IL SB2979 | 2013-2014 | 98th General Assembly
Status
Completed Legislative Action
Spectrum: Moderate Partisan Bill (Democrat 10-2)
Status: Passed on January 9 2015 - 100% progression
Action: 2015-01-09 - Public Act . . . . . . . . . 98-1165
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Moderate Partisan Bill (Democrat 10-2)
Status: Passed on January 9 2015 - 100% progression
Action: 2015-01-09 - Public Act . . . . . . . . . 98-1165
Text: Latest bill text (Chaptered) [HTML]
Summary
Amends the Illinois Insurance Code. With regard to an assuming insurer's trust fund, provides that not later than February 28 of each year, the assuming insurer's chief executive officer or chief financial officer shall certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a trusteed surplus of not less than $20,000,000. Permits a reduction in the required trusteed surplus in specified circumstances. Provides that in the event that the provision concerning the reduction in the required trusteed surplus applies to the trust, the assuming insurer's chief executive officer or chief financial officer shall then certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a reduced trusteed surplus of not less than the amount that has been authorized by the regulatory authority having principal regulatory oversight of the trust. Makes changes to the provisions concerning financial strength ratings. Sets forth provisions concerning downgrades by rating agencies, the Director's authority, upgrading the rating of a certified reinsurer, and the revocation of the certification of a certified reinsurer. Makes other changes.
Title
INS CD-REINSURANCE
Sponsors
Roll Calls
2014-12-04 - Senate - Concurrence in Senate (Y: 52 N: 0 NV: 7 Abs: 0) [PASS]
2014-11-20 - House - Third Reading in House (Y: 111 N: 0 NV: 1 Abs: 1) [PASS]
2014-04-29 - Senate - Third Reading in Senate (Y: 49 N: 0 NV: 10 Abs: 0) [PASS]
2014-11-20 - House - Third Reading in House (Y: 111 N: 0 NV: 1 Abs: 1) [PASS]
2014-04-29 - Senate - Third Reading in Senate (Y: 49 N: 0 NV: 10 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2015-01-09 | Senate | Public Act . . . . . . . . . 98-1165 |
| 2015-01-09 | Senate | Governor Approved |
| 2014-12-15 | Senate | Sent to the Governor |
| 2014-12-04 | Senate | Passed Both Houses |
| 2014-12-04 | Senate | House Committee Amendment No. 1 Senate Concurs 052-000-000 |
| 2014-12-02 | Senate | House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Insurance; 009-000-000 |
| 2014-12-02 | Senate | House Committee Amendment No. 1 Motion to Concur Assignments Referred to Insurance |
| 2014-12-02 | Senate | House Committee Amendment No. 1 Motion to Concur Referred to Assignments |
| 2014-12-02 | Senate | House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. William R. Haine |
| 2014-11-20 | Senate | Placed on Calendar Order of Concurrence House Amendment(s) 1 - December 2, 2014 |
| 2014-11-20 | Senate | Secretary's Desk - Concurrence House Amendment(s) 1 |
| 2014-11-20 | Senate | Chief Sponsor Changed to Sen. William R. Haine |
| 2014-11-20 | House | Third Reading - Short Debate - Passed 111-000-001 |
| 2014-11-20 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2014-11-19 | House | Held on Calendar Order of Second Reading - Short Debate |
| 2014-11-19 | House | Second Reading - Short Debate |
| 2014-11-19 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2014-11-19 | House | Do Pass as Amended / Short Debate Insurance Committee; 023-000-000 |
| 2014-11-19 | House | House Committee Amendment No. 1 Adopted in Insurance Committee; by Voice Vote |
| 2014-11-19 | House | Motion to Suspend Rule 21 - Prevailed |
| 2014-11-19 | House | Motion Filed to Suspend Rule 21 Insurance Committee; Rep. Barbara Flynn Currie |
| 2014-11-18 | House | House Committee Amendment No. 1 Rules Refers to Insurance Committee |
| 2014-11-18 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2014-11-18 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Frank J. Mautino |
| 2014-11-18 | House | Assigned to Insurance Committee |
| 2014-05-07 | House | Added Alternate Co-Sponsor Rep. Anthony DeLuca |
| 2014-05-06 | House | Added Alternate Co-Sponsor Rep. Greg Harris |
| 2014-05-06 | House | Added Alternate Co-Sponsor Rep. Ron Sandack |
| 2014-05-06 | House | Added Alternate Co-Sponsor Rep. Adam Brown |
| 2014-05-06 | House | Added Alternate Co-Sponsor Rep. Jack D. Franks |
| 2014-05-02 | House | Added Alternate Co-Sponsor Rep. Robert Rita |
| 2014-05-02 | House | Added Alternate Co-Sponsor Rep. Maria Antonia Berrios |
| 2014-05-02 | House | Added Alternate Chief Co-Sponsor Rep. Michael J. Zalewski |
| 2014-05-02 | House | Added Alternate Chief Co-Sponsor Rep. Robert F. Martwick |
| 2014-05-02 | House | Added Alternate Chief Co-Sponsor Rep. Edward J. Acevedo |
| 2014-04-30 | House | Referred to Rules Committee |
| 2014-04-30 | House | First Reading |
| 2014-04-29 | House | Chief House Sponsor Rep. Frank J. Mautino |
| 2014-04-29 | House | Arrived in House |
| 2014-04-29 | Senate | Third Reading - Passed; 049-000-000 |
| 2014-04-11 | Senate | Rule 2-10 Third Reading Deadline Established As May 1, 2014 |
| 2014-04-01 | Senate | Placed on Calendar Order of 3rd Reading April 2, 2014 |
| 2014-04-01 | Senate | Second Reading |
| 2014-03-27 | Senate | Placed on Calendar Order of 2nd Reading April 1, 2014 |
| 2014-03-27 | Senate | Do Pass as Amended Insurance; 010-000-000 |
| 2014-03-26 | Senate | Senate Committee Amendment No. 1 Adopted |
| 2014-03-25 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Insurance |
| 2014-03-20 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 2014-03-20 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Antonio Muñoz |
| 2014-02-19 | Senate | Assigned to Insurance |
| 2014-02-04 | Senate | Referred to Assignments |
| 2014-02-04 | Senate | First Reading |
| 2014-02-04 | Senate | Filed with Secretary by Sen. Antonio Muñoz |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 215 | 5 | 173.1 | Amended Code | Citation Text |
