Illinois General Assembly - Bill Status for SB3781
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 Bill Status of SB3781  102nd General Assembly


Short Description:  INS BUSINESS TRANSFER ACT

Senate Sponsors
Sen. Antonio Muñoz

Last Action
DateChamber Action
  1/21/2022SenateReferred to Assignments

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Insurance Business Transfer Act. Provides that notwithstanding any other provision of law, a court may issue any order, process, or judgment that is necessary or appropriate to carry out the provisions of this Act. Sets forth provisions concerning notice requirements, application procedure, application to a court for approval of a plan, approval and denial of insurance business transfer plans, and fees and costs. Provides that the Department of Insurance shall adopt rules that are consistent with the provisions and that no insurance business transfer plan shall be approved in the State unless and until such rules are adopted. Provides that the portion of the application for an insurance business transfer that would otherwise be confidential, including any documents, materials, communications, or other information submitted to the Director of Insurance in contemplation of an application, shall not lose such confidentiality. Provides that insurers consent to the jurisdiction of the Director with regard to ongoing oversight of operations, management, and solvency relating to the transferred business. Defines terms.

Actions 
DateChamber Action
  1/21/2022SenateFiled with Secretary by Sen. Antonio Muñoz
  1/21/2022SenateFirst Reading
  1/21/2022SenateReferred to Assignments

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