Illinois General Assembly - Bill Status for HB4046
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 Bill Status of HB4046  94th General Assembly


House Sponsors
Rep. Robert Rita

Last Action
DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 5/145from Ch. 73, par. 757
215 ILCS 5/Art. XLV heading new
215 ILCS 5/1500 new
215 ILCS 5/1501 new
215 ILCS 5/1505 new
215 ILCS 5/1510 new
215 ILCS 5/1515 new

Synopsis As Introduced
Amends the Illinois Insurance Code. Creates an Article concerning custodial agreements and the use of clearing corporations. Provides definitions. Allows domestic insurance companies to deposit securities held or purchased for its general account in a clearing corporation. Allows certificates representing securities of the same class of the same issuer to be merged and held in bulk in the name of the nominee of the clearing corporation regardless of the ownership of the securities and for certificates representing smaller denominations to be merged into one or more certificates of larger denominations. Allows ownership and other interests in securities to be transferred by bookkeeping entry without physical delivery of certificates. Authorizes the Secretary of Financial and Professional Regulation to adopt rules governing the deposit of securities in clearing corporations. Allows securities of domestic, foreign, and alien insurance companies required to be deposited with the Secretary as a condition of doing business in this State that meet deposit requirements to be deposited in clearing corporations. Prohibits the removal of these deposits by the insurance company without the approval of the Secretary. Requires the insurance company to provide evidence to the Secretary that the securities are recorded in the name of the custodian and that the securities are held subject to the order of the Secretary.

DateChamber Action
  2/28/2005HouseFiled with the Clerk by Rep. Robert Rita
  2/28/2005HouseFirst Reading
  2/28/2005HouseReferred to Rules Committee
  3/1/2005HouseAssigned to Executive Committee
  3/10/2005HouseRule 19(a) / Re-referred to Rules Committee
  1/9/2007HouseSession Sine Die

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