Illinois General Assembly - Full Text of SB3322
Illinois General Assembly

Previous General Assemblies

Full Text of SB3322  98th General Assembly


Sen. William R. Haine

Filed: 3/13/2014





09800SB3322sam002LRB098 18517 RPM 56131 a


2    AMENDMENT NO. ______. Amend Senate Bill 3322 by replacing
3line 6 on page 2 through line 2 on page 3 with the following:
4    "The joint insurance pool shall also annually file with the
5Director a statement of actuarial opinion that conforms to the
6Actuarial Standards of Practice issued by the Actuarial
7Standards Board. All statements of actuarial opinion shall be
8issued by an independent actuary who is an associate or fellow
9of the Casualty Actuarial Society or of the Society of
10Actuaries. The statement of actuarial opinion shall include a
11statement in a casualty actuarial society that the pool's
12reserves are calculated in accordance with sound
13loss-reserving standards and adequate for the payment of
14claims. This opinion shall be filed no later than 150 days
15after the end of each fiscal year. The joint insurance pool
16shall be exempt from filing a statement of actuarial opinion by
17an independent actuary who is an associate or fellow of the
18Casualty Actuarial Society or of the Society of Actuaries in a



09800SB3322sam002- 2 -LRB098 18517 RPM 56131 a

1casualty actuarial society that the joint insurance pool's
2reserves are in accordance with sound loss-reserving standards
3and payment of claims for the primary level of coverage if the
4joint insurance pool files with the Director, by the reporting
5deadline, a statement of actuarial opinion from the provider of
6the joint pool's aggregate coverage, reinsurance, or other
7similar excess insurance coverage. Any statement of actuarial
8opinion must be prepared by an actuary who satisfies the
9qualification standards set forth by the American Academy of
10Actuaries to issue the opinion in the particular area of
11actuarial practice.".