Sen. Napoleon Harris, III

Filed: 5/20/2024

 

 


 

 


 
10300HB4367sam002LRB103 35503 RPS 73653 a

1
AMENDMENT TO HOUSE BILL 4367

2    AMENDMENT NO. ______. Amend House Bill 4367 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Insurance Code is amended by
5changing Section 534.4 as follows:
 
6    (215 ILCS 5/534.4)  (from Ch. 73, par. 1065.84-4)
7    Sec. 534.4. "Insolvent company" means a company organized
8as a stock company, mutual company, reciprocal or Lloyds (a)
9which holds a certificate of authority to transact insurance
10in this State either at the time the policy was issued or when
11the insured event occurred, or any company which has assumed
12or has been allocated such policy obligation through merger,
13division, insurance business transfer, consolidation, or
14reinsurance, whether or not such assuming company held a
15certificate of authority to transact insurance in this State
16at the time such policy was issued or when the insured event

 

 

10300HB4367sam002- 2 -LRB103 35503 RPS 73653 a

1occurred; and (b) against which a final Order of Liquidation
2with a finding of insolvency to which there is no further right
3of appeal has been entered by a court of competent
4jurisdiction in the company's State of domicile after the
5effective date of this Article. When a policy obligation is
6assumed or allocated through merger, division, insurance
7business transfer, consolidation, or reinsurance, nothing in
8this Section shall be construed to create Fund coverage if
9none existed at the time of assumption or allocation or to
10destroy Fund coverage if it existed at the time of assumption
11or allocation.
12(Source: P.A. 103-75, eff. 6-9-23.)
 
13    Section 99. Effective date. This Act takes effect upon
14becoming law.".