Senate Sponsors: MADIGAN,R. House Sponsors: MYERS,RICHARD Short description: INS EXCHANGE NOT STATE OWNED Synopsis of Bill as introduced: Amends the Illinois Insurance Code in relation to insurance exchanges. Provides authority to establish a privately owned exchange for the reinsurance and insurance of risks. Removes the statutory creation of an insurance exchange. Provides that any insurance exchange created is separate and distinct from the State. Authorizes the creation of a guaranty mechanism for protection of policyholders. Provides for at least 5, rather than 5, public trustees for an exchange. Authorizes the establishment of a privately owned immediate access security association separate from the State to manage liquidations of insurance syndicates. Removes the statutory creation of that association. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 91-0796 Last action date: 00-06-09 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status