SB 762

Abstract

Amends the ID/DD Community Care Act. Makes a technical change in a Section concerning the short title. Senate Floor Amendment No. 1 Deletes reference to: 210 ILCS 47/1-101 Adds reference to: 215 ILCS 5/408 from Ch. 73, par. 1020 215 ILCS 5/534.4 from Ch. 73, par. 1065.84-4 215 ILCS 5/Art. XLVII heading new 215 ILCS 5/1701 new 215 ILCS 5/1703 new 215 ILCS 5/1705 new 215 ILCS 5/1710 new 215 ILCS 5/1715 new 215 ILCS 5/1720 new 215 ILCS 5/1725 new 215 ILCS 5/1730 new 215 ILCS 5/1735 new 215 ILCS 5/1740 new 215 ILCS 5/1745 new 215 ILCS 5/1750 new Replaces everything after the enacting clause. Amends the Illinois Insurance Code. Changes the definition of "insolvent company" to include any company which has assumed or has been allocated a policy obligation through an approved insurance business transfer plan. Provides that the fee for filing an insurance business transfer plan is $25,000. Creates the Insurance Business Transfers Article of the Illinois Insurance Code and provides that the Article may be cited as the Insurance Business Transfers Law. Sets forth provisions concerning notice requirements, application procedure, application to a court for approval of a plan, approval and denial of insurance business transfer plans, and fees and costs. Provides that the Department of Insurance may adopt rules that are consistent with the provisions. Provides that the portion of the application for an insurance business transfer that would otherwise be confidential, including any documents, materials, communications, or other information submitted to the Director of Insurance in contemplation of an application, shall not lose such confidentiality. Provides that insurers consent to the jurisdiction of the Director with regard to ongoing oversight of operations, management, and solvency relating to the transferred business. Provides that the Director may direct the applicant to retain parties to assist Department personnel. Defines terms. Effective immediately, except specified provisions take effect January 1, 2025.