State of Illinois
91st General Assembly
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91_HB2777eng

 
HB2777 Engrossed                               LRB9101905JSpc

 1        AN  ACT concerning financial reports of certain insurers,
 2    amending named Acts.

 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:

 5        Section  5.   The  Illinois  Insurance Code is amended by
 6    changing Section 3.1 as follows:

 7        (215 ILCS 5/3.1) (from Ch. 73, par. 615.1)
 8        Sec. 3.1.  Definitions  of  admitted  assets.   "Admitted
 9    Assets"  includes  the investments authorized or permitted by
10    this Code, the credit for reinsurance allowed by  this  Code,
11    and in addition thereto, only the following:
12        (a)  Petty  cash  and  other  cash funds in the company's
13    principal or any official branch office and under the control
14    of the company.
15        (b)  Immediately withdrawable funds on deposit in  demand
16    accounts,  in  a  bank or trust company as defined in Section
17    126.2MMM(1) or like funds actually in the  principal  or  any
18    official  branch office at statement date, and, in transit to
19    such bank or trust  company  with  authentic  deposit  credit
20    given  prior  to  the  close  of  business  on the fifth bank
21    working day following the statement date.
22        (c)  The amount fairly estimated as recoverable  on  cash
23    deposited  in  a  closed bank or trust company, if qualifying
24    under the provisions of this Section prior to the  suspension
25    of such bank or trust company.
26        (d)  Bills  and  accounts  receivable  collateralized  by
27    securities  of the kind in which the company is authorized to
28    invest.
29        (e)  Bills receivable not past due  covering  uncollected
30    premiums  taken  by  a company in the transaction of business
31    described in Class 3 of Section 4, in an amount not to exceed
 
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 1    the unearned premium reserve  liability  calculated  on  each
 2    respective policy.
 3        (f)  For  in  force  insurance coverages written by fire,
 4    casualty, and reciprocal companies, excluding group  accident
 5    and  health  business,  premium deposits, gross premiums, and
 6    agents' balances (net of related commissions) not  more  than
 7    90  days  past  due; installments booked but deferred and not
 8    yet due (net  of  related  commissions),  provided  that  all
 9    amounts  having become due from the insured are not more than
10    90 days past due; and audit and retrospective premium to  the
11    extent  permitted  to  be  admitted  pursuant  to  the Annual
12    Statement  Instructions  and  the  Accounting  Practices  and
13    Procedures  Manual  for  Property   and   Casualty   Insurers
14    published   by   the   National   Association   of  Insurance
15    Commissioners,  unless  the  Director  prescribes  otherwise.
16    However, audit  and  retrospective  premiums  that  represent
17    anticipated  additional  premiums  on  policies for which the
18    policy period has not yet expired may not be admitted.
19        (g)  Net amount of uncollected premiums on group life and
20    group accident and health policies, not  more  than  90  days
21    past due.
22        (h)  Due  and uncollected accident and health premiums on
23    in force individual policies, on insurance written  by  Class
24    1,  Section  4  companies,  less  commissions  due thereon to
25    agents; not exceeding in the aggregate  the  premium  reserve
26    liability computed on such business.
27        (i)  Premium  notes,  policy loans and liens, and the net
28    amount of uncollected and  deferred  premiums  on  individual
29    life  insurance  policies, not in excess of the liability for
30    the legal reserves specified in Section 223 or  281  of  this
31    Code on such individual life insurance policies.
32        (j)  Premium  and assessment notes, certificate loans and
33    liens, and the gross amount  less  loading,  of  premiums  or
34    assessments  actually collected by subordinate lodges not yet
 
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 1    turned over to the Supreme Lodge on individual life insurance
 2    certificates not in excess of the  liability  for  the  legal
 3    reserves   specified  in  Section  297.1  or  305.1  on  such
 4    individual life insurance certificates.
 5        (k)  Mortuary assessments due and  unpaid  on  last  call
 6    made  within  60  days,  on  insurance in force and for which
 7    notices have been issued, not in excess of the liability  for
 8    the unpaid claims which are to be paid by the proceeds.
 9        (l)  Amounts   fairly   estimated   as  recoverable  from
10    advances made on contracts under surety bonds.
11        (m)  Amounts   receivable   from   insurance    companies
12    authorized to do business in this State and from associations
13    or  bureaus  owned  or  controlled  by 5 or more separate and
14    nonaffiliated,  by   ownership   or   management,   insurance
15    companies  of  which  a  majority  thereof  are authorized to
16    transact  business  in  this  State.   The  amount  of  those
17    receivables allowed as admitted assets  may  not  exceed  the
18    lesser of 5% of the company's total admitted assets or 10% of
19    the  company's  surplus  as  regards  policyholders.  Amounts
20    receivable  from  insurance  companies  or  associations   or
21    bureaus  not  meeting the preceding standards of this Section
22    if collateralized in the manner prescribed by Section 173.1.
23        (n)  Tax refunds due from the United States or any state,
24    the Government of Canada or any province, or the Commonwealth
25    of Puerto Rico or amounts due to a subsidiary from  a  parent
26    under  a  tax  allocation  agreement that conforms with rules
27    adopted by the Director.
28        (o)  The interest accrued on mortgage loans conforming to
29    this Code, not exceeding an aggregate amount on an individual
30    loan of one year's total due and accrued interest.
31        (p)  The rents accrued and owing to the company  on  real
32    and  personal  property,  directly or beneficially owned, not
33    exceeding on each  individual  property  the  amount  of  one
34    year's total due and accrued rent.
 
