IL SB0765 | 2023-2024 | 103rd General Assembly

Status

Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on November 17 2023 - 100% progression
Action: 2023-11-17 - Public Act . . . . . . . . . 103-0566
Text: Latest bill text (Chaptered) [HTML]

Summary

Amends the Farm Mutual Insurance Company Act of 1986. Provides that, until the date that is 5 years after the effective date of the amendatory Act, a farm mutual insurance company insuring against the perils of wind or hail must have and maintain adequate catastrophic reinsurance (instead of catastrophic reinsurance which limits the company's exposure on any one loss occurrence to 20% of its policyholders' surplus). Defines "adequate catastrophic reinsurance" as reinsurance in an amount no less than that required for a 500-year event, based on an actuarially sound catastrophe model that limits the company's exposure on any one loss occurrence to (i) 20% of its policyholders' surplus or (ii) an amount authorized by the Director of Insurance. Provides that a farm mutual insurance company must additionally have and maintain aggregate reinsurance coverage in an amount no less than that required for a 250-year event, based on an actuarially sound catastrophe model. Provides that the reinsurance permitted or required under the provisions must be provided by (i) a farm mutual insurance company, (ii) an insurance company authorized to write the kinds of insurance described in the Illinois Insurance Code pertaining to casualty, fidelity, surety, fire, marine, and other types of insurance, or (iii) a reinsurer and reinsurance program meeting the standards set forth in the Illinois Insurance Code that permit a domestic company to take credit for reinsurance. Requires a farm mutual insurance company converting from unlimited catastrophic reinsurance to adequate catastrophic reinsurance to provide notice of the change to policyholders in a form approved by the Director of Insurance. Provides that the provisions of the amendatory Act become inoperative on and after the date that is 5 years after the effective date of the amendatory Act. Effective immediately.

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Title

REGULATION-TECH

Sponsors

Sen. Napoleon Harris [D]Sen. Michael Halpin [D]Sen. William Cunningham [D]Sen. Neil Anderson [R]
Sen. Dave Syverson [R]Sen. Susan Rezin [R]Sen. Andrew Chesney [R]Sen. Doris Turner [D]
Sen. Dan McConchie [R]Sen. John Curran [R]Sen. Win Stoller [R]Sen. Chapin Rose [R]
Sen. Linda Holmes [D]Sen. Sally Turner [R]Sen. Paul Faraci [D]Sen. Javier Cervantes [D]
Sen. Mary Edly-Allen [D]Sen. Adriane Johnson [D]Sen. Jil Tracy [R]Sen. Rachel Ventura [D]
Sen. Jason Plummer [R]Sen. Dale Fowler [R]Sen. Patrick Joyce [D]Sen. David Koehler [D]
Rep. Thaddeus Jones [D]Rep. Bob Morgan [D]Rep. Jeff Keicher [R]Rep. Rita Mayfield [D]
Rep. Jay Hoffman [D]Rep. Lawrence Walsh [D]Rep. Joe Sosnowski [R]Rep. Ryan Spain [R]
Rep. Daniel Swanson [R]Rep. Jonathan Carroll [D]Rep. Anthony DeLuca [D]Rep. Norine Hammond [R]
Rep. Tony McCombie [R]Rep. Travis Weaver [R]Rep. Elizabeth Hernandez [D]Rep. Natalie Manley [D]
Rep. Dagmara Avelar [D]Rep. Fred Crespo [D]Rep. Suzanne Ness [D]Rep. Katie Stuart [D]
Rep. Kelly Cassidy [D]Rep. Dave Vella [D]Rep. Jennifer Gong-Gershowitz [D]Rep. Lance Yednock [D]
Rep. Anne Stava-Murray [D]Rep. Charles Meier [R]Rep. Kevin Schmidt [R]Rep. Amy Elik [R]
Rep. Abdelnasser Rashid [D]Rep. Michael Kelly [D]Rep. Camille Lilly [D]Rep. John Cabello [R]
Rep. Christopher Davidsmeyer [R]Rep. Mike Coffey [R]Rep. Bradley Stephens [R]Rep. Dan Ugaste [R]
Rep. Stephanie Kifowit [D]Rep. Sue Scherer [D]Rep. Mary Gill [D]Rep. Randy Frese [R]
Rep. Matt Hanson [D]

