IL SB0762 | 2023-2024 | 103rd General Assembly


Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on June 9 2023 - 100% progression
Action: 2023-06-09 - Public Act . . . . . . . . . 103-0075
Text: Latest bill text (Chaptered) [HTML]


Amends the Illinois Insurance Code. Changes the definition of "insolvent company" to include any company which has assumed or has been allocated a policy obligation through an approved insurance business transfer plan. Provides that the fee for filing an insurance business transfer plan is $25,000. Creates the Insurance Business Transfers Article of the Illinois Insurance Code and provides that the Article may be cited as the Insurance Business Transfers Law. Sets forth provisions concerning notice requirements, application procedure, application to a court for approval of a plan, approval and denial of insurance business transfer plans, and fees and costs. Provides that the Department of Insurance may adopt rules that are consistent with the provisions. Provides that the portion of the application for an insurance business transfer that would otherwise be confidential, including any documents, materials, communications, or other information submitted to the Director of Insurance in contemplation of an application, shall not lose such confidentiality. Provides that insurers consent to the jurisdiction of the Director with regard to ongoing oversight of operations, management, and solvency relating to the transferred business. Provides that the Director may direct the applicant to retain parties to assist Department personnel. Defines terms. Effective immediately, except specified provisions take effect January 1, 2025.

Tracking Information

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Roll Calls

2023-05-08 - House - Third Reading in House (Y: 104 N: 0 NV: 2 Abs: 3) [PASS]
2023-03-29 - Senate - Third Reading in Senate (Y: 57 N: 0 NV: 2 Abs: 0) [PASS]


2023-06-09SenatePublic Act . . . . . . . . . 103-0075
2023-06-09SenateEffective Date January 1, 2025; Some Provisions
2023-06-09SenateEffective Date June 9, 2023; Some Provisions
2023-06-09SenateGovernor Approved
2023-06-06SenateSent to the Governor
2023-05-08SenatePassed Both Houses
2023-05-08HouseThird Reading - Short Debate - Passed 104-000-000
2023-05-03HousePlaced on Calendar Order of 3rd Reading - Short Debate
2023-05-03HouseSecond Reading - Short Debate
2023-04-26HousePlaced on Calendar 2nd Reading - Short Debate
2023-04-25HouseDo Pass / Short Debate Insurance Committee; 012-000-000
2023-04-21HouseAdded Alternate Chief Co-Sponsor Rep. Bob Morgan
2023-04-18HouseAssigned to Insurance Committee
2023-04-03HouseAlternate Chief Sponsor Changed to Rep. Thaddeus Jones
2023-03-30HouseReferred to Rules Committee
2023-03-30HouseFirst Reading
2023-03-30HouseChief House Sponsor Rep. Emanuel "Chris" Welch
2023-03-30HouseArrived in House
2023-03-29SenateThird Reading - Passed; 057-000-000
2023-03-29SenatePlaced on Calendar Order of 3rd Reading
2023-03-29SenateSenate Floor Amendment No. 1 Adopted; Cunningham
2023-03-29SenateRecalled to Second Reading
2023-03-29SenateSenate Floor Amendment No. 1 Recommend Do Adopt Insurance; 009-000-000
2023-03-28SenateChief Sponsor Changed to Sen. Bill Cunningham
2023-03-28SenateSenate Floor Amendment No. 1 Assignments Refers to Insurance
2023-03-28SenateSenate Floor Amendment No. 1 Referred to Assignments
2023-03-28SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Bill Cunningham
2023-03-10SenatePlaced on Calendar Order of 3rd Reading March 21, 2023
2023-03-10SenateSecond Reading
2023-03-09SenatePlaced on Calendar Order of 2nd Reading March 10, 2023
2023-03-09SenateDo Pass Executive; 011-000-000
2023-03-02SenateAssigned to Executive
2023-02-02SenateReferred to Assignments
2023-02-02SenateFirst Reading
2023-02-02SenateFiled with Secretary by Sen. Don Harmon

Code Citations

ChapterArticleSectionCitation TypeStatute Text
210471-101Amended CodeCitation Text

Illinois State Sources

Bill Comments