Comments: IL SB1667 | 2017-2018 | 100th General Assembly

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2017-12-15 - Public Act . . . . . . . . . 100-0570 [SB1667 Detail]

Text: Latest bill text (Chaptered) [HTML]

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