Roll Calls

2023-11-08 - House - Third Reading in House (Y: 114 N: 0 NV: 0 Abs: 0) [PASS]
2023-10-26 - Senate - Third Reading in Senate (Y: 56 N: 0 NV: 3 Abs: 0) [PASS]

History

DateChamberAction
2023-11-17SenatePublic Act . . . . . . . . . 103-0566
2023-11-17SenateEffective Date November 17, 2023
2023-11-17SenateGovernor Approved
2023-11-17SenateAdded as Co-Sponsor Sen. David Koehler
2023-11-17SenateAdded as Co-Sponsor Sen. Patrick J. Joyce
2023-11-15SenateSent to the Governor
2023-11-08SenatePassed Both Houses
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Randy E. Frese
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Mary Gill
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Sue Scherer
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Stephanie A. Kifowit
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Dan Ugaste
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Brad Stephens
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Michael J. Coffey, Jr.
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Christopher "C.D." Davidsmeyer
2023-11-08HouseAdded Alternate Co-Sponsor Rep. John M. Cabello
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Camille Y. Lilly
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Michael J. Kelly
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Abdelnasser Rashid
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Amy Elik
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Kevin Schmidt
2023-11-08HouseThird Reading - Short Debate - Passed 114-000-000
2023-11-08HousePlaced on Calendar Order of 3rd Reading - Short Debate
2023-11-08House3/5 Vote Required
2023-11-08HouseAdded Alternate Co-Sponsor Rep. Charles Meier
2023-11-07HouseHeld on Calendar Order of Second Reading - Short Debate
2023-11-07HouseSecond Reading - Short Debate
2023-11-07HouseDo Pass / Short Debate Insurance Committee; 012-000-000
2023-11-07HouseAdded Alternate Co-Sponsor Rep. Anne Stava-Murray
2023-11-07HouseAdded Alternate Co-Sponsor Rep. Lance Yednock
2023-11-07HouseAdded Alternate Co-Sponsor Rep. Jennifer Gong-Gershowitz
2023-11-07HouseAdded Alternate Co-Sponsor Rep. Dave Vella
2023-11-07HouseAdded Alternate Co-Sponsor Rep. Kelly M. Cassidy
2023-11-07HouseAdded Alternate Co-Sponsor Rep. Katie Stuart
2023-11-07HouseAdded Alternate Co-Sponsor Rep. Suzanne M. Ness
2023-11-07HouseAdded Alternate Co-Sponsor Rep. Fred Crespo
2023-11-07HouseAdded Alternate Co-Sponsor Rep. Dagmara Avelar
2023-11-07HouseAdded Alternate Co-Sponsor Rep. Natalie A. Manley
2023-11-07HouseAdded Alternate Co-Sponsor Rep. Elizabeth "Lisa" Hernandez
2023-11-06HouseAdded Alternate Chief Co-Sponsor Rep. Jay Hoffman
2023-11-06HouseAlternate Co-Sponsor Removed Rep. Jay Hoffman
2023-11-06HouseAdded Alternate Co-Sponsor Rep. Travis Weaver
2023-11-06HouseAdded Alternate Co-Sponsor Rep. Tony M. McCombie
2023-11-03HouseAdded Alternate Co-Sponsor Rep. Jay Hoffman
2023-11-03HouseAdded Alternate Co-Sponsor Rep. Norine K. Hammond
