Bill Status of HB 5928   93rd General Assembly

Short Description:  INS-POLICYHOLDER COLLATERAL

House Sponsors
Rep. JoAnn D. Osmond-Frank J. Mautino-Terry R. Parke-Ruth Munson-Mark H. Beaubien, Jr., Patricia R. Bellock, Sandra M. Pihos, Suzanne Bassi, Dan Brady, Robert W. Churchill, Kathleen A. Ryg, Ed Sullivan, Jr., Renee Kosel, Karen A. Yarbrough, Eileen Lyons, Patricia Bailey, John J. Millner, Robert W. Pritchard and Jim Watson

Senate Sponsors
(Sen. William E. Peterson-Denny Jacobs)


Last Action  View All Actions

DateChamber Action
  8/25/2004HousePublic Act . . . . . . . . . 93-1028

Statutes Amended In Order of Appearance
215 ILCS 5/205.1 new

Synopsis As Introduced
Amends the Illinois Insurance Code Article concerning Rehabilitation, Liquidation, Conservation, and Dissolution of Companies. Creates a new Section pertaining to policyholder collateral, deductible reimbursements, and other policyholder obligations. Adds provisions concerning: any collateral held by, for the benefit of, or assigned to the insurer or the Director of Insurance as rehabilitator, liquidator, or conservator to secure obligations under a deductible agreement with a policyholder; non-covered claims; amounts that become assets of an estate; an insurer that has contractually agreed to allow the policyholder to fund its own claims within the deductible amount pursuant to a deductible agreement; and an insurer that has not contractually agreed to allow the policyholder to fund its own claims within the deductible amount pursuant to a deductible agreement. Defines the Director's duties and powers as rehabilitator, liquidator, or conservator. Provides that the Illinois Circuit Court having jurisdiction over the liquidation proceedings shall have jurisdiction to resolve disputes. Applies to delinquency proceedings pending on the effective date of this amendatory Act. Makes other changes.

House Amendment No. 1
Deletes reference to:
215 ILCS 5/205.1 new
Adds reference to:
215 ILCS 5/1from Ch. 73, par. 613

Deletes everything. Amends the Illinois Insurance Code. Makes technical changes in a Section concerning the short title.

Senate Committee Amendment No. 1
Deletes reference to:
215 ILCS 5/1
Adds reference to:
215 ILCS 5/205.1 new

Replaces everything after the enacting clause. Amends the Illinois Insurance Code Article concerning Rehabilitation, Liquidation, Conservation, and Dissolution of Companies. Creates a new Section pertaining to policyholder collateral, deductible reimbursements, and other policyholder obligations. Adds provisions concerning: any collateral held by, for the benefit of, or assigned to the insurer or the Director of Insurance as rehabilitator, liquidator, or conservator to secure obligations under a deductible agreement with a policyholder; non-covered claims; amounts that become assets of an estate; an insurer that has contractually agreed to allow the policyholder to fund its own claims within the deductible amount pursuant to a deductible agreement; and an insurer that has not contractually agreed to allow the policyholder to fund its own claims within the deductible amount pursuant to a deductible agreement. Defines the Director's duties and powers as rehabilitator, liquidator, or conservator. Provides that the Illinois Circuit Court having jurisdiction over the liquidation proceedings shall have jurisdiction to resolve disputes. Applies to specified receivership proceedings. Makes other changes. Effective immediately.

Senate Floor Amendment No. 2
Removes any reference to conservators from the provisions. Provides that the provisions apply to rehabilitation proceedings only to the extent that guaranty associations are required to pay claims and do not apply to receivership proceedings in which an order of conservation has been entered.

