IL SB1286 | 2017-2018 | 100th General Assembly

Status

Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: Engrossed on May 4 2017 - 50% progression
Action: 2017-05-31 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Engrossed) [HTML]

Summary

Amends the Domestic Captive Insurance Companies Article of the Illinois Insurance Code. Makes changes to provisions concerning definitions. Prohibits captive insurance companies from issuing certain types of insurance. Provides that the Department of Insurance may not issue a certificate of authority to a captive insurance company unless the company possesses and maintains unencumbered capital and surplus in an amounted determined by the Director of Insurance after considering specified factors. Provides that the amount of capital and surplus may not be less than specified for classes of captive insurance companies. Makes changes to the reports a captive insurance company must submit to the Director. Allows, upon written application to the Director, the annual report to be filed at a fiscal year's end, rather than on or prior to March 1. Allows a captive insurance company to make loans to its affiliates with the prior approval of the Director. Adds additional requirements for a captive insurance company to provide reinsurance. Provides that annually, 10% of the premium tax revenues collected under certain provisions of the Code to be transferred to the Department for the regulation of captive insurance companies. Reduces fees for the filing of certain documents from $7,000 to $2,000. Removes certain requirements to issue letters of credit. Allows the Director to approve captive reinsurance pools under certain circumstances. Makes provisions concerning standards for risk management of controlled unaffiliated businesses, captive managers, dividends, and confidentiality. Allows the Director to adopt rules to enforce the provisions. Repeals a provision concerning minimum surplus. Makes other changes.

Tracking Information

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Title

INS CD-CAPTIVE INSURERS

Sponsors


Roll Calls

2017-05-04 - Senate - Third Reading in Senate (Y: 55 N: 0 NV: 4 Abs: 0) [PASS]

History

DateChamberAction
2017-05-31HouseRule 19(a) / Re-referred to Rules Committee
2017-05-26HouseFinal Action Deadline Extended-9(b) May 31, 2017
2017-05-19HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
2017-05-18HouseAdded Alternate Chief Co-Sponsor Rep. Daniel V. Beiser
2017-05-15HouseAssigned to Executive Committee
2017-05-09HouseAdded Alternate Chief Co-Sponsor Rep. La Shawn K. Ford
2017-05-09HouseAdded Alternate Chief Co-Sponsor Rep. Camille Y. Lilly
2017-05-09HouseAdded Alternate Chief Co-Sponsor Rep. Gregory Harris
2017-05-09HouseReferred to Rules Committee
2017-05-09HouseFirst Reading
2017-05-05HouseChief House Sponsor Rep. Michael D. Unes
2017-05-05HouseArrived in House
2017-05-04SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
2017-05-04SenateThird Reading - Passed; 055-000-000
2017-05-04SenatePlaced on Calendar Order of 3rd Reading
2017-05-04SenateSenate Floor Amendment No. 3 Adopted; Mulroe
2017-05-04SenateSenate Floor Amendment No. 1 Adopted; Mulroe
2017-05-04SenateRecalled to Second Reading
2017-04-28SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
2017-04-27SenateSenate Floor Amendment No. 3 Recommend Do Adopt Insurance; 010-000-000
2017-04-27SenateSenate Floor Amendment No. 2 Postponed - Insurance
2017-04-25SenateSenate Floor Amendment No. 3 Assignments Refers to Insurance
2017-04-25SenateSenate Floor Amendment No. 2 Assignments Refers to Insurance
2017-04-19SenateSenate Floor Amendment No. 3 Referred to Assignments
2017-04-19SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. John G. Mulroe
2017-04-13SenateSenate Floor Amendment No. 2 Referred to Assignments
2017-04-13SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. John G. Mulroe
2017-04-06SenateAdded as Co-Sponsor Sen. William E. Brady
2017-04-06SenateSenate Floor Amendment No. 1 Recommend Do Adopt Insurance; 011-000-000
2017-04-05SenateSenate Floor Amendment No. 1 Assignments Refers to Insurance
2017-04-04SenateSenate Floor Amendment No. 1 Referred to Assignments
2017-04-04SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. John G. Mulroe
2017-03-30SenatePlaced on Calendar Order of 3rd Reading April 4, 2017
2017-03-30SenateSecond Reading
2017-03-01SenatePlaced on Calendar Order of 2nd Reading March 2, 2017
2017-03-01SenateDo Pass Insurance; 015-000-000
2017-02-15SenateAssigned to Insurance
2017-02-15SenateAdded as Chief Co-Sponsor Sen. William R. Haine
2017-02-09SenateReferred to Assignments
2017-02-09SenateFirst Reading
2017-02-09SenateFiled with Secretary by Sen. John G. Mulroe

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2155123C-1Amended CodeCitation Text
2155123C-11Amended CodeCitation Text
2155123C-12Amended CodeCitation Text
2155123C-13Amended CodeCitation Text
2155123C-16Amended CodeCitation Text
2155123C-17Amended CodeCitation Text
2155123C-19Amended CodeCitation Text
2155123C-2Amended CodeCitation Text
2155123C-23New CodeSee Bill Text
2155123C-24New CodeSee Bill Text
2155123C-25New CodeSee Bill Text
2155123C-26New CodeSee Bill Text
2155123C-27New CodeSee Bill Text
2155123C-28New CodeSee Bill Text
2155123C-3Amended CodeCitation Text
2155123C-4Repealed CodeCitation Text
2155123C-9Amended CodeCitation Text

Illinois State Sources


Bill Comments

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