Illinois General Assembly - Bill Status for SB2609
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 Bill Status of SB2609  99th General Assembly


Senate Sponsors
Sen. William R. Haine

House Sponsors
(Rep. Robert Rita)

Last Action
DateChamber Action
  1/10/2017SenateSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 5/1from Ch. 73, par. 613

Synopsis As Introduced
Amends the Illinois Insurance Code. Makes a technical change in a Section concerning the short title.

Senate Committee Amendment No. 1
Deletes reference to:
215 ILCS 5/1
Adds reference to:
215 ILCS 5/205from Ch. 73, par. 817
215 ILCS 5/545from Ch. 73, par. 1065.95

Replaces everything after the enacting clause. Amends the Illinois Insurance Code. In provisions concerning the distribution of general assets of a company's estate that is undergoing liquidation, rehabilitation, or conservation proceedings: Prioritizes costs and expenses of administration, including the reasonable expenses of the Illinois Guaranty Fund, the Illinois Life and Health Insurance Guaranty Association, and the Illinois Health Maintenance Organization Guaranty Association and of any similar organization in any other state (including administrative and claims handling expenses and expenses in connection with arrangements for ongoing coverage), but excluding certain other expenses, and the expenses expressly approved or ratified by the Director of Insurance as liquidator or rehabilitator (including the actual and necessary costs of preserving or recovering the property of the insurer; reasonable compensation for all services rendered on behalf of the administrative supervisor or receiver; any necessary filing fees; the fees and mileage payable to witnesses; unsecured loans obtained by the receiver, and expenses approved by the conservator or rehabilitator of the insurer incurred in the course of the conservation or rehabilitation that are unpaid at the time of the entry of the order of liquidation) with some exceptions, over all other claims. Provides that claims of obligees under surety bonds and undertakings, claims by principals under surety bonds and surety undertakings for wrongful dissipation of collateral by the insurer or its agents, and claims incurred during certain extensions of coverage are granted the same priority level as claims by policyholders, beneficiaries, and insureds, under insurance policies, annuity contracts, and funding agreements. Provides that these changes apply to all pending and future liquidation, rehabilitation, or conservation proceedings. Effective immediately.

DateChamber Action
  2/16/2016SenateFiled with Secretary by Sen. William R. Haine
  2/16/2016SenateFirst Reading
  2/16/2016SenateReferred to Assignments
  3/30/2016SenateAssigned to Insurance
  3/31/2016SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
  3/31/2016SenateSenate Committee Amendment No. 1 Referred to Assignments
  4/5/2016SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance
  4/6/2016SenateSenate Committee Amendment No. 1 Adopted
  4/6/2016SenateDo Pass as Amended Insurance; 011-000-000
  4/6/2016SenatePlaced on Calendar Order of 2nd Reading April 7, 2016
  4/18/2016SenateSecond Reading
  4/18/2016SenatePlaced on Calendar Order of 3rd Reading April 19, 2016
  4/20/2016SenateThird Reading - Passed; 055-000-000
  4/21/2016HouseArrived in House
  4/21/2016HouseChief House Sponsor Rep. Robert Rita
  4/21/2016HouseFirst Reading
  4/21/2016HouseReferred to Rules Committee
  5/2/2016HouseAssigned to Insurance Committee
  5/10/2016HouseDo Pass / Short Debate Insurance Committee; 019-000-000
  5/11/2016HousePlaced on Calendar 2nd Reading - Short Debate
  5/26/2016HouseSecond Reading - Short Debate
  5/26/2016HouseHeld on Calendar Order of Second Reading - Short Debate
  5/27/2016HouseFinal Action Deadline Extended-9(b) May 31, 2016
  5/31/2016HouseFinal Action Deadline Extended-9(b) June 30, 2016
  6/30/2016HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2017SenateSession Sine Die

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