Bill Status of SB 3324   98th General Assembly

Short Description:  INS CD-INDUSTRIAL INSUREDS

Senate Sponsors
Sen. William R. Haine

House Sponsors
(Rep. JoAnn D. Osmond and Monique D. Davis)


Last Action  View All Actions

DateChamber Action
  8/15/2014SenatePublic Act . . . . . . . . . 98-0978

Statutes Amended In Order of Appearance
215 ILCS 5/121-2.08from Ch. 73, par. 733-2.08
215 ILCS 5/412from Ch. 73, par. 1024
215 ILCS 5/445from Ch. 73, par. 1057
215 ILCS 5/445.4from Ch. 73, par. 1057.4

Synopsis As Introduced
Amends the Illinois Insurance Code. Makes changes in the Section concerning transactions involving contracts of insurance issued to one or more industrial insureds to apply to transactions involving contracts of insurance independently procured directly from an unauthorized insurer by industrial insureds. Provides that within 90 days after the effective date of each contract of insurance issued under the Section, the insured shall file a report with the Director of Insurance by submitting the report to the Surplus Line Association of Illinois and provide information as designated by the Surplus Line Association of Illinois. Provides that within 30 days after filing the report, the insured shall pay to the Director for the use and benefit of the State a sum equal to the gross premium of the contract of insurance multiplied by the surplus line tax rate and shall pay the fire marshal tax. Includes surplus line producers and industrial insureds in the provisions concerning refunds, penalties, and collection. Sets forth requirements for when more than one insured from a group that is not affiliated are named insureds on a single surplus line insurance contract. Makes changes in the provisions concerning surplus line and examinations of the Association.

Senate Committee Amendment No. 1
Adds reference to:
215 ILCS 5/445.1from Ch. 73, par. 1057.1

Further amends the Illinois Insurance Code in the provision concerning the Surplus Line Association of Illinois. With regard to the list of the Association's authorizations and duties, includes preparing and delivering to the Director of Insurance and, at the discretion of the Director, to each licensee (rather than preparing and delivering to each licensee and to the Director) certain reports of surplus line business.

Senate Committee Amendment No. 2
Specifies that certain provisions concerning transactions in this State involving contracts of insurance independently procured directly from an unauthorized insurer by insureds apply to contracts of insurance effective January 1, 2015 or later.

Actions 
DateChamber Action
  2/14/2014SenateFiled with Secretary by Sen. William R. Haine
  2/14/2014SenateFirst Reading
  2/14/2014SenateReferred to Assignments
  2/25/2014SenateAssigned to Insurance
  3/13/2014SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
  3/13/2014SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/18/2014SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. William R. Haine
  3/18/2014SenateSenate Committee Amendment No. 2 Referred to Assignments
  3/20/2014SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance
  3/20/2014SenateSenate Committee Amendment No. 2 Assignments Refers to Insurance
  3/20/2014SenateSenate Committee Amendment No. 1 Adopted
  3/20/2014SenateSenate Committee Amendment No. 2 Adopted
  3/21/2014SenateDo Pass as Amended Insurance; 008-000-000
  3/21/2014SenatePlaced on Calendar Order of 2nd Reading March 25, 2014
  4/3/2014SenateSecond Reading
  4/3/2014SenatePlaced on Calendar Order of 3rd Reading April 7, 2014
  4/7/2014SenateThird Reading - Passed; 048-000-000
  4/7/2014HouseArrived in House
  4/10/2014HouseChief House Sponsor Rep. JoAnn D. Osmond
  4/10/2014HouseFirst Reading
  4/10/2014HouseReferred to Rules Committee
  4/28/2014HouseAssigned to Insurance Committee
  5/6/2014HouseDo Pass / Short Debate Insurance Committee; 023-000-000
  5/7/2014HousePlaced on Calendar 2nd Reading - Short Debate
  5/9/2014HouseAdded Alternate Co-Sponsor Rep. Monique D. Davis
  5/13/2014HouseSecond Reading - Short Debate
  5/13/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/21/2014HouseThird Reading - Short Debate - Passed 114-000-000
  5/21/2014SenatePassed Both Houses
  6/19/2014SenateSent to the Governor
  8/15/2014SenateGovernor Approved
  8/15/2014SenateEffective Date January 1, 2015
  8/15/2014SenatePublic Act . . . . . . . . . 98-0978

Back To Top