Illinois General Assembly - Bill Status for SB 762

Replaces everything after the enacting clause. Amends the Illinois Insurance Code. Changes the definition of "insolvent company" to include any company which has assumed or has been allocated a policy obligation through an approved insurance business transfer plan. Provides that the fee for filing an insurance business transfer plan is $25,000. Creates the Insurance Business Transfers Article of the Illinois Insurance Code and provides that the Article may be cited as the Insurance Business Transfers Law. 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 may adopt rules that are consistent with the provisions. 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. Provides that the Director may direct the applicant to retain parties to assist Department personnel. Defines terms. Effective immediately, except specified provisions take effect January 1, 2025.

Date	Chamber	Action
6/9/2023	Senate	Public Act . . . . . . . . . 103-0075

Date	Chamber	Action
2/2/2023	Senate	Filed with Secretary by Sen. Don Harmon
2/2/2023	Senate	First Reading
2/2/2023	Senate	Referred to Assignments
3/2/2023	Senate	Assigned to Executive
3/9/2023	Senate	Do Pass Executive; 011-000-000
3/9/2023	Senate	Placed on Calendar Order of 2nd Reading March 10, 2023
3/10/2023	Senate	Second Reading
3/10/2023	Senate	Placed on Calendar Order of 3rd Reading March 21, 2023
3/28/2023	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Bill Cunningham
3/28/2023	Senate	Senate Floor Amendment No. 1 Referred to Assignments
3/28/2023	Senate	Senate Floor Amendment No. 1 Assignments Refers to Insurance
3/28/2023	Senate	Chief Sponsor Changed to Sen. Bill Cunningham
3/29/2023	Senate	Senate Floor Amendment No. 1 Recommend Do Adopt Insurance; 009-000-000
3/29/2023	Senate	Recalled to Second Reading
3/29/2023	Senate	Senate Floor Amendment No. 1 Adopted; Cunningham
3/29/2023	Senate	Placed on Calendar Order of 3rd Reading
3/29/2023	Senate	Third Reading - Passed; 057-000-000
3/30/2023	House	Arrived in House
3/30/2023	House	Chief House Sponsor Rep. Emanuel "Chris" Welch
3/30/2023	House	First Reading
3/30/2023	House	Referred to Rules Committee
4/3/2023	House	Alternate Chief Sponsor Changed to Rep. Thaddeus Jones
4/18/2023	House	Assigned to Insurance Committee
4/21/2023	House	Added Alternate Chief Co-Sponsor Rep. Bob Morgan
4/25/2023	House	Do Pass / Short Debate Insurance Committee; 012-000-000
4/26/2023	House	Placed on Calendar 2nd Reading - Short Debate
5/3/2023	House	Second Reading - Short Debate
5/3/2023	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/8/2023	House	Third Reading - Short Debate - Passed 104-000-000
5/8/2023	Senate	Passed Both Houses
6/6/2023	Senate	Sent to the Governor
6/9/2023	Senate	Governor Approved
6/9/2023	Senate	Effective Date June 9, 2023; Some Provisions
6/9/2023	Senate	Effective Date January 1, 2025; Some Provisions
6/9/2023	Senate	Public Act . . . . . . . . . 103-0075

	Deletes reference to:
	210 ILCS 47/1-101

	Adds reference to:
	215 ILCS 5/408	from Ch. 73, par. 1020