Bill Status of SB2409 102nd General Assembly
Short Description: INS-HOLDING COMPANY SYSTEMS
Sen. Napoleon Harris, III
| 4/23/2021||Senate||Rule 3-9(a) / Re-referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Insurance Code. In provisions requiring the Director of Insurance to approve specified acquisitions of control, provides that the Director shall deny the acquisition if the competence, experience, and integrity of those persons who would control the operation are such that it would not (rather than would) be in the best interests of specified individuals. Provides specified procedures by which the Director may designate a group-wide supervisor of an internationally active insurance group and supervise internationally active insurance groups. In provisions concerning confidential treatment of certain information, excludes information submitted pursuant to specified provisions concerning mergers and acquisitions that is not personal financial information. Provides that the Director may share confidential and privileged documents, materials, or other information with third-party consultants to assist in the performance of the Director's duties. Makes other changes. Defines "group-wide supervisor", "internationally active insurance group", "NAIC", and "securityholder". Repeals certain provisions concerning exemptions and provisions concerning confidentiality of documents, materials, and other information. Effective immediately.
Senate Committee Amendment No. 1
Provides that documents, materials, or other information in the possession or control of the Department of Insurance that are obtained by or disclosed to the Director or any other person in the course of an examination or investigation made pursuant to specified Sections (rather than pursuant to the Article, with the exception of information submitted pursuant to specified Sections that is not personal financial information) shall be shall be confidential by law and privileged, shall not be subject to the Illinois Freedom of Information Act, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action.
|Date||Chamber|| Action|| 2/26/2021||Senate||Filed with Secretary by Sen. Napoleon Harris, III|| 2/26/2021||Senate||First Reading|| 2/26/2021||Senate||Referred to Assignments|| 3/23/2021||Senate||Assigned to Insurance|| 3/24/2021||Senate||Senate Committee Amendment No. 1 Filed with Secretary by Sen. Napoleon Harris, III|| 3/24/2021||Senate||Senate Committee Amendment No. 1 Referred to Assignments|| 3/25/2021||Senate||Senate Committee Amendment No. 1 Assignments Refers to Insurance|| 4/14/2021||Senate||Senate Committee Amendment No. 1 Adopted|| 4/15/2021||Senate||Do Pass as Amended Insurance; 010-000-000|| 4/15/2021||Senate||Placed on Calendar Order of 2nd Reading April 20, 2021|| 4/21/2021||Senate||Second Reading|| 4/21/2021||Senate||Placed on Calendar Order of 3rd Reading April 22, 2021|| 4/23/2021||Senate||Rule 3-9(a) / Re-referred to Assignments|