Synopsis of Bill as introduced:
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.
Last action on Bill: PUBLIC ACT.............................. 92-0140
Last action date: JUL-24-2001
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0
END OF INQUIRY
Full Text Bill Status