Bill Status of SB 2411   102nd General Assembly

Short Description:  INS CODE-REINSURANCE CREDITS

Senate Sponsors
Sen. Napoleon Harris, III

House Sponsors
(Rep. Thaddeus Jones, Norine K. Hammond and Tony McCombie)


Last Action  View All Actions

DateChamber Action
  8/24/2021SenatePublic Act . . . . . . . . . 102-0578

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.

Senate Committee Amendment No. 1
In provisions of the Insurance Holding Company Systems Article of the Illinois Insurance Code concerning confidential treatment of documents, materials, or other information, makes changes concerning the information reported or provided to the Department of Insurance that is recognized by the State as being proprietary and to contain trade secrets, and is confidential by law and privileged, not subject to the Freedom of Information Act, not subject to subpoena, and not subject to discovery or admissible in evidence in any private civil action.

Actions 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Napoleon Harris, III
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/23/2021SenateAssigned to Insurance
  3/24/2021SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Napoleon Harris, III
  3/24/2021SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/25/2021SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance
  4/14/2021SenateSenate Committee Amendment No. 1 Adopted
  4/15/2021SenateDo Pass as Amended Insurance; 010-000-000
  4/15/2021SenatePlaced on Calendar Order of 2nd Reading April 20, 2021
  4/21/2021SenateSecond Reading
  4/21/2021SenatePlaced on Calendar Order of 3rd Reading April 22, 2021
  4/23/2021SenateRule 3-9(a) / Re-referred to Assignments
  4/30/2021SenateRule 2-10 Third Reading Deadline Established As May 7, 2021
  5/4/2021SenateApproved for Consideration Assignments
  5/4/2021SenatePlaced on Calendar Order of 3rd Reading May 5, 2021
  5/6/2021SenateThird Reading - Passed; 059-000-000
  5/7/2021HouseArrived in House
  5/11/2021HouseChief House Sponsor Rep. Thaddeus Jones
  5/11/2021HouseFirst Reading
  5/11/2021HouseReferred to Rules Committee
  5/13/2021HouseAssigned to Insurance Committee
  5/13/2021HouseCommittee/Final Action Deadline Extended-9(b) May 28, 2021
  5/20/2021HouseDo Pass / Consent Calendar Insurance Committee; 018-000-000
  5/21/2021HousePlaced on Calendar 2nd Reading - Consent Calendar
  5/24/2021HouseSecond Reading - Consent Calendar
  5/24/2021HouseHeld on Calendar Order of Second Reading - Consent Calendar
  5/25/2021HousePlaced on Calendar Order of 3rd Reading - Consent Calendar
  5/26/2021HouseAdded Alternate Co-Sponsor Rep. Norine K. Hammond
  5/26/2021HouseAdded Alternate Co-Sponsor Rep. Tony McCombie
  5/26/2021HouseThird Reading - Consent Calendar - First Day
  5/27/2021HouseThird Reading - Consent Calendar - Passed 116-000-000
  5/27/2021SenatePassed Both Houses
  6/25/2021SenateSent to the Governor
  8/24/2021SenateGovernor Approved
  8/24/2021SenateEffective Date December 31, 2022
  8/24/2021SenatePublic Act . . . . . . . . . 102-0578

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