92nd General Assembly
Summary of SB0865
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Senate Sponsors:
WALSH,T.

House Sponsors:
BRADY

Short description: 
INS PROTECTED CELL                                                         

Synopsis of Bill as introduced:
        Amends the Illinois Insurance Code.  Authorizes the establishment      
   of  special  purpose  limited  syndicates  to   participate   in   the      
   securitization  of reinsurance risks.  Provides for the utilization of      
   non-indemnity triggers with respect  to  insurance  securitization  by      
   protected  cell  companies.   Provides  that a non-indemnity triggered      
   insurance securitization must comply with  the  rules  issued  by  the      
   Director of Insurance.  Requires insurance securitizations to be fully      
   funded.    Prohibits  a  protected  cell  from  issuing  insurance  or      
   reinsurance  contracts  directly  to  policyholders   or   reinsureds.      
   Effective immediately.                                                      
 
Last action on Bill: PUBLIC ACT.............................. 92-0074

   Last action date: JUL-12-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



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