Bill Status of HB 2405   102nd General Assembly

Short Description:  INSURANCE GUARANTY FUND

House Sponsors
Rep. Jay Hoffman

Senate Sponsors
(Sen. Napoleon Harris, III)


Last Action  View All Actions

DateChamber Action
  8/16/2021HousePublic Act . . . . . . . . . 102-0396

Statutes Amended In Order of Appearance
215 ILCS 5/532from Ch. 73, par. 1065.82
215 ILCS 5/537.9from Ch. 73, par. 1065.87-9
215 ILCS 5/538from Ch. 73, par. 1065.88
215 ILCS 5/538.2from Ch. 73, par. 1065.88-2
215 ILCS 5/538.7from Ch. 73, par. 1065.88-7
215 ILCS 5/538.10 new

Synopsis As Introduced
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.

House Committee Amendment No. 1
Deletes reference to:
215 ILCS 5/537.9
215 ILCS 5/538.2
215 ILCS 5/538.10 new

Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. 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. 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 this Code are inoperative 5 years after the effective date of the amendatory Act. Removes provisions authorizing 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. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  2/17/2021HouseFiled with the Clerk by Rep. Jay Hoffman
  2/17/2021HouseFirst Reading
  2/17/2021HouseReferred to Rules Committee
  3/9/2021HouseAssigned to Insurance Committee
  3/22/2021HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
  3/22/2021HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/23/2021HouseHouse Committee Amendment No. 1 Rules Refers to Insurance Committee
  3/25/2021HouseHouse Committee Amendment No. 1 Adopted in Insurance Committee; by Voice Vote
  3/25/2021HouseDo Pass as Amended / Consent Calendar Insurance Committee; 018-000-000
  4/8/2021HousePlaced on Calendar 2nd Reading - Consent Calendar
  4/14/2021HouseSecond Reading - Consent Calendar
  4/14/2021HouseHeld on Calendar Order of Second Reading - Consent Calendar
  4/14/2021HousePlaced on Calendar Order of 3rd Reading - Consent Calendar
  4/16/2021HouseThird Reading - Consent Calendar - First Day
  4/21/2021HouseThird Reading - Consent Calendar - Passed 117-000-000
  4/21/2021SenateArrive in Senate
  4/21/2021SenatePlaced on Calendar Order of First Reading April 22, 2021
  4/27/2021SenateChief Senate Sponsor Sen. Napoleon Harris, III
  4/27/2021SenateFirst Reading
  4/27/2021SenateReferred to Assignments
  5/4/2021SenateApproved for Consideration Assignments
  5/4/2021SenatePlaced on Calendar Order of 2nd Reading May 5, 2021
  5/6/2021SenateSecond Reading
  5/6/2021SenatePlaced on Calendar Order of 3rd Reading May 10, 2021
  5/24/2021SenatePlaced on Calendar Order of 3rd Reading ** May 25, 2021
  5/27/2021SenateThird Reading - Passed; 057-000-000
  5/27/2021HousePassed Both Houses
  6/23/2021HouseSent to the Governor
  8/16/2021HouseGovernor Approved
  8/16/2021HouseEffective Date August 16, 2021
  8/16/2021HousePublic Act . . . . . . . . . 102-0396

Back To Top