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 1        (q)  Interest  or  rents  accrued  on  conditional  sales
 2    agreements, security interests, chattel mortgages and real or
 3    personal  property  under  lease  to  other corporations, all
 4    conforming to this Code, and not exceeding on any  individual
 5    investment,  the  amount  of one year's total due and accrued
 6    interest or rent.
 7        (r)  The fixed and required interest due and  accrued  on
 8    bonds and other like evidences of indebtedness, conforming to
 9    this Code, and not in default.
10        (s)  Dividends  receivable  on shares of stock conforming
11    to this Code;  provided  that  the  market  price  taken  for
12    valuation   purposes  does  not  include  the  value  of  the
13    dividend.
14        (t)  The interest or dividends due and payable,  but  not
15    credited,  on  deposits  in  banks  and trust companies or on
16    accounts with savings and loan associations.
17        (u)  Interest accrued on secured loans conforming to this
18    Code, not exceeding the amount of one year's interest on  any
19    loan.
20        (v)  Interest accrued on tax anticipation warrants.
21        (w)  The  value of electronic computer or data processing
22    machines or systems purchased for use in connection with  the
23    business of the company, if such machines or systems whenever
24    purchased  have  an aggregate original cost to the company of
25    at least $75,000. The amortized value  of  such  machines  or
26    systems  at the end of any calendar year shall not be greater
27    than the original purchase price less 10% for each  completed
28    year,  or  pro  rata  portion for any fraction thereof, after
29    such  purchase,  with  the  total  admissible  value  at  any
30    statement date to be limited to an amount not exceeding 2% of
31    the company's admitted assets at such statement date.
32        (1) (x)  Amounts, other  than  premium,  receivable  from
33    affiliates,  not  outstanding  for  more  than  3 months, and
34    arising under, management  contracts  or  service  agreements
 
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 1    which  meet the requirements of Section 141.1 of the Illinois
 2    Insurance Code to the extent that the  affiliate  has  liquid
 3    assets  sufficient  to  pay the balance.  The amount of those
 4    receivables included in admitted assets may  not  exceed  the
 5    lesser  of  5% of the company's admitted assets or 10% of the
 6    company's surplus as regards policyholders.  For purposes  of
 7    this  subsection, "affiliate" has the meaning given that term
 8    in Article VIII 1/2 of the Illinois Insurance Code.
 9        (2)  Amounts permitted under Section 136.
10        (y)  Property and liability  guaranty  fund  or  guaranty
11    association  assessments  paid  in any state, but only to the
12    extent it is probable the company  will  be  able  to  offset
13    those  assessments against present or future premium taxes or
14    income taxes payable in the state in  which  the  assessments
15    were  paid.    The  amount  of  those  assessments allowed as
16    admitted assets may not  exceed  the  lesser  of  5%  of  the
17    company's  total  admitted  assets  or  10%  of the company's
18    surplus as regards policyholders.  The Director may  disallow
19    any  such  assessment  as  an admitted asset to the extent he
20    determines a company is unlikely  to  realize  a  present  or
21    future  premium  tax  or income tax offset as a result of the
22    assessment.
23    (Source:  P.A.  89-97,  eff.  7-7-95;  89-669,  eff.  1-1-97;
24    90-418, eff. 8-15-97.)

