Bill Status of SB 1718   98th General Assembly

Short Description:  INS CD-DEPOSIT OF SECURITIES

Senate Sponsors
Sen. Ira I. Silverstein-Michael W. Frerichs and William E. Brady

House Sponsors
(Rep. Sara Feigenholtz-Dennis M. Reboletti)


Last Action  View All Actions

DateChamber Action
  8/27/2013SenatePublic Act . . . . . . . . . 98-0571

Statutes Amended In Order of Appearance
215 ILCS 5/126.11a new

Synopsis As Introduced
Amends the Illinois Insurance Code. Provides that subject to the restrictions provided in the Article concerning life and health insurers, an insurer may invest in bonds, notes, warrants, and other securities not in default that are the direct obligations of the government of any foreign country that is a member of the Organisation for Economic Co-operation and Development (OECD) and for which the full faith and credit of such government has been pledged for the payment of principal and interest, provided that (i) the debt of the issuing country has been rated as investment grade for at least 10 years immediately before the time of acquiring the obligations by at least 2 of the major ratings agencies, including Moody's Investors Service, Standard & Poor's Rating Services, Fitch Rating, and the Securities Valuation Office of the National Association of Insurance Commissioners and (ii) the issuing country has not defaulted and has met its payment obligations in a timely manner on all similar obligations for a period of at least 30 years immediately before the time of acquiring the obligations.

Senate Committee Amendment No. 1
Deletes reference to:
215 ILCS 5/126.11a new
Adds reference to:
215 ILCS 5/26

Replaces everything after the enacting clause. Amends the Illinois Insurance Code in the provision requiring companies subject to the Domestic Stock Companies Article to make and maintain with the Director of Insurance for the protection of all creditors, policyholders and policy obligations of the company, a deposit of securities. Provides that all deposits by insurers subject to the Article must be limited to certain types and characteristics. Provides that the Director may refuse to accept certain securities or refuse to accept the reported market value of certain securities offered pursuant to the provision concerning deposits in order to ensure that sufficient cash and securities are on hand to meet the purposes of the deposit. Sets forth provisions concerning deposits required of a domestic insurer pursuant to the laws of another state, province, or country. Makes other changes.

Senate Floor Amendment No. 2
Adds reference to:
215 ILCS 5/53

Replaces everything after the enacting clause. Reinserts the bill as amended by Senate Amendment No. 1 with the following changes. Further amends the Illinois Insurance Code in the provision requiring companies subject to the Domestic Mutual Companies Article to make and maintain with the Director of Insurance, for the protection of all creditors, policyholders, and policy obligations of the company, a deposit of securities. Provides that all deposits by insurers subject to the Article must be limited to certain types and characteristics. Provides that the Director may refuse to accept certain securities or refuse to accept the reported market value of certain securities offered pursuant to the provision concerning deposits in order to ensure that sufficient cash and securities are on hand to meet the purposes of the deposit. Sets forth provisions concerning deposits required of a domestic insurer pursuant to the laws of another state, province, or country. Makes other changes.

House Committee Amendment No. 1
Deletes reference to:
215 ILCS 5/26
215 ILCS 5/53
Adds reference to:
235 ILCS 5/6-28

Replaces everything after the enacting clause. Amends the Liquor Control Act of 1934. Provides that the prohibition on happy hours shall not be construed to prohibit a licensee from including drinks of alcoholic liquor as part of an entertainment package where the licensee is separately licensed by a municipal ordinance that (A) restricts dates of operation to dates during which there is an event at an adjacent stadium, (B) restricts hours of serving alcoholic liquor to 2 hours before the event and one hour after the event, (C) restricts alcoholic liquor sales to beer and wine, (D) requires tickets for admission to the establishment, and (E) prohibits sale of admission tickets on the day of an event and permits the sale of admission tickets for single events only. Effective immediately.

House Committee Amendment No. 2
Adds reference to:
235 ILCS 5/6-11

Authorizes the sale of alcoholic liquor near specific locations within 100 feet of schools located in the City of Chicago.

