HB 5534

  • Illinois House Bill
  • 102nd Regular Session
  • Introduced in House Mar 07, 2022
  • Passed House Mar 04, 2022
  • Senate
  • Governor

Ins Business Transfer Act

Abstract

Creates the Insurance Business Transfer Act. Provides that notwithstanding any other provision of law, a court may issue any order, process, or judgment that is necessary or appropriate to carry out the provisions of this Act. Sets forth provisions concerning notice requirements, application procedure, application to a court for approval of a plan, approval and denial of insurance business transfer plans, and fees and costs. Provides that the Department of Insurance shall adopt rules that are consistent with the provisions and that no insurance business transfer plan shall be approved in the State unless and until such rules are adopted. Provides that the portion of the application for an insurance business transfer that would otherwise be confidential, including any documents, materials, communications, or other information submitted to the Director of Insurance in contemplation of an application, shall not lose such confidentiality. Provides that insurers consent to the jurisdiction of the Director with regard to ongoing oversight of operations, management, and solvency relating to the transferred business. Defines terms. House Floor Amendment No. 1 In provisions concerning the independent expert's report and the approval of an insurance transfer plan, changes references from "policyholders and claimants" to "policyholders, reinsurers, and claimants", and "policyholders or claimants" to "policyholders, reinsurers, or claimants".

Bill Sponsors (7)

Votes


Actions


Mar 07, 2022

Senate

First Reading

Senate

Chief Senate Sponsor Sen. Bill Cunningham

Senate

Placed on Calendar Order of First Reading

Senate

Arrive in Senate

Senate

Referred to Assignments

Mar 04, 2022

House

Placed on Calendar Order of 3rd Reading - Short Debate

House

Third Reading - Short Debate - Passed 103-000-001

House

House Floor Amendment No. 1 Adopted

Mar 03, 2022

House

House Floor Amendment No. 1 Recommends Be Adopted Insurance Committee; 017-000-000

Mar 02, 2022

House

House Floor Amendment No. 1 Rules Refers to Insurance Committee

House

Second Reading - Short Debate

House

Held on Calendar Order of Second Reading - Short Debate

Mar 01, 2022

House

Added Co-Sponsor Rep. Frances Ann Hurley

House

Added Co-Sponsor Rep. Dan Brady

House

Added Co-Sponsor Rep. Rita Mayfield

House

Added Co-Sponsor Rep. Anthony DeLuca

House

House Floor Amendment No. 1 Filed with Clerk by Rep. Thaddeus Jones

House

House Floor Amendment No. 1 Referred to Rules Committee

House

Added Co-Sponsor Rep. Bob Morgan

Feb 16, 2022

House

Placed on Calendar 2nd Reading - Short Debate

Feb 15, 2022

House

Do Pass / Short Debate Insurance Committee; 016-000-000

Feb 09, 2022

House

Assigned to Insurance Committee

Jan 31, 2022

House

Referred to Rules Committee

House

First Reading

Jan 28, 2022

House

Filed with the Clerk by Rep. Thaddeus Jones

Bill Text

Bill Text Versions Format
Introduced HTML PDF
Engrossed HTML PDF
House Amendment 001 HTML PDF

Related Documents

Document Format
No related documents.

Sources

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