SB 2408

  • Illinois Senate Bill
  • 102nd Regular Session
  • Introduced in Senate Apr 26, 2021
  • Passed Senate Apr 23, 2021
  • House
  • Governor

Insurance Guaranty Fund

Abstract

Amends the Illinois Insurance Code. Authorizes the Illinois Insurance Guaranty Fund, at the direction of its board of directors and subject to the approval of the Director of Insurance, to form and own a not-for-profit corporation to which the Fund may delegate certain of its powers and duties provided by the Code. Allows the not-for-profit corporation to contract to provide services to the Office of Special Deputy Receiver or any other person or organization authorized by law to carry out the duties of the Director in the capacity of receiver under specified provisions of the Code, the Illinois Life and Health Insurance Guaranty Association, an organizations in another state similar to the Illinois Insurance Guaranty Fund or the Illinois Life and Health Insurance Guaranty Association. Effective immediately. Senate Committee Amendment No. 1 Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. In provisions concerning the purpose of the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code, provides that the purpose of the Article is to also provide a mechanism for the Illinois Insurance Guaranty Fund to participate in and facilitate the process by which the assets of an insolvent company are marshaled and distributed beyond reimbursing the cost of covered claims, and that these provisions are inoperative 5 years after the effective date of the amendatory Act. Provides that language allowing the Fund to contract with the Office of Special Deputy Receiver or any other person or organizations authorized by law to carry out the duties of the Director in her or his capacity as a receiver under Article XIII of the Code are inoperative 5 years after the effective date of the amendatory Act. Removes provisions allowing the Illinois Insurance Guaranty Fund to contract to provide services to the Illinois Life and Health Insurance Guaranty Association and organizations in another state similar to the Illinois Insurance Guaranty Fund or the Illinois Life and Health Insurance Guaranty Association. Makes other changes. Effective immediately. House Committee Amendment No. 1 Deletes reference to: 215 ILCS 5/532 215 ILCS 5/538 215 ILCS 5/538.7 Adds reference to: 215 ILCS 5/1 from Ch. 73, par. 613 Replaces everything after the enacting clause. Amends the Illinois Insurance Code. Makes a technical change in a Section concerning the short title.

Bill Sponsors (3)

Votes


Actions


Jun 02, 2021

House

Rule 19(a) / Re-referred to Rules Committee

May 28, 2021

House

Final Action Deadline Extended-9(b) May 31, 2021

May 26, 2021

House

Second Reading - Short Debate

House

Held on Calendar Order of Second Reading - Short Debate

May 19, 2021

House

House Committee Amendment No. 1 Adopted in Executive Committee; by Voice Vote

House

Placed on Calendar 2nd Reading - Short Debate

House

Do Pass as Amended / Short Debate Executive Committee; 009-006-000

May 18, 2021

House

Alternate Chief Sponsor Changed to Rep. Greg Harris

House

House Committee Amendment No. 1 Rules Refers to Executive Committee

House

House Committee Amendment No. 1 Referred to Rules Committee

House

House Committee Amendment No. 1 Filed with Clerk by Rep. Greg Harris

May 13, 2021

House

Committee/Final Action Deadline Extended-9(b) May 28, 2021

May 04, 2021

House

Assigned to Executive Committee

Apr 27, 2021

House

First Reading

House

Referred to Rules Committee

Apr 26, 2021

House

Chief House Sponsor Rep. Jay Hoffman

House

Arrived in House

Apr 23, 2021

Senate

Third Reading - Passed; 058-000-000

Apr 21, 2021

Senate

Placed on Calendar Order of 3rd Reading ** April 22, 2021

Senate

Second Reading

Apr 15, 2021

Senate

Do Pass Insurance; 010-000-000

Senate

Added as Co-Sponsor Sen. Steven M. Landek

Senate

Placed on Calendar Order of 2nd Reading April 20, 2021

Apr 14, 2021

Senate

Senate Committee Amendment No. 1 Adopted

Apr 13, 2021

Senate

Senate Committee Amendment No. 1 Assignments Refers to Insurance

Apr 08, 2021

Senate

Senate Committee Amendment No. 1 Filed with Secretary by Sen. Napoleon Harris, III

Senate

Senate Committee Amendment No. 1 Referred to Assignments

Mar 23, 2021

Senate

Assigned to Insurance

Feb 26, 2021

Senate

First Reading

Senate

Referred to Assignments

Senate

Filed with Secretary by Sen. Napoleon Harris, III

Bill Text

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

Related Documents

Document Format
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Sources

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