July 20, 2010
To the Honorable Members of the Illinois Senate,
96th General
Assembly:
In accordance with
Article IV, Section 9(e) of the Illinois Constitution, I hereby return Senate
Bill 2544 with a specific recommendation for change.
This legislation
would allow Illinois to join the Interstate Insurance Product Regulation
Compact to ensure uniformity of group annuity, life insurance, disability
income and long-term care insurance product approval standards. I understand
the Compact is aimed at raising standards for consumers and improving the
efficiency of insurance product review, and I commend the sponsors for their
hard work on behalf of the citizens of Illinois.
Senate Bill 2544
will require the State to expend significant resources and time to adopt the
Compact immediately upon signing. Implementing Senate Bill 2544 immediately is
too burdensome given this period of unprecedented financial strain. Immediate
implementation would result in the unnecessary shift of personnel and other
Department resources from federal law compliance efforts, including health
insurance reform. Such shift of personnel and resources would be detrimental
to employers and families who purchase health insurance in Illinois, and to the
industry that sells insurance. For that reason, I recommend delaying the
effective date.
Therefore, pursuant to Article IV, Section
9(e) of the Illinois Constitution of 1970, I hereby return Senate Bill 2544,
entitled “AN ACT concerning insurance.” with the following specific recommendation
for change:
On page 34, by replacing lines 23 and 24 with “Section 99.
Effective date. This Act takes effect on July 1, 2011.”.
With
this change, Senate Bill 2544 will have my approval. I respectfully request
your concurrence.
Sincerely,
Pat Quinn
Governor
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