Bill Status of HB4372 101st General Assembly
Short Description: INS CD-STOCK COMPANY DIVISION
Rep. Thaddeus Jones
| 1/13/2021||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Insurance Code. In provisions concerning approval of a plan of division of a domestic stock company, removes language limiting the requirements of notice and a public hearing to situations in which the Director of Insurance deems them to be in the public interest or occasions where a public hearing is requested by the dividing company. Requires the Director to hold a public hearing regarding the plan of division. Provides that the dividing company shall give notice of the filing of the plan of division and of the date of the hearing to all policyholders and to each guaranty association and guaranty fund of which the dividing company is a member. Removes a provision that allows the use of proposed assets to support a determination of solvency or adequacy of assets of the new companies created by the division, and a provision treating business, financial, and actuarial information as confidential in order to allow a domestic stock company to make that information available for public inspection.