John G. Mulroe
- Democratic
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.
Governor Approved
Public Act . . . . . . . . . 100-0410
Effective Date August 25, 2017
Sent to the Governor
Passed Both Houses
Third Reading - Short Debate - Passed 115-000-000
Final Action Deadline Extended-9(b) May 31, 2017
Placed on Calendar Order of 3rd Reading - Short Debate
Second Reading - Short Debate
Do Pass / Short Debate Insurance: Property & Casualty Committee; 010-000-000
Added Alternate Co-Sponsor Rep. Daniel J. Burke
Placed on Calendar 2nd Reading - Short Debate
Committee Deadline Extended-Rule 9(b) May 26, 2017
Re-assigned to Insurance: Property & Casualty Committee
Assigned to Executive Committee
Third Reading - Passed; 057-000-000
Referred to Rules Committee
First Reading
Chief House Sponsor Rep. Robert Rita
Arrived in House
Placed on Calendar Order of 3rd Reading April 4, 2017
Second Reading
Do Pass Insurance; 010-000-000
Placed on Calendar Order of 2nd Reading March 28, 2017
Assigned to Insurance
First Reading
Referred to Assignments
Filed with Secretary by Sen. John G. Mulroe
Bill Text Versions | Format |
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Enrolled | HTML |
Engrossed | HTML |
Introduced | HTML |
Document | Format |
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Public Act |
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