Bill Text: IL SB3322 | 2013-2014 | 98th General Assembly | Amended

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

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Bill Title: Amends the Intergovernmental Cooperation Act. Makes changes in the provision concerning joint self-insurance. Provides that any statement of actuarial opinion, as defined in the Code of Professional Conduct of the American Academy of Actuaries (the Academy), must be prepared by an actuary who satisfies the qualification standards set forth by the Academy to issue the opinion in the particular area of actuarial practice. Amends the Illinois Insurance Code. In provisions concerning deposits of securities, deletes certain references to provisions of the Code concerning rated credit instruments. Makes changes in the provisions concerning the kinds of reinsurance agreements that shall not be entered into by any domestic company unless such agreements are approved in writing by the Director of Insurance and the assignability of life insurance. Repeals the Insurance Exchange, Assessment Legal Reserve Life Companies, Mutual Benefit Associations, and Small Employer Group Health Insurance Law Articles of the Code. Repeals provisions concerning the committee to create a uniform small employer group-health status questionnaire and individual health statement and accident and health expense reporting.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2014-08-15 - Public Act . . . . . . . . . 98-0969 [SB3322 Detail]

Download: Illinois-2013-SB3322-Amended.html

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Sen. William R. Haine

Filed: 3/13/2014

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AMENDMENT TO SENATE BILL 3322
AMENDMENT NO. ______. Amend Senate Bill 3322 by replacing
line 6 on page 2 through line 2 on page 3 with the following:
"The joint insurance pool shall also annually file with the
Director a statement of actuarial opinion that conforms to the
Actuarial Standards of Practice issued by the Actuarial
Standards Board. All statements of actuarial opinion shall be
issued by an independent actuary who is an associate or fellow
of the Casualty Actuarial Society or of the Society of
Actuaries. The statement of actuarial opinion shall include a
statement in a casualty actuarial society that the pool's
reserves are calculated in accordance with sound
loss-reserving standards and adequate for the payment of
claims. This opinion shall be filed no later than 150 days
after the end of each fiscal year. The joint insurance pool
shall be exempt from filing a statement of actuarial opinion by
an independent actuary who is an associate or fellow of the
Casualty Actuarial Society or of the Society of Actuaries in a

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casualty actuarial society that the joint insurance pool's
reserves are in accordance with sound loss-reserving standards
and payment of claims for the primary level of coverage if the
joint insurance pool files with the Director, by the reporting
deadline, a statement of actuarial opinion from the provider of
the joint pool's aggregate coverage, reinsurance, or other
similar excess insurance coverage. Any statement of actuarial
opinion must be prepared by an actuary who satisfies the
qualification standards set forth by the American Academy of
Actuaries to issue the opinion in the particular area of
actuarial practice.".