HB 2290

Abstract

Amends the Illinois Insurance Code in the Article concerning insurance holding company systems. Makes changes to the definitions. Provides that a domestic company, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries, and that the subsidiaries may conduct any kind of business or businesses and their authority to do so shall not be limited by reason of the fact that they are subsidiaries of a domestic company. Makes changes to the provisions concerning a domestic company's permitted investments. Includes certain filing requirements in the provision concerning the acquisition of control of or merger with a domestic company. Makes changes to provisions concerning the statement that is required to be filed with the Director of Insurance. Deletes certain provisions concerning deposits made with the Director, orders entered by the Director, and reports of potential adverse economic impact made to the General Assembly by the Director. Makes changes to the provisions concerning certain violations, judicial jurisdiction, acquisitions, registration statements, reporting materials, termination of registration, disclaimers, transactions, prior notification, officers and directors, examination, confidential treatment, voting, sanctions, and judicial review. Sets forth provisions concerning exemptions, summary filing, enterprise risk filing, violations, confidentiality, and supervisory colleges. Repeals provisions concerning the delivery of certain filings and dependent coverage. Contains a severability provision. Effective on January 1, 2014, except that the provision concerning enterprise risk filing takes effect July 1, 2014.