SB 3322

Abstract

Amends the Intergovernmental Cooperation Act. Makes changes in the provision concerning joint self-insurance. Provides that any statement of actuarial opinion, as defined in the Code of Professional Conduct of the American Academy of Actuaries (the Academy), must be prepared by an actuary who satisfies the qualification standards set forth by the Academy to issue the opinion in the particular area of actuarial practice. Amends the Illinois Insurance Code. In provisions concerning deposits of securities, deletes certain references to provisions of the Code concerning rated credit instruments. Makes changes in the provisions concerning the kinds of reinsurance agreements that shall not be entered into by any domestic company unless such agreements are approved in writing by the Director of Insurance and the assignability of life insurance. Repeals the Insurance Exchange, Assessment Legal Reserve Life Companies, Mutual Benefit Associations, and Small Employer Group Health Insurance Law Articles of the Code. Repeals provisions concerning the committee to create a uniform small employer group-health status questionnaire and individual health statement and accident and health expense reporting.