Synopsis of Bill as introduced:
Amends the Illinois Insurance Code. Removes the limit on the
amount of insurance a Lloyds may underwrite with respect to any single
risk. Effective immediately.
HOUSE AMENDMENT NO. 1.
Adds reference to:
215 ILCS 5/35A-5
215 ILCS 5/35A-20
215 ILCS 5/35A-35
215 ILCS 5/107.06a from Ch. 73, par. 719.06a
215 ILCS 5/107.26 from Ch. 73, par. 719.26
215 ILCS 5/111 from Ch. 73, par. 723
215 ILCS 5/121-2.08 from Ch. 73, par. 733-2.08
215 ILCS 5/123C-1 from Ch. 73, par. 735C-1
215 ILCS 5/126.2
215 ILCS 5/143 from Ch. 73, par. 755
215 ILCS 5/445 from Ch. 73, par. 1057
215 ILCS 5/445a new
215 ILCS 5/3.1 rep.
215 ILCS 113/10
215 ILCS 113/15
215 ILCS 113/20
215 ILCS 113/25
215 ILCS 113/30
215 ILCS 113/40
215 ILCS 113/50
215 ILCS 113/56 new
215 ILCS 113/35 rep.
215 ILCS 113/55 rep.
215 ILCS 110/35 from Ch. 32, par. 690.35
215 ILCS 120/4 from Ch. 73, par. 1254
215 ILCS 120/12 from Ch. 73, par. 1262
215 ILCS 165/20 from Ch. 32, par. 614
Amends the Illinois Insurance Code in relation to the regulation
of company finances. Revises the definition of "qualified business
entity" with respect to lending arrangements by domestic captive
companies. Invalidates possessory liens held by an attorney as a
basis for withholding files or otherwise with respect to a company in
rehabilitation or liquidation. Provides for the existence of domestic
surplus lines insurers. Requires reports to the Director regarding
fire insurance procured only from unauthorized insurers subject to tax
under the Fire Investigation Act. Excludes limited syndicates
organized as partnerships from certain provisions of the Illinois
Insurance Code. Changes the name of the Illinois Insurance Exchange
Immediate Access Security Association to the Immediate Access Security
Association. Provides that the Association will pay insurance
obligations on claims rather than liability based on claims. Amends
the Dental Service Plan Act and the Voluntary Health Services Plans
Act to limit certain contingent reserves to $1,500,000. Amends the
Farm Mutual Insurance Company Act of 1986 to authorize additional
investment opportunities. Amends the Employee Leasing Company Act.
Provides that the Act applies to lessors of employees and insurers.
Imposes record keeping requirements upon lessors of employees.
Changes terminology for "employee leasing company" to "lessor" and
"client company" to "lessee". Specifically grants the Department of
Insurance rulemaking authority. Establishes specific grounds for
revocation or denial of registration. Abolishes all criminal
penalties. Effective immediately except that provisions amending the
Farm Mutual Insurance Company Act take effect January 1, 1999.
FISCAL NOTE, H-AM 1 (Dpt. Insurance)
No fiscal impact on the Department.
STATE MANDATES ACT FISCAL NOTE, H-AM 1
SB 1728 fails to create a State mandate.
HOME RULE NOTE, H-AM 1
The bill fails to preempt home rule authority.
Last action on Bill: PUBLIC ACT.............................. 90-0794
Last action date: 98-08-14
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status