Date	Chamber	Action
12/3/2014	House	Session Sine Die

Statutes Amended In Order of Appearance

215 ILCS 5/173.1

from Ch. 73, par. 785.1

Synopsis As Introduced
Amends the Illinois Insurance Code. With regard to an assuming insurer's trust fund, provides that not later than February 28 of each year, the assuming insurer's chief executive officer or chief financial officer shall certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a trusteed surplus of not less than $20,000,000. Permits a reduction in the required trusteed surplus in specified circumstances. Provides that in the event that the provision concerning the reduction in the required trusteed surplus applies to the trust, the assuming insurer's chief executive officer or chief financial officer shall then certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a reduced trusteed surplus of not less than the amount that has been authorized by the regulatory authority having principal regulatory oversight of the trust. Makes changes to the provisions concerning financial strength ratings. Sets forth provisions concerning downgrades by rating agencies, the Director's authority, upgrading the rating of a certified reinsurer, and the revocation of the certification of a certified reinsurer. Makes other changes.

Actions 

Date	Chamber	Action
2/5/2014	House	Filed with the Clerk by Rep. Frank J. Mautino
2/5/2014	House	First Reading
2/5/2014	House	Referred to Rules Committee
2/26/2014	House	Added Co-Sponsor Rep. JoAnn D. Osmond
3/5/2014	House	Added Co-Sponsor Rep. Anthony DeLuca
12/3/2014	House	Session Sine Die

Back To Top