Bill Title: Amends the Illinois Insurance Code in relation to fraternal benefit societies. Adds the Fraternal Benefit Society Guaranty Association Law to the Code as a new Article to provide for the protection of members of fraternal benefit societies in the event of impairment or insolvency. Provides that a fraternal benefit society must be governed by a board of directors and managed by qualified officers. Sets the permissible number of directors and establishes certain qualifications. Authorizes the Director of Insurance to take action when a society is or may become insolvent. Creates the Illinois Fraternal Benefit Society Guaranty Association and requires participation by societies and others authorized to transact business in Illinois. Sets forth the powers and duties of the Association. Defines terms.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2015-01-13 - Session Sine Die [SB3404 Detail]

Text: Latest bill text (Amended) [HTML]

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