SB 683

  • Illinois Senate Bill
  • 100th Regular Session
  • Introduced in Senate Apr 25, 2017
  • Passed Senate Apr 25, 2017
  • Passed House May 30, 2017
  • Signed by Governor Aug 25, 2017

Ins Cd-Liquidation

Abstract

Amends the Illinois Insurance Code. Provides that any contract with a third party to provide claim services for a property and casualty company must contain specified language that provides that upon liquidation or rehabilitation of the insurer, the files and related data become the sole property of the estate with the administrator having reasonable access and right to copy files; provides that the requirement shall apply to all contracts entered into after the effective date, and any existing contracts shall have one year to comply with the requirement. In provisions concerning the distribution of general assets of a company's estate that is undergoing liquidation, rehabilitation, or conservation proceedings: Prioritizes costs and expenses of administration, including the reasonable expenses of certain funds and associations, but excluding certain other expenses, and the expenses expressly approved or ratified by the Director of Insurance as liquidator or rehabilitator, including specified costs and expenses, over all other claims. Provides that claims of obligees under surety bonds and undertakings, claims by principals under surety bonds and surety undertakings for wrongful dissipation of collateral by the insurer or its agents, and claims incurred during certain extensions of coverage are granted the same priority level as claims by policyholders, beneficiaries, and insureds, under insurance policies, annuity contracts, and funding agreements. Provides that these changes apply to all pending and future liquidation, rehabilitation, or conservation proceedings. Makes other changes. Effective immediately.

Bill Sponsors (2)

Votes


Actions


Aug 25, 2017

Senate

Governor Approved

Senate

Public Act . . . . . . . . . 100-0410

Senate

Effective Date August 25, 2017

Jun 28, 2017

Senate

Sent to the Governor

May 30, 2017

Senate

Passed Both Houses

House

Third Reading - Short Debate - Passed 115-000-000

May 26, 2017

House

Final Action Deadline Extended-9(b) May 31, 2017

May 24, 2017

House

Placed on Calendar Order of 3rd Reading - Short Debate

House

Second Reading - Short Debate

May 23, 2017

House

Do Pass / Short Debate Insurance: Property & Casualty Committee; 010-000-000

House

Added Alternate Co-Sponsor Rep. Daniel J. Burke

House

Placed on Calendar 2nd Reading - Short Debate

May 19, 2017

House

Committee Deadline Extended-Rule 9(b) May 26, 2017

May 16, 2017

House

Re-assigned to Insurance: Property & Casualty Committee

May 09, 2017

House

Assigned to Executive Committee

Apr 25, 2017

Senate

Third Reading - Passed; 057-000-000

House

Referred to Rules Committee

House

First Reading

House

Chief House Sponsor Rep. Robert Rita

House

Arrived in House

Mar 30, 2017

Senate

Placed on Calendar Order of 3rd Reading April 4, 2017

Senate

Second Reading

Mar 16, 2017

Senate

Do Pass Insurance; 010-000-000

Senate

Placed on Calendar Order of 2nd Reading March 28, 2017

Feb 01, 2017

Senate

Assigned to Insurance

Jan 25, 2017

Senate

First Reading

Senate

Referred to Assignments

Senate

Filed with Secretary by Sen. John G. Mulroe

Bill Text

Bill Text Versions Format
Enrolled HTML
Engrossed HTML
Introduced HTML

Related Documents

Document Format
Public Act

Sources

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