WALSH,T-MADIGAN,R-PHILIP AND JACOBS. (BRADY-MAUTINO-WINKEL-KENNER-WOOLARD) New Act Creates the Protected Cell Company Act. Authorizes domestic insurance companies to securitize insurance liabilities through the establishment of protected cells to which is attributed specific insurance liabilities and assets to fund those liabilities. Provides that the assets of a protected cell are not subject to a company's general creditors. Requires the approval of the Director of Insurance before a protected cell may be established. Effective immediately. SENATE AMENDMENT NO. 1. Deletes reference to: New Act Adds reference to: 215 ILCS 5/107.06a from Ch. 73, par. 719.06a 215 ILCS 5/Art. XI 1/2 heading new 215 ILCS 5/179A-1 new 215 ILCS 5/179A-5 new 215 ILCS 5/179A-10 new 215 ILCS 5/179A-15 new 215 ILCS 5/179A-20 new 215 ILCS 5/179A-25 new 215 ILCS 5/179A-30 new 215 ILCS 5/179A-35 new 215 ILCS 5/179A-40 new 215 ILCS 5/179A-45 new Replaces the title and everything after the enacting clause. Amends the Illinois Insurance Code to create the Protected Cell Company Law as an Article of the Illinois Insurance Code. Authorizes domestic insurance companies to securitize insurance risk through the establishment of protected cells. Provides that the assets of the protected cell are not subject to a company's general creditors. Requires approval of the Director of Insurance before a protected cell may be established. HOUSE AMENDMENT NO. 1. Provides that protected cell accounts are authorized to legally, rather than physically, segregate the protected cell assets of one protected cell from those of other protected cells or the company's general account. Requires insurance securitizations to be fully funded. Provides that protected cells may assume insurance obligations only from a company's general account. Removes penalty provisions. 99-02-26 S FIRST READING 99-02-26 S REFERRED TO SENATE RULES COMMITTEE RULES 99-03-03 S ASSIGNED TO COMMITTEE INS & PENS. 99-03-09 S ADDED AS A CO-SPONSOR JACOBS 99-03-16 S AMENDMENT NO. 01-INS & PENS. S 99-03-16 S ADOPTED 99-03-16 S DO PASS AS AMENDED 010-000-000 SINS 99-03-16 S PLACED ON CALENDAR ORDER OF 2ND READING 99-03-17 99-03-17 S SECOND READING 99-03-17 S PLACED ON CALENDAR ORDER OF 3RD READING 99-03-18 99-03-23 S THIRD READING - PASSED 057-000-000 99-03-23 H ARRIVE IN HOUSE 99-03-23 H HOUSE SPONSOR BRADY 99-03-23 H ADDED AS A JOINT SPONSOR MAUTINO 99-03-23 H ADDED AS A JOINT SPONSOR WINKEL 99-03-23 H FIRST READING 99-03-23 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-03-25 H ADDED AS A JOINT SPONSOR KENNER 99-03-25 H ADDED AS A JOINT SPONSOR WOOLARD 99-04-14 H ASSIGNED TO COMMITTEE INSURANCE 99-04-21 H AMENDMENT NO. 01-INSURANCE H 99-04-21 H ADOPTED 99-04-21 H DO PASS AMENDED/SHORT DEBATE 013-000-000 HINS 99-04-21 H PLACED CALENDAR 2ND READING-SHORT DEBATE 99-04-28 H SECOND READING-SHORT DEBATE 99-04-28 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 99-04-29 H THIRD READING/SHORT DEBATE/PASSED 110-003-002 99-05-04 S SECRETARYS DESK - CONCURRENCE 01 99-05-14 S FILED WITH SECRETARY 99-05-14 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/WALSH,T 99-05-14 S MOTION REFERRED TO SRUL 99-05-17 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/WALSH,T 99-05-17 S BE APPROVED FOR CONSIDERATION SRUL 99-05-18 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/WALSH,T 99-05-18 S SEN CONCURS IN HSE AMENDMENTS (NO.) 01/059-000-000 99-05-18 S PASSED BOTH HOUSES 99-06-16 S SENT TO THE GOVERNOR 99-07-23 S GOVERNOR APPROVED 99-07-23 S EFFECTIVE DATE 99-07-23 99-07-23 S PUBLIC ACT.............................. 91-0278 END OF INQUIRY Full Text Bill Summary