Bill Status of HB4367  103rd General Assembly


Short Description:  INS CD-INSURANCE GUARANTY FUND

House Sponsors
Rep. Jay Hoffman

Senate Sponsors
(Sen. Napoleon Harris, III)

Hearings
Insurance Committee Hearing May 24 2024 1:45PM Stratton Building Room C-1 Springfield, IL - Senate Committee Amendment 2


Last Action
DateChamber Action
  5/23/2024HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 2

Statutes Amended In Order of Appearance
215 ILCS 5/532from Ch. 73, par. 1065.82
215 ILCS 5/538.7from Ch. 73, par. 1065.88-7


Synopsis As Introduced
Amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. In provisions authorizing the Illinois Insurance Guaranty Fund to contract with the Office of Special Deputy Receiver or any other person or organizations authorized by law to carry out the duties of the Director of Insurance in her or his capacity as a receiver and specifying a purpose of the Article, deletes language providing that those provisions are inoperative 5 years after August 16, 2021 (the effective date of Public Act 102-396). Effective immediately.

House Committee Amendment No. 1
Deletes reference to:
215 ILCS 5/532
215 ILCS 5/538.7
Adds reference to:
215 ILCS 5/534.4from Ch. 73, par. 1065.84-4

Replaces everything after the enacting clause. Amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. Provides that "insolvent company" means a company organized as a stock company, mutual company, reciprocal or Lloyds (i) which holds a certificate of authority to transact insurance in this State either at the time the policy was issued or when the insured event occurred, or any company which has assumed or has been allocated such policy obligation through merger, division, insurance business transfer, consolidation, or reinsurance (instead of reinsurance, whether or not such assuming company held a certificate of authority to transact insurance in this State at the time such policy was issued or when the insured event occurred); and (ii) against which a final Order of Liquidation with a finding of insolvency to which there is no further right of appeal has been entered by a court of competent jurisdiction. Effective immediately.

Senate Committee Amendment No. 2
Replaces everything after the enacting clause. Amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. Provides that when a policy obligation is assumed or allocated through merger, division, insurance business transfer, consolidation, or reinsurance, nothing in the definition of "insolvent company" shall be construed to create Illinois Insurance Guaranty Fund coverage if none existed at the time of assumption or allocation or to destroy Illinois Insurance Guaranty Fund coverage if it existed at the time of assumption or allocation. Effective immediately.

Actions 
DateChamber Action
  1/5/2024HouseFiled with the Clerk by Rep. Jay Hoffman
  1/16/2024HouseFirst Reading
  1/16/2024HouseReferred to Rules Committee
  2/14/2024HouseAssigned to Insurance Committee
  3/4/2024HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
  3/4/2024HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/12/2024HouseHouse Committee Amendment No. 1 Rules Refers to Insurance Committee
  3/12/2024HouseHouse Committee Amendment No. 1 Adopted in Insurance Committee; by Voice Vote
  3/12/2024HouseDo Pass as Amended / Short Debate Insurance Committee; 012-000-000
  3/13/2024HousePlaced on Calendar 2nd Reading - Short Debate
  4/11/2024HouseSecond Reading - Short Debate
  4/11/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/15/2024HouseThird Reading - Short Debate - Passed 105-000-000
  4/16/2024SenateArrive in Senate
  4/16/2024SenatePlaced on Calendar Order of First Reading
  4/16/2024SenateChief Senate Sponsor Sen. Napoleon Harris, III
  4/16/2024SenateFirst Reading
  4/16/2024SenateReferred to Assignments
  5/14/2024SenateAssigned to Insurance
  5/14/2024SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Napoleon Harris, III
  5/14/2024SenateSenate Committee Amendment No. 1 Referred to Assignments
  5/14/2024SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance
  5/17/2024SenateRule 2-10 Committee Deadline Established As May 24, 2024
  5/20/2024SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. Napoleon Harris, III
  5/20/2024SenateSenate Committee Amendment No. 2 Referred to Assignments
  5/20/2024SenateSenate Committee Amendment No. 2 Assignments Refers to Insurance
  5/21/2024SenateSenate Committee Amendment No. 2 Adopted
  5/21/2024SenateDo Pass as Amended Insurance; 010-000-000
  5/21/2024SenatePlaced on Calendar Order of 2nd Reading
  5/21/2024SenateRule 2-10 Third Reading/Passage Deadline Established As May 24, 2024
  5/22/2024SenateSecond Reading
  5/22/2024SenatePlaced on Calendar Order of 3rd Reading May 23, 2024
  5/23/2024SenateThird Reading - Passed; 058-000-000
  5/23/2024SenateSenate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  5/23/2024HouseArrived in House
  5/23/2024HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 2
  5/23/2024HouseSenate Committee Amendment No. 2 Motion Filed Concur Rep. Jay Hoffman
  5/23/2024HouseSenate Committee Amendment No. 2 Motion to Concur Referred to Rules Committee
  5/24/2024HouseSenate Committee Amendment No. 2 Motion to Concur Rules Referred to Insurance Committee
  5/24/2024HouseSenate Committee Amendment No. 2 Motion to Concur Recommends Be Adopted Insurance Committee; 015-000-000