SB3318 96TH GENERAL ASSEMBLY

LRB096 20260 RPM 35852 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3318

Introduced 2/10/2010, by Sen. Michael Noland

SYNOPSIS AS INTRODUCED:

215 ILCS 5/401.2 new

Amends the Illinois Insurance Code. Provides that no executive of any company authorized to transact insurance business may receive a yearly salary of more than $500,000. Provides that the Director of Insurance shall revoke the license or certificate of authority of any entity that violates the provision concerning executive salary caps. Provides that the Director shall implement any rules necessary to enforce the provision concerning executive salary caps.

A BILL FOR

AN ACT concerning insurance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Insurance Code is amended by adding Section 401.2 as follows:

(215 ILCS 5/401.2 new)

Sec. 401.2. Executive salary caps. No executive of any company authorized to transact the kind of business described in Section 4 of this Code may receive a yearly salary of more than $500,000. The Director shall revoke the license or certificate of authority of any entity that violates this Section. The Director shall implement any rules necessary to enforce this Section.