IL SB1667 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Democrat 3-0)
Status: Engrossed on May 5 2017 - 50% progression
Action: 2017-10-17 - Assigned to Insurance: Property & Casualty Committee
Pending: House Insurance: Property & Casualty Committee
Text: Latest bill text (Engrossed) [HTML]

Summary

Amends the Title Insurance Act. In provisions concerning reinsurance, provides that a title insurance company may obtain reinsurance for all or any part of its liability under one or more of its title insurance policies from an assuming insurer with a financial strength rating of A- or better from A.M. Best Company, Inc., or with an alternative rating the Department of Insurance may approve that the Department determines is an equivalent rating by another recognized rating organization. In provisions concerning retained liability, provides that the net retained liability of a title insurance company for a single risk on property located in the State, whether assumed directly or as reinsurance, may not exceed the total surplus (rather than 50% of the total surplus) to policyholders as shown in the most recent annual statement of the title insurance company on file with the Department. Provides that each title insurance company shall file annually with the Department a notice describing its professional reinsurance business, if any, and describing how risks are placed through reinsurance outside of the title insurance industry.

Tracking Information

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Title

TITLE INS-REINSURANCE

Sponsors


Roll Calls

2017-05-05 - Senate - Third Reading in Senate (Y: 49 N: 0 NV: 10 Abs: 0) [PASS]

History

DateChamberAction
2017-10-17HouseAssigned to Insurance: Property & Casualty Committee
2017-10-17HouseTo Gaming Subcommittee
2017-10-17HouseAssigned to Executive Committee
2017-05-31HouseHouse Committee Amendment No. 2 Rule 19(a) / Re-referred to Rules Committee
2017-05-31HouseHouse Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee
2017-05-31HouseRule 19(a) / Re-referred to Rules Committee
2017-05-30HouseHouse Committee Amendment No. 2 Rules Refers to Executive Committee
2017-05-30HouseHouse Committee Amendment No. 2 Referred to Rules Committee
2017-05-30HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Michael J. Zalewski
2017-05-30HouseHouse Committee Amendment No. 1 Rules Refers to Executive Committee
2017-05-29HouseHouse Committee Amendment No. 1 Referred to Rules Committee
2017-05-29HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Michael J. Zalewski
2017-05-26HouseFinal Action Deadline Extended-9(b) May 31, 2017
2017-05-19HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
2017-05-15HouseAssigned to Executive Committee
2017-05-09HouseReferred to Rules Committee
2017-05-09HouseFirst Reading
2017-05-08HouseChief House Sponsor Rep. Michael J. Zalewski
2017-05-08HouseArrived in House
2017-05-05SenateThird Reading - Passed; 049-000-001
2017-05-04SenatePlaced on Calendar Order of 3rd Reading May 5, 2017
2017-05-04SenateSenate Floor Amendment No. 2 Adopted; Haine
2017-05-04SenateSecond Reading
2017-05-03SenateAdded as Chief Co-Sponsor Sen. John G. Mulroe
2017-04-28SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
2017-04-06SenateSenate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 008-000-000
2017-04-04SenateSenate Floor Amendment No. 2 Assignments Refers to Judiciary
2017-03-27SenateSenate Floor Amendment No. 2 Referred to Assignments
2017-03-27SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. William R. Haine
2017-03-08SenatePlaced on Calendar Order of 2nd Reading March 9, 2017
2017-03-08SenateDo Pass as Amended Judiciary; 011-000-000
2017-03-07SenateSenate Committee Amendment No. 1 Adopted
2017-03-07SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary
2017-02-28SenateSenate Committee Amendment No. 1 Referred to Assignments
2017-02-28SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
2017-02-28SenateAssigned to Judiciary
2017-02-09SenateReferred to Assignments
2017-02-09SenateFirst Reading
2017-02-09SenateFiled with Secretary by Sen. William R. Haine

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2151556Amended CodeCitation Text
2151558Amended CodeCitation Text

Illinois State Sources


Bill Comments

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