Bill Status of HB 1956   102nd General Assembly

Short Description:  INS CODE-REINSURANCE CREDITS

House Sponsors
Rep. Thaddeus Jones

Last Action  View All Actions

DateChamber Action
  1/10/2023HouseSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 5/35B-25
215 ILCS 5/131.1from Ch. 73, par. 743.1
215 ILCS 5/131.5from Ch. 73, par. 743.5
215 ILCS 5/131.14b
215 ILCS 5/131.15from Ch. 73, par. 743.15
215 ILCS 5/131.22from Ch. 73, par. 743.22
215 ILCS 5/131.22a new
215 ILCS 5/173.1from Ch. 73, par. 785.1

Synopsis As Introduced
Amends the Illinois Insurance Code. In provisions concerning enterprise risk filings, describes insurance holding company systems that are required to file an annual group capital calculation and those that are exempt from filing a group capital calculation. Provides that the ultimate controlling person of every insurer subject to registration and scoped into the NAIC Liquidity Stress Test Framework shall file the results of a specific year's liquidity stress test. Sets forth restrictions on insurer publishing. In provisions concerning credit allowed for domestic ceding insurers, provides terms by which credit is allowed for reinsurance. Provides that credit shall be allowed when reinsurance is ceded to an assuming insurer that meets specified conditions. Provides that the Director shall timely create and publish a list of reciprocal jurisdictions. Provides that the Director shall timely create and publish a list of assuming insurers that have satisfied specified conditions and to which cessions shall be granted. Provides that the Director may revoke or suspend the eligibility of the assuming insurer. Provides that the ceding insurer or its representative may seek and obtain an order requiring that the assuming insurer post security for all outstanding ceded liabilities under specified conditions. Provides that credit may be taken only for reinsurance agreements entered into, amended, or renewed on or after the effective date of the amendatory Act and only for losses incurred and reported on or after specified dates. Provides that the amendatory Act shall not limit or in any way alter the capacity of parties to a reinsurance agreement to agree on requirements for security or other terms in that reinsurance agreement except as expressly prohibited by applicable law or regulation, shall not authorize an assuming insurer to withdraw or reduce the security provided under any reinsurance agreement except as permitted by the terms of the agreement, and shall not limit or in any way alter the capacity of parties to any reinsurance agreement to renegotiate the agreement. Defines "group capital calculation instructions", "NAIC Liquidity Stress Test Framework", and "scope criteria". Makes other changes. Effective December 31, 2022.

Actions 
DateChamber Action
  2/16/2021HouseFiled with the Clerk by Rep. Thaddeus Jones
  2/17/2021HouseFirst Reading
  2/17/2021HouseReferred to Rules Committee
  3/9/2021HouseAssigned to Insurance Committee
  3/15/2021HouseDo Pass / Short Debate Insurance Committee; 019-000-000
  3/18/2021HousePlaced on Calendar 2nd Reading - Short Debate
  4/14/2021HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Thaddeus Jones
  4/14/2021HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  4/20/2021HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 005-000-000
  4/21/2021HouseSecond Reading - Short Debate
  4/21/2021HouseHeld on Calendar Order of Second Reading - Short Debate
  4/23/2021HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2023HouseSession Sine Die

Back To Top