25        Section 10.  The Health Maintenance Organization  Act  is
26    amended by changing Sections 1-3 and 2-7 as follows:

27        (215 ILCS 125/1-3) (from Ch. 111 1/2, par. 1402.1)
28        Sec.  1-3.   Definitions  of  admitted assets.  "Admitted
29    Assets" includes the investments authorized or  permitted  by
30    Section  3-1  of  this Act and, in addition thereto, only the
31    following:
32        (a)  Petty   cash   and   other   cash   funds   in   the
 
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 1    organization's principal or any official  branch  office  and
 2    under the control of the organization.
 3        (b)  Immediately  withdrawable funds on deposit in demand
 4    accounts, in a bank or trust company as defined in  paragraph
 5    (3)  of  subsection (g) of Section 3-1 or like funds actually
 6    in the principal or any official branch office  at  statement
 7    date,  and,  in  transit  to  such bank or trust company with
 8    authentic deposit credit given prior to the close of business
 9    on the fifth bank working day following the statement date.
10        (c)  The amount fairly estimated as recoverable  on  cash
11    deposited  in  a  closed bank or trust company, if qualifying
12    under the provisions of this Sec. prior to the suspension  of
13    such bank or trust company.
14        (d)  Bills  and  accounts  receivable  collateralized  by
15    securities   of   the  kind  in  which  the  organization  is
16    authorized to invest.
17        (e)  Premiums receivable from groups or individuals which
18    are not more than 60 days past due.  Premiums receivable from
19    the  United  States,  any  state  thereof  or  any  political
20    subdivision of either which is not more  than  90  days  past
21    due.
22        (f)  Amounts  due under insurance policies or reinsurance
23    arrangements  from  insurance  companies  authorized  to   do
24    business in this State.
25        (g)  Tax refunds due from the United States, any state or
26    any political subdivision thereof.
27        (h)  The interest accrued on mortgage loans conforming to
28    Section 3-1 of this Act, not exceeding in aggregate amount on
29    an  individual  loan  of  one  year's  total  due and accrued
30    interest.
31        (i)  The rents accrued and owing to the  organization  on
32    real  and  personal property, directly or beneficially owned,
33    not exceeding on each individual property the amount  of  one
34    year's total due and accrued rent.
 
HB2777 Engrossed            -7-                LRB9101905JSpc
 1        (j)  Interest  or  rents  accrued  on  conditional  sales
 2    agreements, security interests, chattel mortgages and real or
 3    personal  property  under  lease  to  other corporations, all
 4    conforming to Section 3-1 of this Act, and not  exceeding  on
 5    any individual investment, the amount of one year's total due
 6    and accrued interest or rent.
 7        (k)  The  fixed  and required interest due and accrued on
 8    bonds and other like evidences of indebtedness, conforming to
 9    Section 3-1 of this Act, and not in default.
10        (l)  Dividends receivable on shares of  stock  conforming
11    to  Section  3-1  of this Act; provided that the market price
12    taken for valuation purposes does not include  the  value  of
13    the dividend.
14        (m)  The  interest  or dividends due and payable, but not
15    credited, on deposits in banks  and  trust  companies  or  on
16    accounts with savings and loan associations.
17        (n)  Interest accrued on secured loans conforming to this
18    Act,  not  exceeding the amount of one year's interest on any
19    loan.
20        (o)  Interest accrued on tax anticipation warrants.
21        (p)  The amortized value of electronic computer  or  data
22    processing   machines   or   systems  purchased  for  use  in
23    connection with the business of the  organization,  including
24    software   purchased   and  developed  specifically  for  the
25    organization's use and purposes.
26        (q)  The  cost  of  furniture,  equipment   and   medical
27    equipment,   less   accumulated  depreciation  thereon,   and
28    medical and pharmaceutical supplies  that  are  used  in  the
29    delivery  of  health  care  and  under  the  control  of  the
30    organization,  provided  such  assets  do  not  exceed 30% of
31    admitted assets.
32        (1)  (r)  Amounts  due  from   affiliates   pursuant   to
33    management  contracts  or  service  agreements which meet the
34    requirements of Section 141.1 of the Illinois Insurance  Code
 
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 1    to the extent that the affiliate has liquid assets with which
 2    to  pay  the  balance  and maintain its accounts on a current
 3    basis; provided that the aggregate amount due from affiliates
 4    may not exceed  the  lesser  of  10%  of  the  organization's
 5    admitted  assets  or  25%  of the organization's net worth as
 6    defined in Section 3-1.  Any amount outstanding more  than  3
 7    months  shall  be  deemed  not  current.  For purpose of this
 8    subsection "affiliates" are as defined in Article VIII 1/2 of
 9    the Illinois Insurance Code.
10        (s)  Intangible assets, including, but  not  limited  to,
11    organization  goodwill and  purchased goodwill, to the extent
12    reported in the most recent  annual  or  quarterly  financial
13    statement  filed  with  the  Director preceding the effective
14    date of this Amendatory Act of 1987.   However,  such  assets
15    shall  be  amortized, by the straight-line method, to a value
16    of zero no later than December 31, 1990;  provided,  however,
17    that  no  organization  shall  be  required  pursuant  to the
18    foregoing provision to amortize  such  assets  in  an  amount
19    greater  than  $300,000  in  any one year, and in cases where
20    amortization of  such  assets  by  December  31,  1990  would
21    otherwise  require amortization of an annual amount in excess
22    of $300,000, the  organization  shall  be  required  only  to
23    amortize such assets at a rate of $300,000 per year until all
24    such  assets  have  been amortized to a value of zero, unless
25    the continuation of the current amortization  schedule  would
26    result  in  an  earlier zero value, in which case the current
27    amortization schedule shall be applied.
28        (t)  Amounts due from patients or  enrollees  for  health
29    care  services  rendered which are not more than 60 days past
30    due.
31        (2) (u)  Amounts advanced to providers under contract  to
32    the  organization  for  services  to be rendered to enrollees
33    pursuant to the  contract.   Amounts  advanced  must  be  for
34    period  of  not  more  than  3  months  and  must be based on
 
