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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

Last Action
DateChamber Action
  3/1/2017SenatePlaced on Calendar Order of 2nd Reading March 2, 2017

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.

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

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