Illinois General Assembly - Bill Status for SB2877

Amends the Insurance Code in the Article concerning insurance holding company systems. Makes changes to the definitions. Provides that a domestic company, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries, and that the subsidiaries may conduct any kind of business or businesses and their authority to do so shall not be limited by reason of the fact that they are subsidiaries of a domestic company. Makes changes to the provisions concerning a domestic company's permitted investments. Includes certain filing requirements in the provision concerning the acquisition of control of or merger with a domestic company. Makes changes to provisions concerning the statement that is required to be filed with the Director of Insurance. Deletes certain provisions concerning deposits made with the Director, orders entered by the Director, and reports of potential adverse economic impact made to the General Assembly by the Director. Makes changes to the provisions concerning certain violations, judicial jurisdiction, acquisitions, registration statements, reporting materials, termination of registration, disclaimers, prior notification, officers and directors, examination, confidential treatment, voting , sanctions, and judicial review. . Sets forth provisions concerning summary filing, enterprise risk filing, violations, and supervisory colleges. Repeals a provision concerning the delivery of certain filings. Contains a severability provision. Effective on January 1, 2013.

Replaces references to "insurer" with "company" throughout the bill. Further amends the Illinois Insurance Code. Makes changes in the provision concerning injunctions, prohibitions against voting securities, and sequestration of voting securities and revocation, suspension, or non-renewal of a company's license. Provides that the Director of Insurance may adopt such administrative rules as are necessary to implement the provisions of the Article concerning Insurance Holding Company Systems. Provides that the Illinois Insurance Code supersedes all laws and parts of laws of the State inconsistent with the Code with respect to matters covered by the Code. Deletes the requirement that certain notice regarding coverage for a dependent shall be provided to an insured by the insurer in a notice delivered to an insured on a semi-annual basis. Changes the effective date of the provision concerning enterprise risk filing from January 1, 2013 to July 1, 2013. Makes other changes.

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