Illinois General Assembly - Bill Status for SB0683
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 Bill Status of SB0683  100th General Assembly

Short Description:  INS CD-LIQUIDATION

Senate Sponsors
Sen. John G. Mulroe

House Sponsors
(Rep. Robert Rita and Daniel J. Burke)

Last Action
DateChamber Action
  8/25/2017SenatePublic Act . . . . . . . . . 100-0410

Statutes Amended In Order of Appearance
215 ILCS 5/141b new
215 ILCS 5/205from Ch. 73, par. 817
215 ILCS 5/545from Ch. 73, par. 1065.95

Synopsis As Introduced
Amends the Illinois Insurance Code. Provides that any contract with a third party to provide claim services for a property and casualty company must contain specified language that provides that upon liquidation or rehabilitation of the insurer, the files and related data become the sole property of the estate with the administrator having reasonable access and right to copy files; provides that the requirement shall apply to all contracts entered into after the effective date, and any existing contracts shall have one year to comply with the requirement. In provisions concerning the distribution of general assets of a company's estate that is undergoing liquidation, rehabilitation, or conservation proceedings: Prioritizes costs and expenses of administration, including the reasonable expenses of certain funds and associations, but excluding certain other expenses, and the expenses expressly approved or ratified by the Director of Insurance as liquidator or rehabilitator, including specified costs and expenses, over all other claims. Provides that claims of obligees under surety bonds and undertakings, claims by principals under surety bonds and surety undertakings for wrongful dissipation of collateral by the insurer or its agents, and claims incurred during certain extensions of coverage are granted the same priority level as claims by policyholders, beneficiaries, and insureds, under insurance policies, annuity contracts, and funding agreements. Provides that these changes apply to all pending and future liquidation, rehabilitation, or conservation proceedings. Makes other changes. Effective immediately.

DateChamber Action
  1/25/2017SenateFiled with Secretary by Sen. John G. Mulroe
  1/25/2017SenateFirst Reading
  1/25/2017SenateReferred to Assignments
  2/1/2017SenateAssigned to Insurance
  3/16/2017SenateDo Pass Insurance; 010-000-000
  3/16/2017SenatePlaced on Calendar Order of 2nd Reading March 28, 2017
  3/30/2017SenateSecond Reading
  3/30/2017SenatePlaced on Calendar Order of 3rd Reading April 4, 2017
  4/25/2017SenateThird Reading - Passed; 057-000-000
  4/25/2017HouseArrived in House
  4/25/2017HouseChief House Sponsor Rep. Robert Rita
  4/25/2017HouseFirst Reading
  4/25/2017HouseReferred to Rules Committee
  5/9/2017HouseAssigned to Executive Committee
  5/16/2017HouseRe-assigned to Insurance: Property & Casualty Committee
  5/19/2017HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
  5/23/2017HouseDo Pass / Short Debate Insurance: Property & Casualty Committee; 010-000-000
  5/23/2017HousePlaced on Calendar 2nd Reading - Short Debate
  5/23/2017HouseAdded Alternate Co-Sponsor Rep. Daniel J. Burke
  5/24/2017HouseSecond Reading - Short Debate
  5/24/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/26/2017HouseFinal Action Deadline Extended-9(b) May 31, 2017
  5/30/2017HouseThird Reading - Short Debate - Passed 115-000-000
  5/30/2017SenatePassed Both Houses
  6/28/2017SenateSent to the Governor
  8/25/2017SenateGovernor Approved
  8/25/2017SenateEffective Date August 25, 2017
  8/25/2017SenatePublic Act . . . . . . . . . 100-0410

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