90th General Assembly
Summary of SB0801
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Senate Sponsors:
MADIGAN,R.

House Sponsors:
BRADY

Short description: 
INS CD REPEAL ARTICLE VIII                                                 

Synopsis of Bill as introduced:
        Amends the Illinois Insurance Code.  Repeals Article VIII of  the      
   Code, which regulates the investments of domestic insurance companies.      
        SENATE AMENDMENT NO. 1.                                                
          Adds reference to:                                                   
          215 ILCS 5/Art. VIII, Part 1, heading new                            
          215 ILCS 5/126.1 new                                                 
          215 ILCS 5/126.2 new                                                 
          215 ILCS 5/126.3 new                                                 
          215 ILCS 5/126.4 new                                                 
          215 ILCS 5/126.5 new                                                 
          215 ILCS 5/126.6 new                                                 
          215 ILCS 5/126.7 new                                                 
          215 ILCS 5/126.8 new                                                 
          215 ILCS 5/Art. VIII, Part 2 heading new                             
          215 ILCS 5/126.9 new                                                 
          215 ILCS 5/126.10 new                                                
          215 ILCS 5/126.11 new                                                
          215 ILCS 5/126.12 new                                                
          215 ILCS 5/126.13 new                                                
          215 ILCS 5/126.14 new                                                
          215 ILCS 5/126.15 new                                                
          215 ILCS 5/126.16 new                                                
          215 ILCS 5/126.17 new                                                
          215 ILCS 5/126.18 new                                                
          215 ILCS 5/126.19 new                                                
          215 ILCS 5/126.20 new                                                
          215 ILCS 5 Art. VII, Part 3 heading new                              
          215 ILCS 5/126.21 new                                                
          215 ILCS 5/126.22 new                                                
          215 ILCS 5/126.23 new                                                
          215 ILCS 5/126.24 new                                                
          215 ILCS 5/126.25 new                                                
          215 ILCS 5/126.26 new                                                
          215 ILCS 5/126.27 new                                                
          215 ILCS 5/126.28 new                                                
          215 ILCS 5/126.29 new                                                
          215 ILCS 5/126.30 new                                                
          215 ILCS 5/126.31 new                                                
          215 ILCS 5/126.32 new                                                
          215 ILCS 5/124 rep. through 125.24a rep.                             
        Replaces the title and everything after the enacting clause. Sets      
   forth  permissible  investment  practices   for   domestic   insurance      
   companies.   Replaces   current  Illinois  Insurance  Code  provisions      
   regarding investment practices. Effective immediately.                      
        SENATE AMENDMENT NO. 2.                                                
          Adds reference to:                                                   
          215 ILCS 5/3.1                  from Ch. 73, par. 615.1              
          215 ILCS 5/26                   from Ch. 73, par. 638                
          215 ILCS 5/53                   from Ch. 73, par. 665                
          215 ILCS 5/74                   from Ch. 73, par. 686                
          215 ILCS 5/111                  from Ch. 73, par. 723                
          215 ILCS 5/131.3                from Ch. 73, par. 743.3              
          215 ILCS 5/136                  from Ch. 73, par. 748                
          215 ILCS 5/245.21               from Ch. 73, par. 857.21             
          310 ILCS 20/5                   from Ch. 67 1/2, par. 57             
          315 ILCS 5/19                   from Ch. 67 1/2, par. 81             
        Amends certain Acts to conform cross-references  to  new  Article      
   provisions.   Sets  forth conditions under which an insurer may engage      
   in replication transactions.   Expands  the  definition  of  the  term      
   "hedging transaction".  Makes technical changes.                            
        HOUSE AMENDMENT NO. 1.                                                 
        Establishes reserve requirements as the lesser  of  $250,000,000,      
   rather  than  $500,000,000,  or  100%  of  loss  and expense reserves,      
   premium reserves, and policy and contract reserves.                         
 
Last action on Bill: PUBLIC ACT.............................. 90-0418

   Last action date: 97-08-15

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   2


   END OF INQUIRY 
                                                                               



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