2023-11-03HouseAdded Alternate Co-Sponsor Rep. Anthony DeLuca
2023-11-03HouseAdded Alternate Co-Sponsor Rep. Jonathan Carroll
2023-11-03HouseAdded Alternate Co-Sponsor Rep. Dan Swanson
2023-11-03HouseAdded Alternate Co-Sponsor Rep. Ryan Spain
2023-11-03HouseAdded Alternate Co-Sponsor Rep. Joe C. Sosnowski
2023-11-03HouseAdded Alternate Co-Sponsor Rep. Lawrence "Larry" Walsh, Jr.
2023-11-03HouseAdded Alternate Chief Co-Sponsor Rep. Rita Mayfield
2023-11-03HouseAdded Alternate Chief Co-Sponsor Rep. Jeff Keicher
2023-11-03HouseAdded Alternate Chief Co-Sponsor Rep. Bob Morgan
2023-11-01HouseAssigned to Insurance Committee
2023-11-01HouseReferred to Rules Committee
2023-11-01HouseFirst Reading
2023-10-31HouseAlternate Chief Sponsor Changed to Rep. Thaddeus Jones
2023-10-30SenateAdded as Chief Co-Sponsor Sen. Neil Anderson
2023-10-26HouseChief House Sponsor Rep. Emanuel "Chris" Welch
2023-10-26HouseArrived in House
2023-10-26SenateAdded as Co-Sponsor Sen. Dale Fowler
2023-10-26SenateAdded as Co-Sponsor Sen. Jason Plummer
2023-10-26SenateAdded as Co-Sponsor Sen. Rachel Ventura
2023-10-26SenateAdded as Co-Sponsor Sen. Jil Tracy
2023-10-26SenateAdded as Co-Sponsor Sen. Adriane Johnson
2023-10-26SenateAdded as Co-Sponsor Sen. Mary Edly-Allen
2023-10-26SenateAdded as Co-Sponsor Sen. Javier L. Cervantes
2023-10-26SenateAdded as Co-Sponsor Sen. Paul Faraci
2023-10-26SenateAdded as Co-Sponsor Sen. Sally J. Turner
2023-10-26SenateAdded as Co-Sponsor Sen. Linda Holmes
2023-10-26SenateAdded as Co-Sponsor Sen. Chapin Rose
2023-10-26SenateThird Reading - Passed; 056-000-000
2023-10-26Senate3/5 Vote Required
2023-10-26SenatePlaced on Calendar Order of 3rd Reading
2023-10-26SenateSenate Floor Amendment No. 1 Adopted; Cunningham
2023-10-26SenateRecalled to Second Reading
2023-10-26SenateAdded as Co-Sponsor Sen. Win Stoller
2023-10-26SenateAdded as Chief Co-Sponsor Sen. Bill Cunningham
2023-10-26SenateSenate Floor Amendment No. 1 Recommend Do Adopt Executive; 011-000-000
2023-10-25SenateAdded as Chief Co-Sponsor Sen. Michael W. Halpin
2023-10-25SenateAdded as Co-Sponsor Sen. John F. Curran
2023-10-25SenateAdded as Co-Sponsor Sen. Dan McConchie
2023-10-25SenateAdded as Co-Sponsor Sen. Doris Turner
2023-10-25SenateAdded as Co-Sponsor Sen. Andrew S. Chesney
2023-10-25SenateAdded as Co-Sponsor Sen. Sue Rezin
2023-10-25SenateSenate Floor Amendment No. 1 Assignments Refers to Executive
2023-10-25SenateAdded as Co-Sponsor Sen. Dave Syverson
2023-10-25SenateChief Sponsor Changed to Sen. Napoleon Harris, III
2023-10-25SenateSenate Floor Amendment No. 1 Referred to Assignments
2023-10-25SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Napoleon Harris, III
2023-10-18SenatePlaced on Calendar Order of 3rd Reading October 24, 2023
2023-10-18SenateApproved for Consideration Assignments
2023-03-31SenateRule 3-9(a) / Re-referred to Assignments
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
2151051Amended CodeCitation Text

Illinois State Sources


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