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Sen. William R. Haine
Filed: 3/11/2008
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LRB095 17502 AMC 48122 a |
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| AMENDMENT TO SENATE BILL 2201
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| AMENDMENT NO. ______. Amend Senate Bill 2201 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Illinois Insurance Code is amended by |
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| changing Section 1402 as follows:
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| (215 ILCS 5/1402)
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| Sec. 1402. Definitions. For the the purposes of this |
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| Article:
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| "Financial institution" means:
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| (1) a State bank, a national bank, or an out-of-state |
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| bank, as those terms
are defined in the Illinois Banking |
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| Act, or any subsidiary of a State bank, a
national bank, or |
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| an out-of-state bank;
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| (2) a foreign banking corporation, as that term is |
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| defined in the Foreign
Banking Office Act, or any |
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| subsidiary of a foreign banking corporation;
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LRB095 17502 AMC 48122 a |
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| (3) a corporate fiduciary, as that term is defined in |
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| the Corporate
Fiduciary
Act;
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| (4) a savings bank organized under the Savings Bank |
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| Act, an out-of-state
savings bank chartered under the laws |
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| of a state other than Illinois, a
territory of the United |
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| States, or the District of Columbia, or a federal
savings |
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| bank
organized under federal law, or any subsidiary of a |
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| savings bank, an
out-of-state savings bank or a federal |
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| savings bank;
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| (5) an association or federal association, as those |
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| terms are defined in
the
Illinois Savings and Loan Act of |
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| 1985, or any subsidiary of an association or
federal |
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| association;
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| (6) an out-of-state savings and loan association |
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| chartered under the laws
of
a state other than Illinois, a |
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| territory of the United States or the District
of Columbia, |
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| or a federal savings and loan association organized under |
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| federal
law whose principal business office is located |
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| outside of Illinois, or any
subsidiary of an out-of-state |
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| savings and loan association or federal savings
and loan |
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| association whose principal business office is located |
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| outside of
Illinois; or
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| (7) a credit union as defined in the Illinois Credit |
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| Union Act, or any
subsidiary of a credit union.
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| To the extent that any entity other than a financial |
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| institution conducts
insurance activities in this State on |
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LRB095 17502 AMC 48122 a |
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| behalf of or on the premises of the
financial
institution, such |
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| entity shall be subject to this Article for the purposes of
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| those activities.
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| "Insurance" means all lines of insurance defined and |
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| regulated as insurance
under this Code, but for the purposes of |
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| this Article, "insurance" shall not
include the following lines |
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| of insurance, provided that this paragraph shall
not be deemed |
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| to preclude or otherwise limit regulation of the following |
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| lines
of insurance pursuant to and to the extent otherwise |
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| provided by any other
insurance law of this State:
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| (1) credit life, credit accident and health, credit |
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| involuntary
unemployment,
credit casualty and credit |
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| property insurance;
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| (2) extended service contracts and warranty |
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| agreements;
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| (3) insurance obtained by the debtor to provide payment |
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| for the difference
between the remaining balance on a loan |
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| or other extension of credit and the
amount of insurance |
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| coverage on the collateral securing the loan or other
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| extension of credit;
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| (4) insurance placed by a financial institution on |
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| collateral used in
connection with a loan or other |
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| extension of credit when a debtor breaches the
contractual |
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| obligation to provide that insurance;
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| (5) title insurance regulated by the Title Insurance |
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| Act; and
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