Bill Status of HB 4725   98th General Assembly

Short Description:  INS CD-RISK MGT-SOLVENCY

House Sponsors
Rep. Frank J. Mautino

Senate Sponsors
(Sen. William R. Haine)


Last Action  View All Actions

DateChamber Action
  8/15/2014HousePublic Act . . . . . . . . . 98-0910

Statutes Amended In Order of Appearance
5 ILCS 140/7.5
215 ILCS 5/Art. VIII 1/4 heading new
215 ILCS 5/129 new
215 ILCS 5/129.1 new
215 ILCS 5/129.2 new
215 ILCS 5/129.3 new
215 ILCS 5/129.4 new
215 ILCS 5/129.5 new
215 ILCS 5/129.6 new
215 ILCS 5/129.7 new
215 ILCS 5/129.8 new
215 ILCS 5/129.9 new
215 ILCS 5/131.16from Ch. 73, par. 743.16
215 ILCS 5/131.20afrom Ch. 73, par. 743.20a
215 ILCS 5/139from Ch. 73, par. 751

Synopsis As Introduced
Amends the Freedom of Information Act. Exempts from inspection and copying under the Act information that is exempted from disclosure under the provision concerning confidentiality of the Risk Management and Own Risk and Solvency Assessment Law of the Illinois Insurance Code. Amends the Illinois Insurance Code. Creates a new Article which may be cited as the Risk Management and Own Risk and Solvency Assessment Law. Provides that an insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks and that the requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer. Provides that an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an own risk and solvency assessment (ORSA) consistent with a process comparable to the ORSA Guidance Manual. Requires that the ORSA be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member. Provides that upon the Director of Insurance's request, and no more than once each year, an insurer shall submit to the Director an ORSA summary report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the insurer and the insurance group of which it is a member. Sets forth provisions concerning the ORSA summary report and the contents of the ORSA summary report; exemption; confidentiality; and sanctions. Makes other changes. Contains a severability provision. Effective January 1, 2015.

House Committee Amendment No. 1
In the provision requiring registered companies to report all dividends and other distributions to shareholders, provides that the reporting must occur within 5 business days following the declaration, and no less than 10 business days prior to payment thereof (rather than within 15 business days following the declaration). Restores to current law the provision defining an extraordinary dividend or distribution as any dividend or distribution of cash or other property whose fair market value, together with that of other dividends or distributions, made within the period of 12 consecutive months ending on the date on which the proposed dividend is scheduled for payment or distribution exceeds the greater of certain surplus or income.

House Committee Amendment No. 2
Deletes reference to:
5 ILCS 140/7.5

Deletes changes to the Freedom of Information Act that exempted from inspection and copying under that Act information that is exempted from disclosure under the provision concerning confidentiality of the Risk Management and Own Risk and Solvency Assessment Law of the Illinois Insurance Code.

Actions 
DateChamber Action
  2/5/2014HouseFiled with the Clerk by Rep. Frank J. Mautino
  2/5/2014HouseFirst Reading
  2/5/2014HouseReferred to Rules Committee
  2/27/2014HouseAssigned to Insurance Committee
  3/4/2014HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Frank J. Mautino
  3/4/2014HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/13/2014HouseHouse Committee Amendment No. 1 Rules Refers to Insurance Committee
  3/19/2014HouseHouse Committee Amendment No. 1 Adopted in Insurance Committee; 022-000-000
  3/19/2014HouseRemains in Insurance Committee
  3/20/2014HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Frank J. Mautino
  3/20/2014HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  3/24/2014HouseHouse Committee Amendment No. 2 Rules Refers to Insurance Committee
  3/25/2014HouseHouse Committee Amendment No. 2 Adopted in Insurance Committee; by Voice Vote
  3/25/2014HouseDo Pass as Amended / Short Debate Insurance Committee; 020-000-000
  3/26/2014HousePlaced on Calendar 2nd Reading - Short Debate
  4/8/2014HouseSecond Reading - Short Debate
  4/8/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/9/2014HouseThird Reading - Short Debate - Passed 112-000-000
  4/9/2014SenateArrive in Senate
  4/9/2014SenatePlaced on Calendar Order of First Reading April 10, 2014
  4/10/2014SenateChief Senate Sponsor Sen. William R. Haine
  4/10/2014SenateFirst Reading
  4/10/2014SenateReferred to Assignments
  4/23/2014SenateAssigned to Insurance
  5/8/2014SenateDo Pass Insurance; 013-000-000
  5/8/2014SenatePlaced on Calendar Order of 2nd Reading May 12, 2014
  5/15/2014SenateSecond Reading
  5/15/2014SenatePlaced on Calendar Order of 3rd Reading May 19, 2014
  5/21/2014SenateThird Reading - Passed; 056-000-000
  5/21/2014HousePassed Both Houses
  6/19/2014HouseSent to the Governor
  8/15/2014HouseGovernor Approved
  8/15/2014HouseEffective Date July 1, 2015
  8/15/2014HousePublic Act . . . . . . . . . 98-0910

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