5), by replacing
"violation of Section 131.20c" with "violation of Section
131.14b".