Full Text of SB2201 95th General Assembly
SB2201sam001 95TH GENERAL ASSEMBLY
|
Sen. William R. Haine
Filed: 3/11/2008
|
|
09500SB2201sam001 |
|
LRB095 17502 AMC 48122 a |
|
| 1 |
| AMENDMENT TO SENATE BILL 2201
| 2 |
| AMENDMENT NO. ______. Amend Senate Bill 2201 by replacing | 3 |
| everything after the enacting clause with the following:
| 4 |
| "Section 5. The Illinois Insurance Code is amended by | 5 |
| changing Section 1402 as follows:
| 6 |
| (215 ILCS 5/1402)
| 7 |
| Sec. 1402. Definitions. For the the purposes of this | 8 |
| Article:
| 9 |
| "Financial institution" means:
| 10 |
| (1) a State bank, a national bank, or an out-of-state | 11 |
| bank, as those terms
are defined in the Illinois Banking | 12 |
| Act, or any subsidiary of a State bank, a
national bank, or | 13 |
| an out-of-state bank;
| 14 |
| (2) a foreign banking corporation, as that term is | 15 |
| defined in the Foreign
Banking Office Act, or any | 16 |
| subsidiary of a foreign banking corporation;
|
|
|
|
09500SB2201sam001 |
- 2 - |
LRB095 17502 AMC 48122 a |
|
| 1 |
| (3) a corporate fiduciary, as that term is defined in | 2 |
| the Corporate
Fiduciary
Act;
| 3 |
| (4) a savings bank organized under the Savings Bank | 4 |
| Act, an out-of-state
savings bank chartered under the laws | 5 |
| of a state other than Illinois, a
territory of the United | 6 |
| States, or the District of Columbia, or a federal
savings | 7 |
| bank
organized under federal law, or any subsidiary of a | 8 |
| savings bank, an
out-of-state savings bank or a federal | 9 |
| savings bank;
| 10 |
| (5) an association or federal association, as those | 11 |
| terms are defined in
the
Illinois Savings and Loan Act of | 12 |
| 1985, or any subsidiary of an association or
federal | 13 |
| association;
| 14 |
| (6) an out-of-state savings and loan association | 15 |
| chartered under the laws
of
a state other than Illinois, a | 16 |
| territory of the United States or the District
of Columbia, | 17 |
| or a federal savings and loan association organized under | 18 |
| federal
law whose principal business office is located | 19 |
| outside of Illinois, or any
subsidiary of an out-of-state | 20 |
| savings and loan association or federal savings
and loan | 21 |
| association whose principal business office is located | 22 |
| outside of
Illinois; or
| 23 |
| (7) a credit union as defined in the Illinois Credit | 24 |
| Union Act, or any
subsidiary of a credit union.
| 25 |
| To the extent that any entity other than a financial | 26 |
| institution conducts
insurance activities in this State on |
|
|
|
09500SB2201sam001 |
- 3 - |
LRB095 17502 AMC 48122 a |
|
| 1 |
| behalf of or on the premises of the
financial
institution, such | 2 |
| entity shall be subject to this Article for the purposes of
| 3 |
| those activities.
| 4 |
| "Insurance" means all lines of insurance defined and | 5 |
| regulated as insurance
under this Code, but for the purposes of | 6 |
| this Article, "insurance" shall not
include the following lines | 7 |
| of insurance, provided that this paragraph shall
not be deemed | 8 |
| to preclude or otherwise limit regulation of the following | 9 |
| lines
of insurance pursuant to and to the extent otherwise | 10 |
| provided by any other
insurance law of this State:
| 11 |
| (1) credit life, credit accident and health, credit | 12 |
| involuntary
unemployment,
credit casualty and credit | 13 |
| property insurance;
| 14 |
| (2) extended service contracts and warranty | 15 |
| agreements;
| 16 |
| (3) insurance obtained by the debtor to provide payment | 17 |
| for the difference
between the remaining balance on a loan | 18 |
| or other extension of credit and the
amount of insurance | 19 |
| coverage on the collateral securing the loan or other
| 20 |
| extension of credit;
| 21 |
| (4) insurance placed by a financial institution on | 22 |
| collateral used in
connection with a loan or other | 23 |
| extension of credit when a debtor breaches the
contractual | 24 |
| obligation to provide that insurance;
| 25 |
| (5) title insurance regulated by the Title Insurance | 26 |
| Act; and
|
|
|
|
09500SB2201sam001 |
- 4 - |
LRB095 17502 AMC 48122 a |
|
| 1 |
| (6) private mortgage insurance and financial guarantee | 2 |
| insurance.
| 3 |
| (Source: P.A. 90-41, eff. 10-1-97.)".
|
|