Bill Status of HB 5286   95th General Assembly

Short Description:  INS-CUST AGRMTS CLRG CORP

House Sponsors
Rep. George Scully, Jr.

Last Action  View All Actions

DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
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. 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.

House Amendment No. 1
Adds reference to:
215 ILCS 5/1520 new

Provides that there is no rulemaking authority under the amendatory Act or the new Article, but that the Governor may suggest rules by filing them with the General Assembly and requesting that the General Assembly authorize such rulemaking by law, enact the suggested rules into law, or take other appropriate action in the General Assembly's discretion.

Actions 
DateChamber Action
  2/14/2008HouseFiled with the Clerk by Rep. George Scully, Jr.
  2/14/2008HouseFirst Reading
  2/14/2008HouseReferred to Rules Committee
  2/25/2008HouseAssigned to Insurance Committee
  3/11/2008HouseHouse Amendment No. 1 Filed with Clerk by Insurance Committee
  3/11/2008HouseHouse Amendment No. 1 Adopted in Insurance Committee; by Voice Vote
  3/11/2008HouseDo Pass as Amended / Short Debate Insurance Committee; 020-000-000
  3/12/2008HousePlaced on Calendar 2nd Reading - Short Debate
  4/18/2008HouseFinal Action Deadline Extended-9(b) May 9, 2008
  5/9/2008HouseFinal Action Deadline Extended-9(b) May 23, 2008
  5/23/2008HouseFinal Action Deadline Extended-9(b) May 31, 2008
  5/29/2008HouseSecond Reading - Short Debate
  5/29/2008HouseHeld on Calendar Order of Second Reading - Short Debate
  5/31/2008HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009HouseSession Sine Die

Back To Top