Senate Sponsors: MADIGAN,R. House Sponsors: BRADY Short description: INS CD REPEAL ARTICLE VIII Synopsis of Bill as introduced: Amends the Illinois Insurance Code. Repeals Article VIII of the Code, which regulates the investments of domestic insurance companies. SENATE AMENDMENT NO. 1. Adds reference to: 215 ILCS 5/Art. VIII, Part 1, heading new 215 ILCS 5/126.1 new 215 ILCS 5/126.2 new 215 ILCS 5/126.3 new 215 ILCS 5/126.4 new 215 ILCS 5/126.5 new 215 ILCS 5/126.6 new 215 ILCS 5/126.7 new 215 ILCS 5/126.8 new 215 ILCS 5/Art. VIII, Part 2 heading new 215 ILCS 5/126.9 new 215 ILCS 5/126.10 new 215 ILCS 5/126.11 new 215 ILCS 5/126.12 new 215 ILCS 5/126.13 new 215 ILCS 5/126.14 new 215 ILCS 5/126.15 new 215 ILCS 5/126.16 new 215 ILCS 5/126.17 new 215 ILCS 5/126.18 new 215 ILCS 5/126.19 new 215 ILCS 5/126.20 new 215 ILCS 5 Art. VII, Part 3 heading new 215 ILCS 5/126.21 new 215 ILCS 5/126.22 new 215 ILCS 5/126.23 new 215 ILCS 5/126.24 new 215 ILCS 5/126.25 new 215 ILCS 5/126.26 new 215 ILCS 5/126.27 new 215 ILCS 5/126.28 new 215 ILCS 5/126.29 new 215 ILCS 5/126.30 new 215 ILCS 5/126.31 new 215 ILCS 5/126.32 new 215 ILCS 5/124 rep. through 125.24a rep. Replaces the title and everything after the enacting clause. Sets forth permissible investment practices for domestic insurance companies. Replaces current Illinois Insurance Code provisions regarding investment practices. Effective immediately. SENATE AMENDMENT NO. 2. Adds reference to: 215 ILCS 5/3.1 from Ch. 73, par. 615.1 215 ILCS 5/26 from Ch. 73, par. 638 215 ILCS 5/53 from Ch. 73, par. 665 215 ILCS 5/74 from Ch. 73, par. 686 215 ILCS 5/111 from Ch. 73, par. 723 215 ILCS 5/131.3 from Ch. 73, par. 743.3 215 ILCS 5/136 from Ch. 73, par. 748 215 ILCS 5/245.21 from Ch. 73, par. 857.21 310 ILCS 20/5 from Ch. 67 1/2, par. 57 315 ILCS 5/19 from Ch. 67 1/2, par. 81 Amends certain Acts to conform cross-references to new Article provisions. Sets forth conditions under which an insurer may engage in replication transactions. Expands the definition of the term "hedging transaction". Makes technical changes. HOUSE AMENDMENT NO. 1. Establishes reserve requirements as the lesser of $250,000,000, rather than $500,000,000, or 100% of loss and expense reserves, premium reserves, and policy and contract reserves. Last action on Bill: PUBLIC ACT.............................. 90-0418 Last action date: 97-08-15 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 2 END OF INQUIRY Full Text Bill Status