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 Bill Status of SB1286  100th General Assembly


Short Description:  INS CD-CAPTIVE INSURERS

Senate Sponsors
Sen. John G. Mulroe - William R. Haine and William E. Brady

House Sponsors
(Rep. Michael D. Unes - Daniel V. Beiser - Gregory Harris - Camille Y. Lilly - La Shawn K. Ford)

Hearings
Executive Committee Hearing May 24 2017 10:30AM Capitol Building Room 118 Springfield, IL


Last Action
DateChamber Action
  5/15/2017HouseAssigned to Executive Committee

Statutes Amended In Order of Appearance
215 ILCS 5/123C-1from Ch. 73, par. 735C-1
215 ILCS 5/123C-2from Ch. 73, par. 735C-2
215 ILCS 5/123C-3from Ch. 73, par. 735C-3
215 ILCS 5/123C-9from Ch. 73, par. 735C-9
215 ILCS 5/123C-11from Ch. 73, par. 735C-11
215 ILCS 5/123C-12from Ch. 73, par. 735C-12
215 ILCS 5/123C-13from Ch. 73, par. 735C-13
215 ILCS 5/123C-16from Ch. 73, par. 735C-16
215 ILCS 5/123C-17from Ch. 73, par. 735C-17
215 ILCS 5/123C-19from Ch. 73, par. 735C-19
215 ILCS 5/123C-23 new
215 ILCS 5/123C-24 new
215 ILCS 5/123C-25 new
215 ILCS 5/123C-26 new
215 ILCS 5/123C-27 new
215 ILCS 5/123C-28 new
215 ILCS 5/123C-4 rep.


Synopsis As Introduced
Amends the Domestic Captive Insurance Companies Article of the Illinois Insurance Code. Makes changes to provisions concerning definitions. Prohibits captive insurance companies from issuing certain types of insurance. Provides that the Department of Insurance may not issue a certificate of authority to a captive insurance company unless the company possesses and maintains unencumbered capital and surplus in an amounted determined by the Director of Insurance after considering specified factors. Provides that the amount of capital and surplus may not be less than specified for classes of captive insurance companies. Makes changes to the reports a captive insurance company must submit to the Director. Allows, upon written application to the Director, the annual report to be filed at a fiscal year's end, rather than on or prior to March 1. Allows a captive insurance company to make loans to its affiliates with the prior approval of the Director. Adds additional requirements for a captive insurance company to provide reinsurance. Provides that annually, 10% of the premium tax revenues collected under certain provisions of the Code to be transferred to the Department for the regulation of captive insurance companies. Reduces fees for the filing of certain documents from $7,000 to $2,000. Removes certain requirements to issue letters of credit. Allows the Director to approve captive reinsurance pools under certain circumstances. Makes provisions concerning standards for risk management of controlled unaffiliated businesses, captive managers, dividends, and confidentiality. Allows the Director to adopt rules to enforce the provisions. Repeals a provision concerning minimum surplus. Makes other changes.

Senate Floor Amendment No. 1
Adds reference to:
215 ILCS 5/121-2.08from Ch. 73, par. 733-2.08
215 ILCS 5/445

Replaces everything after the enacting clause. Reinserts the introduced bill with the following changes: Further amends the Illinois Insurance Code. Provides that contracts of insurance with an industrial insured that qualifies as a Safety-Net Hospital are exempt from certain requirements concerning transactions in the State involving contracts of insurance independently procured directly from an unauthorized insurer by industrial insureds. Defines "Safety-Net Hospital". In provisions concerning surplus lines, provides that the tax rate for a surplus line insurance policy or contract is 2.5% (rather than 3.5%). Provides that 15% (rather than 10%) of the premium tax revenues collected shall be transferred to the Department of Insurance for the regulation of captive insurance companies.

Senate Floor Amendment No. 3
Deletes reference to:
215 ILCS 5/445

Replaces everything after the enacting clause. Reinserts the provisions of the bill as amended by Senate Amendment No. 1 with the following changes: Provides that for contracts of insurance effective January 1, 2015 through December 31, 2017, the insured shall pay to the Director of Insurance a sum equal to the gross premium of the contract multiplied by certain surplus line tax rates. Provides that for contracts of insurance on or after January 1, 2018, the insured shall pay to the Director a sum equal to 0.5% of the gross premium of the contract. Removes provisions requiring 15% of the premium tax revenues collected from captive insurance companies to be transferred to the Department of Insurance for the regulation of captive insurance companies. Removes provisions concerning surplus lines.

Actions 
DateChamber Action
  2/9/2017SenateFiled with Secretary by Sen. John G. Mulroe
  2/9/2017SenateFirst Reading
  2/9/2017SenateReferred to Assignments
  2/15/2017SenateAdded as Chief Co-Sponsor Sen. William R. Haine
  2/15/2017SenateAssigned to Insurance
  3/1/2017SenateDo Pass Insurance; 015-000-000
  3/1/2017SenatePlaced on Calendar Order of 2nd Reading March 2, 2017
  3/30/2017SenateSecond Reading
  3/30/2017SenatePlaced on Calendar Order of 3rd Reading April 4, 2017
  4/4/2017SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. John G. Mulroe
  4/4/2017SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/5/2017SenateSenate Floor Amendment No. 1 Assignments Refers to Insurance
  4/6/2017SenateSenate Floor Amendment No. 1 Recommend Do Adopt Insurance; 011-000-000
  4/6/2017SenateAdded as Co-Sponsor Sen. William E. Brady
  4/13/2017SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. John G. Mulroe
  4/13/2017SenateSenate Floor Amendment No. 2 Referred to Assignments
  4/19/2017SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. John G. Mulroe
  4/19/2017SenateSenate Floor Amendment No. 3 Referred to Assignments
  4/25/2017SenateSenate Floor Amendment No. 2 Assignments Refers to Insurance
  4/25/2017SenateSenate Floor Amendment No. 3 Assignments Refers to Insurance
  4/27/2017SenateSenate Floor Amendment No. 2 Postponed - Insurance
  4/27/2017SenateSenate Floor Amendment No. 3 Recommend Do Adopt Insurance; 010-000-000
  4/28/2017SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
  5/4/2017SenateRecalled to Second Reading
  5/4/2017SenateSenate Floor Amendment No. 1 Adopted; Mulroe
  5/4/2017SenateSenate Floor Amendment No. 3 Adopted; Mulroe
  5/4/2017SenatePlaced on Calendar Order of 3rd Reading
  5/4/2017SenateThird Reading - Passed; 055-000-000
  5/4/2017SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
  5/5/2017HouseArrived in House
  5/5/2017HouseChief House Sponsor Rep. Michael D. Unes
  5/9/2017HouseFirst Reading
  5/9/2017HouseReferred to Rules Committee
  5/9/2017HouseAdded Alternate Chief Co-Sponsor Rep. Gregory Harris
  5/9/2017HouseAdded Alternate Chief Co-Sponsor Rep. Camille Y. Lilly
  5/9/2017HouseAdded Alternate Chief Co-Sponsor Rep. La Shawn K. Ford
  5/15/2017HouseAssigned to Executive Committee
  5/18/2017HouseAdded Alternate Chief Co-Sponsor Rep. Daniel V. Beiser
  5/19/2017HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017

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