Bill Status of SB 2979   98th General Assembly

Short Description:  INS CD-REINSURANCE

Senate Sponsors
Sen. William R. Haine

House Sponsors
(Rep. Frank J. Mautino-Edward J. Acevedo-Robert F. Martwick-Michael J. Zalewski, Maria Antonia Berrios, Robert Rita, Jack D. Franks, Adam Brown, Ron Sandack, Greg Harris and Anthony DeLuca)


Last Action  View All Actions

DateChamber Action
  1/9/2015SenatePublic Act . . . . . . . . . 98-1165

Statutes Amended In Order of Appearance
215 ILCS 5/173.1from 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.

Senate Committee Amendment No. 1
Replaces everything after the enacting clause with the introduced bill with the following changes. Deletes the prohibition against credit being allowed a domestic ceding insurer if the assuming insurers' accreditation has been revoked by the Director after notice and hearing. Provides that the assuming insurer shall provide or make certain information to be reported to the Director of Insurance available to the ceding insurer and that the assuming insurer may decline to release trade secrets or commercially sensitive information that would qualify as exempt from disclosure under the Freedom of Information Act. Provides that the Director shall also make the information publicly available, subject only to such reasonable objections as might be raised to a request pursuant to the Freedom of Information Act, as determined by the Director. Renumbers certain provisions. Requires the Department of Insurance to adopt rules implementing the provisions of the Reinsurance Article of the Illinois Insurance Code. Makes other changes.

House Committee Amendment No. 1
Deletes reference to:
215 ILCS 5/173.1
Adds reference to:
215 ILCS 5/500-10
215 ILCS 5/500-100
215 ILCS 5/500-100
215 ILCS 5/500-108 new

Replaces everything after the enacting clause. Amends the Illinois Insurance Code. Defines "travel insurance". Makes a change in the provision concerning limited lines producer licenses. Authorizes the Director (1) to issue to a travel insurance business entity that registers travel retailers under its license a producer license and (2) to issue to a travel retailer a limited lines producer license. Provides that a travel retailer may offer and disseminate travel insurance on behalf of and under the license of a supervising travel insurance business entity if certain conditions are met. Prohibits a travel retailer's employee or authorized representative who is not licensed as an insurance producer from engaging in certain activities. Provides that a travel retailer whose insurance-related activities, and those of its employees and authorized representatives, are limited to offering and disseminating travel insurance on behalf of and under the direction of a travel insurance business entity certain conditions is authorized to do so and receive related compensation upon registration by the travel insurance business entity. Provides that travel insurance may be provided under an individual policy or under a group or master policy. Provides that, as the insurer designee, the travel insurance business entity is responsible for the acts of the travel retailer that is registered under its license.

Actions 
DateChamber Action
  2/4/2014SenateFiled with Secretary by Sen. Antonio Muņoz
  2/4/2014SenateFirst Reading
  2/4/2014SenateReferred to Assignments
  2/19/2014SenateAssigned to Insurance
  3/20/2014SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Antonio Muņoz
  3/20/2014SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/25/2014SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance
  3/26/2014SenateSenate Committee Amendment No. 1 Adopted
  3/27/2014SenateDo Pass as Amended Insurance; 010-000-000
  3/27/2014SenatePlaced on Calendar Order of 2nd Reading April 1, 2014
  4/1/2014SenateSecond Reading
  4/1/2014SenatePlaced on Calendar Order of 3rd Reading April 2, 2014
  4/11/2014SenateRule 2-10 Third Reading Deadline Established As May 1, 2014
  4/29/2014SenateThird Reading - Passed; 049-000-000
  4/29/2014HouseArrived in House
  4/29/2014HouseChief House Sponsor Rep. Frank J. Mautino
  4/30/2014HouseFirst Reading
  4/30/2014HouseReferred to Rules Committee
  5/2/2014HouseAdded Alternate Chief Co-Sponsor Rep. Edward J. Acevedo
  5/2/2014HouseAdded Alternate Chief Co-Sponsor Rep. Robert F. Martwick
  5/2/2014HouseAdded Alternate Chief Co-Sponsor Rep. Michael J. Zalewski
  5/2/2014HouseAdded Alternate Co-Sponsor Rep. Maria Antonia Berrios
  5/2/2014HouseAdded Alternate Co-Sponsor Rep. Robert Rita
  5/6/2014HouseAdded Alternate Co-Sponsor Rep. Jack D. Franks
  5/6/2014HouseAdded Alternate Co-Sponsor Rep. Adam Brown
  5/6/2014HouseAdded Alternate Co-Sponsor Rep. Ron Sandack
  5/6/2014HouseAdded Alternate Co-Sponsor Rep. Greg Harris
  5/7/2014HouseAdded Alternate Co-Sponsor Rep. Anthony DeLuca
  11/18/2014HouseAssigned to Insurance Committee
  11/18/2014HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Frank J. Mautino
  11/18/2014HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  11/18/2014HouseHouse Committee Amendment No. 1 Rules Refers to Insurance Committee
  11/19/2014HouseMotion Filed to Suspend Rule 21 Insurance Committee; Rep. Barbara Flynn Currie
  11/19/2014HouseMotion to Suspend Rule 21 - Prevailed
  11/19/2014HouseHouse Committee Amendment No. 1 Adopted in Insurance Committee; by Voice Vote
  11/19/2014HouseDo Pass as Amended / Short Debate Insurance Committee; 023-000-000
  11/19/2014HousePlaced on Calendar 2nd Reading - Short Debate
  11/19/2014HouseSecond Reading - Short Debate
  11/19/2014HouseHeld on Calendar Order of Second Reading - Short Debate
  11/20/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate
  11/20/2014HouseThird Reading - Short Debate - Passed 111-000-001
  11/20/2014SenateChief Sponsor Changed to Sen. William R. Haine
  11/20/2014SenateSecretary's Desk - Concurrence House Amendment(s) 1
  11/20/2014SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - December 2, 2014
  12/2/2014SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. William R. Haine
  12/2/2014SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments
  12/2/2014SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Insurance
  12/2/2014SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Insurance; 009-000-000
  12/4/2014SenateHouse Committee Amendment No. 1 Senate Concurs 052-000-000
  12/4/2014SenatePassed Both Houses
  12/15/2014SenateSent to the Governor
  1/9/2015SenateGovernor Approved
  1/9/2015SenateEffective Date June 1, 2015
  1/9/2015SenatePublic Act . . . . . . . . . 98-1165

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