Bill Status of HB 4883   94th General Assembly

Short Description:  INS-CUST AGRMTS CLRG CORP

House Sponsors
Rep. George Scully, Jr.

Last Action  View All Actions

DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 5/107a.11
215 ILCS 5/145from Ch. 73, par. 757
215 ILCS 5/Art. XLV heading new
215 ILCS 5/1500 new
215 ILCS 5/1501 new
215 ILCS 5/1505 new
215 ILCS 5/1510 new
215 ILCS 5/1515 new

Synopsis As Introduced
Amends the Illinois Insurance Code. Requires that all securities eligible for registration by a Workers' Compensation Pool shall be maintained (i) in a State or National Bank having trust powers and located within Illinois or (ii) with a broker or dealer meeting certain requirements (now, in a State or National Bank having trust powers and located within Illinois). Creates an Article concerning custodial agreements and the use of clearing corporations. Provides definitions. Allows domestic insurance companies to deposit securities held or purchased for its general account in a clearing corporation. Allows certificates representing securities of the same class of the same issuer to be merged and held in bulk in the name of the nominee of the clearing corporation regardless of the ownership of the securities and for certificates representing smaller denominations to be merged into one or more certificates of larger denominations. Allows ownership and other interests in securities to be transferred by bookkeeping entry without physical delivery of certificates. Authorizes the Secretary of Financial and Professional Regulation to adopt rules governing the deposit of securities in clearing corporations. Allows securities of domestic, foreign, and alien insurance companies required to be deposited with the Secretary as a condition of doing business in this State that meet deposit requirements to be deposited in clearing corporations. Prohibits the removal of these deposits by the insurance company without the approval of the Secretary. Requires the insurance company to provide evidence to the Secretary that the securities are recorded in the name of the custodian and that the securities are held subject to the order of the Secretary.

Actions 
DateChamber Action
  1/19/2006HouseFiled with the Clerk by Rep. George Scully, Jr.
  1/19/2006HouseFirst Reading
  1/19/2006HouseReferred to Rules Committee
  1/9/2007HouseSession Sine Die

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