Napoleon Harris
- Democratic
- Senator
- District 15
Amends the Illinois Insurance Code. In provisions concerning enterprise risk filings, describes insurance holding company systems that are required to file an annual group capital calculation and those that are exempt from filing a group capital calculation. Provides that the ultimate controlling person of every insurer subject to registration and scoped into the NAIC Liquidity Stress Test Framework shall file the results of a specific year's liquidity stress test. Sets forth restrictions on insurer publishing. In provisions concerning credit allowed for domestic ceding insurers, provides terms by which credit is allowed for reinsurance. Provides that credit shall be allowed when reinsurance is ceded to an assuming insurer that meets specified conditions. Provides that the Director shall timely create and publish a list of reciprocal jurisdictions. Provides that the Director shall timely create and publish a list of assuming insurers that have satisfied specified conditions and to which cessions shall be granted. Provides that the Director may revoke or suspend the eligibility of the assuming insurer. Provides that the ceding insurer or its representative may seek and obtain an order requiring that the assuming insurer post security for all outstanding ceded liabilities under specified conditions. Provides that credit may be taken only for reinsurance agreements entered into, amended, or renewed on or after the effective date of the amendatory Act and only for losses incurred and reported on or after specified dates. Provides that the amendatory Act shall not limit or in any way alter the capacity of parties to a reinsurance agreement to agree on requirements for security or other terms in that reinsurance agreement except as expressly prohibited by applicable law or regulation, shall not authorize an assuming insurer to withdraw or reduce the security provided under any reinsurance agreement except as permitted by the terms of the agreement, and shall not limit or in any way alter the capacity of parties to any reinsurance agreement to renegotiate the agreement. Defines "group capital calculation instructions", "NAIC Liquidity Stress Test Framework", and "scope criteria". Makes other changes. Effective December 31, 2022. Senate Committee Amendment No. 1 In provisions of the Insurance Holding Company Systems Article of the Illinois Insurance Code concerning confidential treatment of documents, materials, or other information, makes changes concerning the information reported or provided to the Department of Insurance that is recognized by the State as being proprietary and to contain trade secrets, and is confidential by law and privileged, not subject to the Freedom of Information Act, not subject to subpoena, and not subject to discovery or admissible in evidence in any private civil action.
Public Act . . . . . . . . . 102-0578
Effective Date December 31, 2022
Governor Approved
Sent to the Governor
Third Reading - Consent Calendar - Passed 116-000-000
Passed Both Houses
Added Alternate Co-Sponsor Rep. Norine K. Hammond
Third Reading - Consent Calendar - First Day
Added Alternate Co-Sponsor Rep. Tony McCombie
Placed on Calendar Order of 3rd Reading - Consent Calendar
Held on Calendar Order of Second Reading - Consent Calendar
Second Reading - Consent Calendar
Placed on Calendar 2nd Reading - Consent Calendar
Do Pass / Consent Calendar Insurance Committee; 018-000-000
Committee/Final Action Deadline Extended-9(b) May 28, 2021
Assigned to Insurance Committee
Chief House Sponsor Rep. Thaddeus Jones
First Reading
Referred to Rules Committee
Arrived in House
Third Reading - Passed; 059-000-000
Placed on Calendar Order of 3rd Reading May 5, 2021
Approved for Consideration Assignments
Rule 2-10 Third Reading Deadline Established As May 7, 2021
Rule 3-9(a) / Re-referred to Assignments
Placed on Calendar Order of 3rd Reading April 22, 2021
Second Reading
Placed on Calendar Order of 2nd Reading April 20, 2021
Do Pass as Amended Insurance; 010-000-000
Senate Committee Amendment No. 1 Adopted
Senate Committee Amendment No. 1 Assignments Refers to Insurance
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Napoleon Harris, III
Senate Committee Amendment No. 1 Referred to Assignments
Assigned to Insurance
Filed with Secretary by Sen. Napoleon Harris, III
First Reading
Referred to Assignments
Bill Text Versions | Format |
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Introduced | HTML PDF |
Engrossed | HTML PDF |
Enrolled | HTML PDF |
Senate Amendment 001 | HTML PDF |
Document | Format |
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Public Act |
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