Illinois General Assembly - Full Text of HB4367
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Full Text of HB4367  103rd General Assembly


Sen. Napoleon Harris, III

Filed: 5/14/2024





10300HB4367sam001LRB103 35503 RPS 73265 a


2    AMENDMENT NO. ______. Amend House Bill 4367 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Illinois Insurance Code is amended by
5changing Sections 534.4 as follows:
6    (215 ILCS 5/534.4)  (from Ch. 73, par. 1065.84-4)
7    Sec. 534.4. "Insolvent company" means a company organized
8as a stock company, mutual company, reciprocal or Lloyds (a)
9which holds a certificate of authority to transact insurance
10in this State either at the time the policy was issued or when
11the insured event occurred, or any company which has assumed
12or has been allocated such policy obligation through merger,
13division, insurance business transfer, consolidation, or
14reinsurance, whether or not such assuming company held a
15certificate of authority to transact insurance in this State
16at the time such policy was issued or when the insured event



10300HB4367sam001- 2 -LRB103 35503 RPS 73265 a

1occurred; and (b) against which a final Order of Liquidation
2with a finding of insolvency to which there is no further right
3of appeal has been entered by a court of competent
4jurisdiction in the company's State of domicile after the
5effective date of this Article. Notwithstanding any other
6provision of this Section to the contrary, this Section shall
7be construed in conformity with Section 5(G)(2) of the
8Property and Casualty Insurance Guaranty Association Model Act
9in the form in which that Model Act was adopted by the National
10Association of Insurance Commissioners as of December 31,
12(Source: P.A. 103-75, eff. 6-9-23.)
13    Section 99. Effective date. This Act takes effect upon
14becoming law.".