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 Bill Status of SB1667  100th General Assembly


Short Description:  TITLE INS-REINSURANCE

Senate Sponsors
Sen. William R. Haine - John G. Mulroe

House Sponsors
(Rep. Michael J. Zalewski )

Hearings
Gaming Subcommittee Hearing Oct 26 2017 8:30AM Capitol Building Room 118 Springfield, IL
Executive Committee Hearing Oct 26 2017 8:30AM Capitol Building Room 118 Springfield, IL


Last Action
DateChamber Action
  10/17/2017HouseTo Gaming Subcommittee

Statutes Amended In Order of Appearance
215 ILCS 155/6from Ch. 73, par. 1406
215 ILCS 155/8from Ch. 73, par. 1408


Synopsis As Introduced
Amends the Title Insurance Act. In provisions concerning reinsurance, provides that a title insurance company may obtain reinsurance for all or any part of its liability under one or more of its title insurance policies from an assuming insurer with a financial strength rating of A- or better from A.M. Best Company, Inc., or with an alternative rating the Department of Insurance may approve that the Department determines is an equivalent rating by another recognized rating organization. In provisions concerning retained liability, provides that the net retained liability of a title insurance company for a single risk on property located in the State, whether assumed directly or as reinsurance, may not exceed the total surplus (rather than 50% of the total surplus) to policyholders as shown in the most recent annual statement of the title insurance company on file with the Department. Provides that each title insurance company shall file annually with the Department a notice describing its professional reinsurance business, if any, and describing how risks are placed through reinsurance outside of the title insurance industry.

Senate Committee Amendment No. 1
Removes language requiring each title insurance company to file annually with the Department of Insurance a note describing its professional reinsurance business and how risks are placed through reinsurance outside of the title insurance industry.

Senate Floor Amendment No. 2
Adds reference to:
215 ILCS 155/13from Ch. 73, par. 1413

Further amends the Title Insurance Act. Provides that a title insurance company shall provide the Department of Financial and Professional Regulation a summary describing its professional reinsurance placed outside of the title insurance industry.

Actions 
DateChamber Action
  2/9/2017SenateFiled with Secretary by Sen. William R. Haine
  2/9/2017SenateFirst Reading
  2/9/2017SenateReferred to Assignments
  2/28/2017SenateAssigned to Judiciary
  2/28/2017SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
  2/28/2017SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/7/2017SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary
  3/7/2017SenateSenate Committee Amendment No. 1 Adopted
  3/8/2017SenateDo Pass as Amended Judiciary; 011-000-000
  3/8/2017SenatePlaced on Calendar Order of 2nd Reading March 9, 2017
  3/27/2017SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. William R. Haine
  3/27/2017SenateSenate Floor Amendment No. 2 Referred to Assignments
  4/4/2017SenateSenate Floor Amendment No. 2 Assignments Refers to Judiciary
  4/6/2017SenateSenate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 008-000-000
  4/28/2017SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
  5/3/2017SenateAdded as Chief Co-Sponsor Sen. John G. Mulroe
  5/4/2017SenateSecond Reading
  5/4/2017SenateSenate Floor Amendment No. 2 Adopted; Haine
  5/4/2017SenatePlaced on Calendar Order of 3rd Reading May 5, 2017
  5/5/2017SenateThird Reading - Passed; 049-000-001
  5/8/2017HouseArrived in House
  5/8/2017HouseChief House Sponsor Rep. Michael J. Zalewski
  5/9/2017HouseFirst Reading
  5/9/2017HouseReferred to Rules Committee
  5/15/2017HouseAssigned 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
  5/29/2017HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Michael J. Zalewski
  5/29/2017HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  5/30/2017HouseHouse Committee Amendment No. 1 Rules Refers to Executive Committee
  5/30/2017HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Michael J. Zalewski
  5/30/2017HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  5/30/2017HouseHouse Committee Amendment No. 2 Rules Refers to Executive Committee
  5/31/2017HouseRule 19(a) / Re-referred to Rules Committee
  5/31/2017HouseHouse Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee
  5/31/2017HouseHouse Committee Amendment No. 2 Rule 19(a) / Re-referred to Rules Committee
  10/17/2017HouseAssigned to Executive Committee
  10/17/2017HouseTo Gaming Subcommittee

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