IL SB1737 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Democrat 2-0)
Status: Engrossed on April 27 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 Illinois Insurance Code in provisions concerning credit allowed a domestic ceding insurer. Provides that the assuming insurer shall provide or make certain information to be reported to the Director of Insurance available to the ceding insurer and that the assuming insurer may decline to release trade secrets or commercially sensitive information that would qualify as exempt from disclosure under the Freedom of Information Act. 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 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.

Tracking Information

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Title

INS CD-DOMESTIC CEDING INSURER

Sponsors


Roll Calls

2017-04-27 - Senate - Third Reading in Senate (Y: 57 N: 0 NV: 2 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
2017-05-09HouseAssigned to Executive Committee
2017-04-27HouseReferred to Rules Committee
2017-04-27HouseFirst Reading
2017-04-27HouseChief House Sponsor Rep. Michael J. Zalewski
2017-04-27HouseArrived in House
2017-04-27SenateThird Reading - Passed; 057-000-000
2017-04-06SenatePlaced on Calendar Order of 3rd Reading April 25, 2017
2017-04-06SenateSecond Reading
2017-03-09SenatePlaced on Calendar Order of 2nd Reading March 14, 2017
2017-03-09SenateDo Pass Insurance; 011-000-000
2017-02-28SenateAssigned to Insurance
2017-02-09SenateReferred to Assignments
2017-02-09SenateFirst Reading
2017-02-09SenateFiled with Secretary by Sen. Antonio Muñoz

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2155173.1Amended CodeCitation Text

Illinois State Sources


Bill Comments

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