Actions 
DateChamber Action
  2/15/2013SenateFiled with Secretary by Sen. Ira I. Silverstein
  2/15/2013SenateFirst Reading
  2/15/2013SenateReferred to Assignments
  2/27/2013SenateAssigned to Insurance
  3/12/2013SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Ira I. Silverstein
  3/12/2013SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/13/2013SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance
  3/13/2013SenatePostponed - Insurance
  3/20/2013SenateSenate Committee Amendment No. 1 Adopted
  3/20/2013SenateDo Pass as Amended Insurance; 008-000-000
  3/20/2013SenatePlaced on Calendar Order of 2nd Reading March 21, 2013
  3/21/2013SenateAdded as Chief Co-Sponsor Sen. Michael W. Frerichs
  3/21/2013SenateAdded as Co-Sponsor Sen. William E. Brady
  4/10/2013SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Ira I. Silverstein
  4/10/2013SenateSenate Floor Amendment No. 2 Referred to Assignments
  4/10/2013SenateSecond Reading
  4/10/2013SenatePlaced on Calendar Order of 3rd Reading April 11, 2013
  4/17/2013SenateSenate Floor Amendment No. 2 Assignments Refers to Insurance
  4/17/2013SenateSenate Floor Amendment No. 2 Recommend Do Adopt Insurance; 008-000-000
  4/18/2013SenateRecalled to Second Reading
  4/18/2013SenateSenate Floor Amendment No. 2 Adopted; Silverstein
  4/18/2013SenatePlaced on Calendar Order of 3rd Reading April 23, 2013
  4/23/2013SenateThird Reading - Passed; 053-000-000
  4/24/2013HouseArrived in House
  4/24/2013HouseChief House Sponsor Rep. Lou Lang
  4/29/2013HouseFirst Reading
  4/29/2013HouseReferred to Rules Committee
  5/9/2013HouseAssigned to Executive Committee
  5/9/2013HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Sara Feigenholtz
  5/9/2013HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  5/9/2013HouseAlternate Chief Sponsor Changed to Rep. Sara Feigenholtz
  5/10/2013HouseHouse Committee Amendment No. 1 Rules Refers to Executive Committee
  5/10/2013HouseFinal Action Deadline Extended-9(b) May 24, 2013
  5/10/2013HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Sara Feigenholtz
  5/10/2013HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  5/13/2013HouseHouse Committee Amendment No. 2 Rules Refers to Executive Committee
  5/15/2013HouseHouse Committee Amendment No. 1 Adopted in Executive Committee; by Voice Vote
  5/15/2013HouseHouse Committee Amendment No. 2 Adopted in Executive Committee; by Voice Vote
  5/15/2013HouseDo Pass as Amended / Short Debate Executive Committee; 011-000-000
  5/15/2013HousePlaced on Calendar 2nd Reading - Short Debate
  5/17/2013HouseSecond Reading - Short Debate
  5/17/2013HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/23/2013HouseAdded Alternate Chief Co-Sponsor Rep. Dennis M. Reboletti
  5/24/2013HouseFinal Action Deadline Extended-9(b) May 31, 2013
  5/26/2013HouseThird Reading - Short Debate - Passed 074-036-000
  5/27/2013SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2
  5/27/2013SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 28, 2013
  5/27/2013SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Ira I. Silverstein
  5/27/2013SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments
  5/27/2013SenateHouse Committee Amendment No. 2 Motion to Concur Filed with Secretary Sen. Ira I. Silverstein
  5/27/2013SenateHouse Committee Amendment No. 2 Motion to Concur Referred to Assignments
  5/28/2013SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Executive
  5/28/2013SenateHouse Committee Amendment No. 2 Motion to Concur Assignments Referred to Executive
  5/29/2013SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 015-000-000
  5/29/2013SenateHouse Committee Amendment No. 2 Motion To Concur Recommended Do Adopt Executive; 015-000-000
  5/30/2013SenateHouse Committee Amendment No. 1 Senate Concurs 057-000-000
  5/30/2013SenateHouse Committee Amendment No. 2 Senate Concurs 057-000-000
  5/30/2013SenatePassed Both Houses
  6/28/2013SenateSent to the Governor
  8/27/2013SenateGovernor Approved
  8/27/2013SenateEffective Date August 27, 2013
  8/27/2013SenatePublic Act . . . . . . . . . 98-0571

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