Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

 Bill Status of SB1737  100th General Assembly


Short Description:  INS CD-DOMESTIC CEDING INSURER

Senate Sponsors
Sen. Antonio Muņoz

House Sponsors
(Rep. Michael J. Zalewski )

Last Action
DateChamber Action
  5/31/2017HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
215 ILCS 5/173.1from Ch. 73, par. 785.1


Synopsis As Introduced
Amends the Illinois Insurance Code in provisions concerning credit allowed a domestic ceding insurer. Provides that the assuming insurer shall provide or make certain information to be reported to the Director of Insurance available to the ceding insurer and that the assuming insurer may decline to release trade secrets or commercially sensitive information that would qualify as exempt from disclosure under the Freedom of Information Act. With regard to an assuming insurer's trust fund, provides that not later than February 28 of each year, the assuming insurer's chief executive officer or chief financial officer shall certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a trusteed surplus of not less than $20,000,000. Permits a reduction in the required trusteed surplus in specified circumstances. Provides that in the event that the provision concerning the reduction in the required trusteed surplus applies to the trust, the assuming insurer's chief executive officer or chief financial officer shall then certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a reduced trusteed surplus of not less than the amount that has been authorized by the regulatory authority having principal regulatory oversight of the trust. Makes changes to provisions concerning financial strength ratings. Sets forth provisions concerning downgrades by rating agencies, the Director's authority, upgrading the rating of a certified reinsurer, and the revocation of the certification of a certified reinsurer. Makes other changes.

Actions 
DateChamber Action
  2/9/2017SenateFiled with Secretary by Sen. Antonio Muņoz
  2/9/2017SenateFirst Reading
  2/9/2017SenateReferred to Assignments
  2/28/2017SenateAssigned to Insurance
  3/9/2017SenateDo Pass Insurance; 011-000-000
  3/9/2017SenatePlaced on Calendar Order of 2nd Reading March 14, 2017
  4/6/2017SenateSecond Reading
  4/6/2017SenatePlaced on Calendar Order of 3rd Reading April 25, 2017
  4/27/2017SenateThird Reading - Passed; 057-000-000
  4/27/2017HouseArrived in House
  4/27/2017HouseChief House Sponsor Rep. Michael J. Zalewski
  4/27/2017HouseFirst Reading
  4/27/2017HouseReferred to Rules Committee
  5/9/2017HouseAssigned to Executive Committee
  5/19/2017HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
  5/26/2017HouseFinal Action Deadline Extended-9(b) May 31, 2017
  5/31/2017HouseRule 19(a) / Re-referred to Rules Committee

Back To Top