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| [ Senate Amendment 001 ] |
91_SB1115ham001
LRB9102645JSpcam01
1 AMENDMENT TO SENATE BILL 1115
2 AMENDMENT NO. . Amend Senate Bill 1115 on page 2,
3 line 29, by changing "In" to "This Article is adopted in";
4 and
5 on page 3 by replacing lines 2 and 3 with the following:
6 "benefits of insurance securitization generally."; and
7 on page 3 by deleting line 6; and
8 on page 3, line 33, by changing "physically" to "legally";
9 and
10 on page 4 by replacing line 18 with the following:
11 "Sec. 179A-15. Establishment of protected cells.
12 (a) A"; and
13 on page 5 by replacing line 4 with the following:
14 "cell.
15 (b) All sales, exchanges, transfers, or other
16 attributions"; and
17 on page 5, line 6, by deleting "or other protected cells";
18 and
19 on page 5 by replacing line 11 with the following:
-2- LRB9102645JSpcam01
1 "be made by a company"; and
2 on page 5 by replacing lines 21 and 22 with the following:
3 "account and a protected cell or from investors in the form
4 of"; and
5 on page 5, line 27, by changing "The" to "(c) The"; and
6 on page 6 by replacing line 4 with the following:
7 "(d) This Article shall not be construed to prohibit";
8 and
9 on page 6, line 13, by changing "A" to "(e) A"; and
10 on page 6, line 21, by deleting "to"; and
11 on page 6 by replacing lines 26 and 27 with the following:
12 "Notwithstanding the foregoing, the remedy of tracing shall
13 be applicable"; and
14 on page 6 by inserting immediately below line 30 the
15 following:
16 "(f) Unless otherwise approved by the Director, the
17 company shall, when establishing a protected cell, attribute
18 to the protected cell assets with a value at least equal to
19 the reserves and other insurance liabilities attributed to
20 that protected cell."; and
21 on page 6 by deleting line 33; and
22 on page 7 by replacing lines 1 through 4 with the following:
23 "(a) The protected cell assets of any protected"; and
24 on page 7 by inserting immediately below line 10 the
25 following:
26 "(b) The income, gains, and losses, realized or
27 unrealized, from protected cell assets and protected cell
28 liabilities must be credited to or charged against the
29 protected cell without regard to other income, gains, or
-3- LRB9102645JSpcam01
1 losses of the company, including income, gains, or losses of
2 other protected cells. Amounts attributed to a protected
3 cell and accumulations thereon may be invested and reinvested
4 without regard to any requirements or limitations of Article
5 VIII of this Code (Investments of Domestic Companies), and
6 the investments in a protected cell or cells may not be taken
7 into account in applying the investment limitations otherwise
8 applicable to the investments of the company."; and
9 on page 7, line 11, by changing "Unless" to "(c) Unless";
10 and
11 on page 7, line 15, by changing "agreement" to "documentation
12 "; and
13 on page 7 by deleting lines 17 through 28; and
14 on page 7, line 29, by changing "A" to "(d) A"; and
15 on page 7 by replacing lines 32 and 33 with the following:
16 "cell liabilities attributable to that protected cell. An";
17 and
18 on page 8, line 4, by changing "179A-45" to "179A-40"; and
19 on page 8, line 6, by replacing "developed." with "developed.
20 An insurance securitization transaction that is not fully
21 funded, whether indemnity-triggered or not
22 indemnity-triggered, is prohibited."; and
23 on page 8, line 9, by changing "paragraph" to "subsection";
24 and
25 on page 8, line 13, by changing "In" to "(e) In"; and
26 on page 8, line 18, by replacing "cell are only" with "cell,
27 and only those assets, are"; and
28 on page 8, line 26, by changing "At" to "(f) At"; and
-4- LRB9102645JSpcam01
1 on page 8 by replacing line 32 with the following:
2 "(a) Protected cell assets shall only be available to
3 the"; and
4 on page 9, line 12, by changing "When" to "(b) When"; and
5 on page 9 by replacing lines 14 through 22 with the
6 following:
7 "respect of a protected cell:
8 (1) that obligation of the company shall extend
9 only to the protected cell assets attributable to that
10 protected cell, and the person shall, in respect of that
11 obligation, be entitled to have recourse only to the
12 protected cell assets attributable to that protected
13 cell; and
14 (2) that obligation of the company shall not extend
15 to the protected cell assets of any other protected cell
16 or the assets of the company's general account, and that
17 person shall not, in respect of that obligation, be
18 entitled to have recourse to the protected cell assets of
19 any other protected cell or the assets of the company's
20 general account."; and
21 on page 9, line 23, by changing "When" to "(c) When"; and
22 on page 9, line 28, by changing "A" to "(d) A"; and
23 on page 9 by replacing lines 29 and 30 with the following:
24 "insurance obligation directly from the company's general
25 account, and under no"; and
26 on page 10, line 7, by changing "provision" to "subsection";
27 and
28 on page 10, line 9, by changing "In" to "(e) In"; and
29 on page 10 by replacing line 16 with the following:
30 "protected cell companies.
-5- LRB9102645JSpcam01
1 (a) Notwithstanding any contrary"; and
2 on page 10, line 25, by changing "With" to "(b) With"; and
3 on page 10 by replacing lines 30 and 31 with the following:
4 "liquidation with respect to the protected cell company
5 notwithstanding any provisions to the"; and
6 on page 11 by replacing lines 2 through 10 with the
7 following:
8 "Sec. 179A-35. No transaction of an insurance
9 business."; and
10 on page 11 by replacing lines 17 and 18 with the following:
11 "(215 ILCS 5/179A-40 new)
12 Sec. 179A-40. Rules. The Director may promulgate".