98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3227
 
Introduced , by Rep. Fred Crespo
 
SYNOPSIS AS INTRODUCED:
 

 



215 ILCS 5/408.3  from Ch. 73, par. 1020.3

     Amends the Illinois Insurance Code. Deletes language that provides that moneys in the Insurance Financial Regulation Fund may be transferred to the Professions Indirect Cost Fund, as authorized under the Department of Professional Regulation Law of the Civil Administrative Code of Illinois.
  


LRB098 03489 RPM 33504 b

FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB3227LRB098 03489 RPM 33504 b


  
1    AN ACT concerning insurance.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Insurance Code is amended  by 
5changing Section 408.3 as follows:
 



6    (215 ILCS 5/408.3)  (from Ch. 73, par. 1020.3)


7    Sec. 408.3. Insurance Financial Regulation Fund; uses. The 
8monies
deposited into the Insurance Financial
Regulation Fund 
9shall be used only for (i) payment of the expenses of the

10Department, including related administrative expenses, 
11incurred in
analyzing, investigating and examining the 
12financial condition or control
of insurance companies and other 
13entities licensed or seeking to be
licensed by the Department, 
14including the collection, analysis and
distribution of 
15information on insurance premiums, other income, costs and

16expenses, and (ii) to pay internal costs and expenses of the 
17Interstate
Insurance Receivership Commission allocated to this 
18State and authorized and
admitted companies doing an insurance 
19business in this State under Article X of
the Interstate 
20Receivership Compact.  All distributions and payments from the

21Insurance Financial Regulation Fund shall be subject to 
22appropriation as
otherwise provided by law for
payment of such 
23expenses.

 
 
HB3227- 2 -LRB098 03489 RPM 33504 b

1    Sums appropriated under clause (ii) of the preceding 
2paragraph shall be
deemed to satisfy, pro tanto, the 
3obligations of insurers doing business in
this
State under 
4Article X of the Interstate Insurance Receivership Compact.

5    Nothing in this Code shall prohibit the General Assembly 
6from
appropriating funds from the General Revenue Fund to the 
7Department for the
purpose of administering this Code.

8    No fees collected pursuant to Section 408 of this Code 
9shall be used
for the regulation of pension funds or activities 
10by the Department in the
performance of its duties under 
11Article 22 of the Illinois Pension Code.

12    If at the end of a fiscal year the balance in the Insurance 
13Financial
Regulation Fund which remains unexpended or 
14unobligated exceeds the amount
of funds that the Director may 
15certify is needed for the purposes
enumerated in this Section, 
16then the General Assembly may appropriate that
excess amount 
17for purposes other than those enumerated in this Section.

18    Moneys in the Insurance Financial Regulation Fund may be 
19transferred to the Professions Indirect Cost Fund, as 
20authorized under Section 2105-300 of the Department of 
21Professional Regulation Law of the Civil Administrative Code of 
22Illinois.

23(Source: P.A. 94-91, eff. 7-1-05.)