96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB2819


 
Introduced 1/28/2010, by Sen. William R. Haine
 
SYNOPSIS AS INTRODUCED:
 		





 








215 ILCS 5/408.3
  from Ch. 73, par. 1020.3








     Amends the Illinois Insurance Code. Deletes language that provides that moneys in the Insurance Financial Regulation Fund may be transferred to the Professions Indirect Cost Fund, as authorized under the Department of Professional Regulation Law of the Civil Administrative Code of Illinois.
  















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 




  






SB2819

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    AN ACT concerning insurance.
  
 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:
  
 
 
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    Section 5. The Illinois Insurance Code is amended  by 
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changing Section 408.3 as follows:
 



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    (215 ILCS 5/408.3)  (from Ch. 73, par. 1020.3)


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    Sec. 408.3. Insurance Financial Regulation Fund; uses. The 
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monies
deposited into the Insurance Financial
Regulation Fund 
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shall be used only for (i) payment of the expenses of the

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Department, including related administrative expenses, 
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incurred in
analyzing, investigating and examining the 
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financial condition or control
of insurance companies and other 
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entities licensed or seeking to be
licensed by the Department, 
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including the collection, analysis and
distribution of 
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information on insurance premiums, other income, costs and

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expenses, and (ii) to pay internal costs and expenses of the 
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Interstate
Insurance Receivership Commission allocated to this 
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State and authorized and
admitted companies doing an insurance 
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business in this State under Article X of
the Interstate 
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Receivership Compact.  All distributions and payments from the

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Insurance Financial Regulation Fund shall be subject to 
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appropriation as
otherwise provided by law for
payment of such 
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expenses.

 


 






SB2819
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    Sums appropriated under clause (ii) of the preceding 
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paragraph shall be
deemed to satisfy, pro tanto, the 
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obligations of insurers doing business in
this
State under 
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Article X of the Interstate Insurance Receivership Compact.

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    Nothing in this Code shall prohibit the General Assembly 
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from
appropriating funds from the General Revenue Fund to the 
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Department for the
purpose of administering this Code.

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    No fees collected pursuant to Section 408 of this Code 
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shall be used
for the regulation of pension funds or activities 
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by the Department in the
performance of its duties under 
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Article 22 of the Illinois Pension Code.

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    If at the end of a fiscal year the balance in the Insurance 
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Financial
Regulation Fund which remains unexpended or 
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unobligated exceeds the amount
of funds that the Director may 
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certify is needed for the purposes
enumerated in this Section, 
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then the General Assembly may appropriate that
excess amount 
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for purposes other than those enumerated in this Section.

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    Moneys in the Insurance Financial Regulation Fund may be 
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transferred to the Professions Indirect Cost Fund, as 
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authorized under Section 2105-300 of the Department of 
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Professional Regulation Law of the Civil Administrative Code of 
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Illinois.

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(Source: P.A. 94-91, eff. 7-1-05.)