Bill Status of SB 2358   95th General Assembly

Short Description:  INS-LIFE SETTLEMENTS ACT

Senate Sponsors
Sen. William R. Haine, Mike Jacobs-Bill Brady-William E. Peterson and John J. Cullerton

Last Action  View All Actions

DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
5 ILCS 140/7from Ch. 116, par. 207
815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262Z
215 ILCS 158/Act rep.

Synopsis As Introduced
Creates the Life Settlements Act. Provides for the regulation of providers and brokers who enter into life settlement contracts with insureds. Provides license requirements and establishes grounds for the suspension, denial, nonrenewal, or revocation of a license. Sets forth certain requirements and guidelines for life settlement contracts. Requires that providers submit an annual statement to the Director of Insurance. Requires certain documents to be produced by licensees for examination by the Director and sets guidelines for examination by the Director. Provides standards for the advertisement of life settlement contracts by licensees. Requires certain disclosures to be made in connection with life settlement contracts. Sets forth prohibited practices and exceptions. Grants the Director the authority to adopt rules. Sets forth violations and penalties for violations. Amends the Freedom of Information Act to exempt from disclosure certain documents required under the Life Settlements Act. Provides that violations of the Act constitute unfair trade practices subject to penalty under the Consumer Fraud and Deceptive Business Practices Act and amends the Consumer Fraud and Deceptive Business Practices Act to include the violations. Repeals the Viatical Settlements Act. Effective immediately.

Senate Committee Amendment No. 1
Makes a technical correction.

Actions 
DateChamber Action
  2/14/2008SenateFiled with Secretary by Sen. William R. Haine
  2/14/2008SenateFirst Reading
  2/14/2008SenateReferred to Rules
  3/5/2008SenateAssigned to Insurance
  3/5/2008SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
  3/5/2008SenateSenate Committee Amendment No. 1 Referred to Rules
  3/5/2008SenateAdded as Co-Sponsor Sen. Mike Jacobs
  3/7/2008SenateAdded as Chief Co-Sponsor Sen. Bill Brady
  3/11/2008SenateSenate Committee Amendment No. 1 Rules Refers to Insurance
  3/11/2008SenateAdded as Chief Co-Sponsor Sen. William E. Peterson
  3/12/2008SenateSenate Committee Amendment No. 1 Adopted
  3/13/2008SenateDo Pass as Amended Insurance; 010-000-000
  3/13/2008SenatePlaced on Calendar Order of 2nd Reading April 1, 2008
  3/27/2008SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. William R. Haine
  3/27/2008SenateSenate Floor Amendment No. 2 Referred to Rules
  4/2/2008SenateSenate Floor Amendment No. 2 Rules Refers to Insurance
  4/3/2008SenateSenate Floor Amendment No. 2 Held in Insurance
  4/15/2008SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. William R. Haine
  4/15/2008SenateSenate Floor Amendment No. 3 Referred to Rules
  4/16/2008SenateSecond Reading
  4/16/2008SenatePlaced on Calendar Order of 3rd Reading April 17, 2008
  4/17/2008SenateRule 2-10 Third Reading Deadline Established As May 31, 2008
  4/29/2008SenateAdded as Co-Sponsor Sen. John J. Cullerton
  5/31/2008SenateRule 2-10 Third Reading Deadline Established As January 13, 2009
  7/1/2008SenatePursuant to Senate Rule 3-9(b) / Referred to Rules
  7/1/2008SenateSenate Floor Amendment No. 2 Re-referred to Rules; Pursuant to Senate Rule 3-9(b)
  1/13/2009SenateSession Sine Die

Back To Top