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91_HB1572
LRB9103900JSmg
1 AN ACT to amend the Health Maintenance Organization Act
2 by changing Section 2-6.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Health Maintenance Organization Act is
6 amended by changing Section 2-6 as follows:
7 (215 ILCS 125/2-6) (from Ch. 111 1/2, par. 1406.2)
8 Sec. 2-6. Statutory Deposits. An Every organization
9 subject to the provisions of this Act shall make and maintain
10 with the Director through December 30, 1993, for the
11 protection of enrollees of the organization, a deposit of
12 securities which are authorized investments under paragraphs
13 (1) and (2) of subsection (h) of Section 3-1 having a fair
14 market value equal to at least $100,000. Effective December
15 31, 1993 and through December 30, 1994, the deposit shall
16 have a fair market value at least equal to $200,000.
17 Effective December 31, 1994 and thereafter, the deposit shall
18 have a fair market value at least equal to $300,000. An
19 organization issued a certificate of authority on or after
20 the effective date of this Amendatory Act of 1993, shall make
21 and maintain with the Director; for the protection of
22 enrollees of the organization, a deposit of securities which
23 are authorized investments under paragraphs (1) and (2) of
24 subsection (h) of Section 3-1 having a fair market value
25 equal to at least $300,000. The amount on deposit shall
26 remain as an admitted asset of the organization in the
27 determination of its net worth.
28 (Source: P.A. 88-364.)