HB 4443

Abstract

Amends the Illinois Insurance Code in the Article concerning the Illinois Life and Health Insurance Guaranty Association. In provisions related to separate accounts, provides that the assets of any separate account equal to the reserves and other contract liabilities with respect to the account may not be charged with liabilities arising out of any other business the company may conduct, except with approval of the Director under conditions as to investments and other matters as the Director may prescribe. Further amends the Illinois Insurance Code in the Article concerning the Illinois Life and Health Insurance Guaranty Association. Changes the organization of provisions concerning coverage and limitations and powers and duties of the Association. Makes changes in the provisions concerning definitions; the Board of Directors of the Association; assessments; and miscellaneous provisions. Amends the Health Maintenance Organization Act. Provides that no distribution to stockholders, if any, of an impaired or insolvent organization may be made until and unless the total amount of valid claims of the Association for funds expended in carrying out its powers and duties, with interest, (rather than merely the funds expended) with respect to such organization have been fully recovered by the Association.