Actions 
DateChamber Action
  2/6/2004HouseFiled with the Clerk by Rep. Frank J. Mautino
  2/6/2004HouseFirst Reading
  2/6/2004HouseReferred to Rules Committee
  3/2/2004HouseAssigned to Insurance Committee
  3/2/2004HouseChief Sponsor Changed to Rep. JoAnn D. Osmond
  3/2/2004HouseMotion to Suspend Rule 25 - Prevailed by Voice Vote
  3/3/2004HouseDo Pass / Short Debate Insurance Committee; 014-000-000
  3/3/2004HousePlaced on Calendar 2nd Reading - Short Debate
  3/23/2004HouseAdded Chief Co-Sponsor Rep. Frank J. Mautino
  3/23/2004HouseAdded Chief Co-Sponsor Rep. Terry R. Parke
  3/23/2004HouseAdded Chief Co-Sponsor Rep. Ruth Munson
  3/23/2004HouseAdded Chief Co-Sponsor Rep. Mark H. Beaubien, Jr.
  3/23/2004HouseAdded Co-Sponsor Rep. Patricia R. Bellock
  3/23/2004HouseAdded Co-Sponsor Rep. Sandra M. Pihos
  3/23/2004HouseAdded Co-Sponsor Rep. Suzanne Bassi
  3/23/2004HouseAdded Co-Sponsor Rep. Dan Brady
  3/23/2004HouseAdded Co-Sponsor Rep. Robert W. Churchill
  3/23/2004HouseAdded Co-Sponsor Rep. Kathleen A. Ryg
  3/23/2004HouseAdded Co-Sponsor Rep. Ed Sullivan, Jr.
  3/23/2004HouseAdded Co-Sponsor Rep. Renee Kosel
  3/23/2004HouseAdded Co-Sponsor Rep. Karen A. Yarbrough
  3/23/2004HouseAdded Co-Sponsor Rep. Eileen Lyons
  3/23/2004HouseAdded Co-Sponsor Rep. Patricia Bailey
  3/23/2004HouseAdded Co-Sponsor Rep. John J. Millner
  3/23/2004HouseAdded Co-Sponsor Rep. Robert W. Pritchard
  3/23/2004HouseAdded Co-Sponsor Rep. Jim Watson
  3/30/2004HouseHouse Amendment No. 1 Filed with Clerk by Rep. JoAnn D. Osmond
  3/30/2004HouseHouse Amendment No. 1 Referred to Rules Committee
  3/31/2004HouseHouse Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
  3/31/2004HouseSecond Reading - Short Debate
  3/31/2004HouseHouse Amendment No. 1 Adopted by Voice Vote
  3/31/2004HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/1/2004HouseThird Reading - Short Debate - Passed 095-022-000
  4/6/2004SenateArrive in Senate
  4/6/2004SenatePlaced on Calendar Order of First Reading April 20, 2004
  4/6/2004SenateChief Senate Sponsor Sen. William E. Peterson
  4/6/2004SenateFirst Reading
  4/6/2004SenateReferred to Rules
  4/15/2004SenateAssigned to Insurance & Pensions
  4/16/2004SenateAdded as Alternate Chief Co-Sponsor Sen. Denny Jacobs
  4/19/2004SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William E. Peterson; -Jacobs
  4/19/2004SenateSenate Committee Amendment No. 1 Referred to Rules
  4/21/2004SenateSenate Committee Amendment No. 1 Rules Refers to Insurance & Pensions
  4/21/2004SenateSenate Committee Amendment No. 1 Adopted
  4/21/2004SenateDo Pass as Amended Insurance & Pensions; 010-000-000
  4/21/2004SenatePlaced on Calendar Order of 2nd Reading April 22, 2004
  4/22/2004SenateSecond Reading
  4/22/2004SenatePlaced on Calendar Order of 3rd Reading April 27, 2004
  4/30/2004SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. William E. Peterson
  4/30/2004SenateSenate Floor Amendment No. 2 Referred to Rules
  5/4/2004SenateSenate Floor Amendment No. 2 Rules Refers to Insurance & Pensions
  5/5/2004SenateSenate Floor Amendment No. 2 Be Approved for Consideration Insurance & Pensions; 009-000-001
  5/11/2004SenateRecalled to Second Reading
  5/11/2004SenateSenate Floor Amendment No. 2 Adopted; Peterson
  5/11/2004SenatePlaced on Calendar Order of 3rd Reading May 12, 2004
  5/13/2004SenateThird Reading Deadline Extended - Rule 2-10, extended to January 11, 2005.
  5/17/2004SenateThird Reading - Passed; 055-000-000
  5/18/2004HouseArrived in House
  5/18/2004HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1,2
  5/18/2004HouseSenate Committee Amendment No. 1 Motion Filed Concur Rep. JoAnn D. Osmond
  5/18/2004HouseSenate Floor Amendment No. 2 Motion Filed Concur Rep. JoAnn D. Osmond
  5/18/2004HouseSenate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee
  5/18/2004HouseSenate Floor Amendment No. 2 Motion to Concur Referred to Rules Committee
  5/30/2004HouseSenate Committee Amendment No. 1 Motion to Concur Rules Referred to Insurance Committee
  5/30/2004HouseSenate Floor Amendment No. 2 Motion to Concur Rules Referred to Insurance Committee
  5/31/2004HouseSenate Committee Amendment No. 1 Motion to Concur Recommends be Adopted Insurance Committee; 010-000-000
  5/31/2004HouseSenate Floor Amendment No. 2 Motion to Concur Recommends be Adopted Insurance Committee; 010-000-000
  5/31/2004HouseSenate Committee Amendment No. 1 House Concurs 117-000-000
  5/31/2004HouseSenate Floor Amendment No. 2 House Concurs 117-000-000
  5/31/2004HousePassed Both Houses
  6/28/2004HouseSent to the Governor
  8/25/2004HouseGovernor Approved
  8/25/2004HouseEffective Date August 25, 2004
  8/25/2004HousePublic Act . . . . . . . . . 93-1028

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