Illinois General Assembly - Bill Status for HB1571
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 Bill Status of HB1571  98th General Assembly


Short Description:  INS CD-INSURER INVESTMENTS

House Sponsors
Rep. Lou Lang - Scott Drury - Jack D. Franks - Laura Fine, Robyn Gabel, Kelly M. Cassidy and Barbara Flynn Currie

Senate Sponsors
(Sen. Ira I. Silverstein - Michael W. Frerichs and Julie A. Morrison)

Last Action
DateChamber Action
  7/26/2013HousePublic Act . . . . . . . . . 98-0110

Statutes Amended In Order of Appearance
215 ILCS 5/126.11a new


Synopsis As Introduced
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.

House Committee Amendment No. 1
Deletes reference to:
215 ILCS 5/126.11a new
Adds reference to:
215 ILCS 5/26

Replaces everything after the enacting clause. Amends the Illinois Insurance Code in the provision requiring companies subject to the Domestic Stock Companies Article to make and maintain with the Director of Insurance for the protection of all creditors, policyholders and policy obligations of the company, a deposit of securities. Provides that all deposits by insurers subject to the Article must be limited to certain types and characteristics. Provides that the Director may refuse to accept certain securities or refuse to accept the reported market value of certain securities offered pursuant to the provision concerning deposits in order to ensure that sufficient cash and securities are on hand to meet the purposes of the deposit. Sets forth provisions concerning deposits required of a domestic insurer pursuant to the laws of another state, province, or country. Makes other changes.

House Floor Amendment No. 2
Adds reference to:
215 ILCS 5/53

Replaces everything after the enacting clause. Reinserts the bill as amended by House Amendment No. 1 with the following changes. Further amends the Illinois Insurance Code in the provision requiring companies subject to the Domestic Mutual Companies Article to make and maintain with the Director of Insurance, for the protection of all creditors, policyholders, and policy obligations of the company, a deposit of securities. Provides that all deposits by insurers subject to the Article must be limited to certain types and characteristics. Provides that the Director may refuse to accept certain securities or refuse to accept the reported market value of certain securities offered pursuant to the provision concerning deposits in order to ensure that sufficient cash and securities are on hand to meet the purposes of the deposit. Sets forth provisions concerning deposits required of a domestic insurer pursuant to the laws of another state, province, or country. Makes other changes.

Actions 
DateChamber Action
  2/13/2013HouseFiled with the Clerk by Rep. Lou Lang
  2/14/2013HouseFirst Reading
  2/14/2013HouseReferred to Rules Committee
  2/25/2013HouseAssigned to Insurance Committee
  3/11/2013HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang
  3/11/2013HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/13/2013HouseHouse Committee Amendment No. 1 Rules Refers to Insurance Committee
  3/19/2013HouseHouse Committee Amendment No. 1 Adopted in Insurance Committee; by Voice Vote
  3/19/2013HouseDo Pass as Amended / Short Debate Insurance Committee; 026-000-000
  3/20/2013HousePlaced on Calendar 2nd Reading - Short Debate
  4/8/2013HouseAdded Chief Co-Sponsor Rep. Scott Drury
  4/10/2013HouseSecond Reading - Short Debate
  4/10/2013HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/11/2013HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Lou Lang
  4/11/2013HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  4/15/2013HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000
  4/16/2013HouseRecalled to Second Reading - Short Debate
  4/16/2013HouseHouse Floor Amendment No. 2 Adopted
  4/16/2013HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/16/2013HouseAdded Chief Co-Sponsor Rep. Jack D. Franks
  4/16/2013HouseAdded Chief Co-Sponsor Rep. Laura Fine
  4/17/2013HouseThird Reading - Short Debate - Passed 118-000-000
  4/17/2013HouseAdded Co-Sponsor Rep. Robyn Gabel
  4/17/2013HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
  4/17/2013HouseAdded Co-Sponsor Rep. Barbara Flynn Currie
  4/17/2013SenateArrive in Senate
  4/17/2013SenatePlaced on Calendar Order of First Reading April 18, 2013
  4/19/2013SenateChief Senate Sponsor Sen. Ira I. Silverstein
  4/19/2013SenateFirst Reading
  4/19/2013SenateReferred to Assignments
  4/24/2013SenateApproved for Consideration Assignments
  4/24/2013SenatePlaced on Calendar Order of 2nd Reading April 25, 2013
  4/30/2013SenateAdded as Alternate Co-Sponsor Sen. Julie A. Morrison
  5/2/2013SenateAdded as Alternate Chief Co-Sponsor Sen. Michael W. Frerichs
  5/7/2013SenateSecond Reading
  5/7/2013SenatePlaced on Calendar Order of 3rd Reading May 8, 2013
  5/21/2013SenateThird Reading - Passed; 057-000-000
  5/21/2013HousePassed Both Houses
  6/19/2013HouseSent to the Governor
  7/26/2013HouseGovernor Approved
  7/26/2013HouseEffective Date January 1, 2014
  7/26/2013HousePublic Act . . . . . . . . . 98-0110

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