OSMOND-MAUTINO-O'CONNOR-YARBROUGH-KOSEL. (SIEBEN) 215 ILCS 5/10 from Ch. 73, par. 622 215 ILCS 5/40 from Ch. 73, par. 652 215 ILCS 5/131.20a from Ch. 73, par. 743.20a 215 ILCS 5/131.20b new 215 ILCS 5/187 from Ch. 73, par. 799 215 ILCS 5/188 from Ch. 73, par. 800 215 ILCS 125/2-10 new 215 ILCS 125/3-1 from Ch. 111 1/2, par. 1407.3 Amends the Illinois Insurance Code and the Health Maintenance Organization Act. Provides that after June 30, 2002 at least 20% of the directors shall not be officers or employees of the company for which they serve as director. Restricts financial transactions of a domestic company when the company is not eligible to pay dividends. Provides that the Director of Insurance may seek to be appointed as receiver if any company is engaging in any aspect of the business of insurance in a manner detrimental to the interests of policyholders and other parties. Restricts financial transactions between a health maintenance organization and its directors. Effective immediately. HOUSE AMENDMENT NO. 1. Provides that the requirement that one-third of the directors of an insurer be persons who are not officers or employees of the insurer does not apply to insurers that are controlled directly or through a subsidiary by an entity that has at least one-third of its directors who are not officers or employees. HOUSE AMENDMENT NO. 2. Provides that the outside director requirement does not apply to domestic insurers controlled by an entity whose securities are listed on the New York Stock Exchange. FEB-26-2001 H FILED WITH CLERK FEB-27-2001 H FIRST READING FEB-27-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-28-2001 H ASSIGNED TO COMMITTEE INSURANCE FEB-28-2001 H ADDED AS A JOINT SPONSOR MAUTINO FEB-28-2001 H ADDED AS A JOINT SPONSOR O'CONNOR FEB-28-2001 H ADDED AS A JOINT SPONSOR YARBROUGH FEB-28-2001 H ADDED AS A JOINT SPONSOR KOSEL MAR-07-2001 H AMENDMENT NO. 01-INSURANCE H MAR-07-2001 H ADOPTED MAR-07-2001 H DO PASS AMENDED/SHORT DEBATE 013-000-000 HINS MAR-07-2001 H PLACED CALENDAR 2ND READING-SHORT DEBATE MAR-20-2001 H AMENDMENT NO. 02-OSMOND MAR-20-2001 H AMENDMENT REFERRED TO HRUL MAR-20-2001 H CALENDAR ORDER 2ND READING-SHORT DEBATE MAR-21-2001 H AMENDMENT NO. 02-OSMOND MAR-21-2001 H RECOMMENDS BE ADOPTED HRUL/005-000-000 MAR-21-2001 H SECOND READING-SHORT DEBATE MAR-21-2001 H AMENDMENT NO. 02-OSMOND MAR-21-2001 H ADOPTED MAR-21-2001 H PLCD CAL ORDER 3RD READING-SHORT DEBATE MAR-22-2001 H THIRD READING/SHORT DEBATE/PASSED 112-000-000 MAR-22-2001 S ARRIVE IN SENATE MAR-22-2001 S PLACED CALENDAR ORDER OF FIRST READING 01-03-27 MAR-26-2001 S CHIEF SPONSOR SIEBEN MAR-27-2001 S FIRST READING MAR-27-2001 S REFERRED TO SENATE RULES COMMITTEE RULES APR-06-2001 S ASSIGNED TO COMMITTEE INS & PENS. APR-24-2001 S DO PASS 009-000-000 SINS APR-24-2001 S PLACED ON CALENDAR ORDER OF 2ND READING 01-04-25 MAY-02-2001 S SECOND READING MAY-02-2001 S PLACED ON CALENDAR ORDER OF 3RD READING 01-05-03 MAY-03-2001 S THIRD READING - PASSED 056-000-000 MAY-03-2001 H PASSED BOTH HOUSES JUN-01-2001 H SENT TO THE GOVERNOR JUL-24-2001 H GOVERNOR APPROVED JUL-24-2001 H EFFECTIVE DATE 01-07-24 JUL-24-2001 H PUBLIC ACT.............................. 92-0140 END OF INQUIRY Full Text Bill Summary