Illinois General Assembly - Bill Status for SB1718

Amends the Illinois Insurance Code. Provides that subject to the restrictions provided in the Article concerning life and health insurers, an insurer may invest in bonds, notes, warrants, and other securities not in default that are the direct obligations of the government of any foreign country that is a member of the Organisation for Economic Co-operation and Development (OECD) and for which the full faith and credit of such government has been pledged for the payment of principal and interest, provided that (i) the debt of the issuing country has been rated as investment grade for at least 10 years immediately before the time of acquiring the obligations by at least 2 of the major ratings agencies, including Moody's Investors Service, Standard & Poor's Rating Services, Fitch Rating, and the Securities Valuation Office of the National Association of Insurance Commissioners and (ii) the issuing country has not defaulted and has met its payment obligations in a timely manner on all similar obligations for a period of at least 30 years immediately before the time of acquiring the obligations.

Replaces everything after the enacting clause. Amends the Illinois Insurance Code in the provision requiring companies subject to the Domestic Stock Companies Article to make and maintain with the Director of Insurance for the protection of all creditors, policyholders and policy obligations of the company, a deposit of securities. Provides that all deposits by insurers subject to the Article must be limited to certain types and characteristics. Provides that the Director may refuse to accept certain securities or refuse to accept the reported market value of certain securities offered pursuant to the provision concerning deposits in order to ensure that sufficient cash and securities are on hand to meet the purposes of the deposit. Sets forth provisions concerning deposits required of a domestic insurer pursuant to the laws of another state, province, or country. Makes other changes.

Replaces everything after the enacting clause. Reinserts the bill as amended by Senate Amendment No. 1 with the following changes. Further amends the Illinois Insurance Code in the provision requiring companies subject to the Domestic Mutual Companies Article to make and maintain with the Director of Insurance, for the protection of all creditors, policyholders, and policy obligations of the company, a deposit of securities. Provides that all deposits by insurers subject to the Article must be limited to certain types and characteristics. Provides that the Director may refuse to accept certain securities or refuse to accept the reported market value of certain securities offered pursuant to the provision concerning deposits in order to ensure that sufficient cash and securities are on hand to meet the purposes of the deposit. Sets forth provisions concerning deposits required of a domestic insurer pursuant to the laws of another state, province, or country. Makes other changes.

Replaces everything after the enacting clause. Amends the Liquor Control Act of 1934. Provides that the prohibition on happy hours shall not be construed to prohibit a licensee from including drinks of alcoholic liquor as part of an entertainment package where the licensee is separately licensed by a municipal ordinance that (A) restricts dates of operation to dates during which there is an event at an adjacent stadium, (B) restricts hours of serving alcoholic liquor to 2 hours before the event and one hour after the event, (C) restricts alcoholic liquor sales to beer and wine, (D) requires tickets for admission to the establishment, and (E) prohibits sale of admission tickets on the day of an event and permits the sale of admission tickets for single events only. Effective immediately.

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