Illinois General Assembly - Full Text of HB3227
Illinois General Assembly

Previous General Assemblies

Full Text of HB3227  98th General Assembly




HB3227 EngrossedLRB098 03489 RPM 33504 b

1    AN ACT concerning insurance.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Insurance Code is amended by
5changing Section 408.3 as follows:
6    (215 ILCS 5/408.3)  (from Ch. 73, par. 1020.3)
7    Sec. 408.3. Insurance Financial Regulation Fund; uses. The
8monies deposited into the Insurance Financial Regulation Fund
9shall be used only for (i) payment of the expenses of the
10Department, including related administrative expenses,
11incurred in analyzing, investigating and examining the
12financial condition or control of insurance companies and other
13entities licensed or seeking to be licensed by the Department,
14including the collection, analysis and distribution of
15information on insurance premiums, other income, costs and
16expenses, and (ii) to pay internal costs and expenses of the
17Interstate Insurance Receivership Commission allocated to this
18State and authorized and admitted companies doing an insurance
19business in this State under Article X of the Interstate
20Receivership Compact. All distributions and payments from the
21Insurance Financial Regulation Fund shall be subject to
22appropriation as otherwise provided by law for payment of such



HB3227 Engrossed- 2 -LRB098 03489 RPM 33504 b

1    Sums appropriated under clause (ii) of the preceding
2paragraph shall be deemed to satisfy, pro tanto, the
3obligations of insurers doing business in this State under
4Article X of the Interstate Insurance Receivership Compact.
5    Nothing in this Code shall prohibit the General Assembly
6from appropriating funds from the General Revenue Fund to the
7Department for the purpose of administering this Code.
8    No fees collected pursuant to Section 408 of this Code
9shall be used for the regulation of pension funds or activities
10by the Department in the performance of its duties under
11Article 22 of the Illinois Pension Code.
12    If at the end of a fiscal year the balance in the Insurance
13Financial Regulation Fund which remains unexpended or
14unobligated exceeds the amount of funds that the Director may
15certify is needed for the purposes enumerated in this Section,
16then the General Assembly may appropriate that excess amount
17for purposes other than those enumerated in this Section.
18    Moneys in the Insurance Financial Regulation Fund may be
19transferred to the Professions Indirect Cost Fund, as
20authorized under Section 2105-300 of the Department of
21Professional Regulation Law of the Civil Administrative Code of
23(Source: P.A. 94-91, eff. 7-1-05.)