Bill Status of HB 4735   98th General Assembly


Short Description:  INS CD-REINSURANCE

House Sponsors
Rep. Frank J. Mautino, JoAnn D. Osmond and Anthony DeLuca

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 5/173.1from Ch. 73, par. 785.1

Synopsis As Introduced
Amends the Illinois Insurance Code. With regard to an assuming insurer's trust fund, provides that not later than February 28 of each year, the assuming insurer's chief executive officer or chief financial officer shall certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a trusteed surplus of not less than $20,000,000. Permits a reduction in the required trusteed surplus in specified circumstances. Provides that in the event that the provision concerning the reduction in the required trusteed surplus applies to the trust, the assuming insurer's chief executive officer or chief financial officer shall then certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a reduced trusteed surplus of not less than the amount that has been authorized by the regulatory authority having principal regulatory oversight of the trust. Makes changes to the provisions concerning financial strength ratings. Sets forth provisions concerning downgrades by rating agencies, the Director's authority, upgrading the rating of a certified reinsurer, and the revocation of the certification of a certified reinsurer. Makes other changes.

Actions 
DateChamber Action
  2/5/2014HouseFiled with the Clerk by Rep. Frank J. Mautino
  2/5/2014HouseFirst Reading
  2/5/2014HouseReferred to Rules Committee
  2/26/2014HouseAdded Co-Sponsor Rep. JoAnn D. Osmond
  3/5/2014HouseAdded Co-Sponsor Rep. Anthony DeLuca
  12/3/2014HouseSession Sine Die

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