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 1    historical  or  estimated  utilization  patterns   with   the
 2    provider  and  must  be  reconciled  against  actual incurred
 3    claims at least semi-annually. Amounts due in  the  aggregate
 4    may not exceed 50% of the organization's net worth as defined
 5    in  Section  3-1.  Amounts due from a single provider may not
 6    exceed the lesser of 5% of the organization's admitted assets
 7    or 10% of the organization's net worth.
 8        (3)  Amounts permitted under Section 2-7.
 9        (v)  Cost  reimbursement  due  from   the   Health   Care
10    Financing  Administration  for  furnishing  covered  medicare
11    services to medicare enrollees which are not more than twelve
12    months past due.
13        (w)  Prepaid  rent  or  lease  payments no greater than 3
14    months  in  advance,  on   real   property   used   for   the
15    administration  of  the  organizations  business  or  for the
16    delivery of medical care.
17    (Source: P.A. 88-364; revised 10-31-98.)

18        (215 ILCS 125/2-7) (from Ch. 111 1/2, par. 1407)
19        Sec. 2-7.  Annual statement;  audited  financial  reports
20    enrollment projections and budget filings.
21        (a)  A  health  maintenance  organization shall file with
22    the Director by March 1st  in  each  year  2  copies  of  its
23    financial   statement  for  the  year  ending  December  31st
24    immediately preceding on forms prescribed  by  the  Director,
25    which  shall  conform  substantially to the form of statement
26    adopted   by   the   National   Association   of    Insurance
27    Commissioners.   Unless  the Director provides otherwise, the
28    annual statement is to be prepared  in  accordance  with  the
29    annual  statement  instructions  and the Accounting Practices
30    and Procedures Manual adopted by the National Association  of
31    Insurance  Commissioners.   The  Director shall have power to
32    make such modifications and additions in this form as he  may
33    deem  desirable  or  necessary to ascertain the condition and
 
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 1    affairs  of  the  organization.   The  Director  shall   have
 2    authority  to extend the time for filing any statement by any
 3    organization  for  reasons  which  he  considers   good   and
 4    sufficient.  The  statement shall be verified by oaths of the
 5    president and secretary of  the  organization  or,  in  their
 6    absence,  by  2  other  principal  officers. In addition, any
 7    organization  may  be  required  by  the  Director,  when  he
 8    considers that action to be necessary and appropriate for the
 9    protection    of    enrollees,    creditors,    shareholders,
10    subscribers, or claimants, to  file,  within  60  days  after
11    mailing to the organization a notice that such is required, a
12    supplemental  summary  statement  as  of  the last day of any
13    calendar month occurring during the 100 days  next  preceding
14    the  mailing  of  such  notice  designated  by  him  on forms
15    prescribed and furnished by the Director.  The  Director  may
16    require supplemental summary statements to be certified by an
17    independent actuary deemed competent by the Director or by an
18    independent   certified   public   accountant.  Every  Health
19    Maintenance Organization shall annually,  on  or  before  the
20    first  day  of  March,  file  2 original copies of its annual
21    statement  with  the  Director  verified  by  at  least   two
22    principal  officers,  covering  the  two  preceding  calendar
23    years.  Such annual statement shall be on forms prescribed by
24    the Director and shall include: (1) financial  statements  of
25    the  organization;  (2) the number of persons enrolled during
26    the year, the number of enrollees at the end of the year  and
27    the number of enrollments terminated during the year; and (3)
28    such  other  information  relating  to the performance of the
29    Health Maintenance Organization as is necessary to enable the
30    Director to carry out his duties under this Act.
31        Any organization failing, without just cause, to file its
32    annual statement as required in this Act shall  be  required,
33    after  notice  and hearing, to pay a penalty of $100 for each
34    day's delay, to be recovered by the Director of Insurance  of
 
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 1    the  State  of Illinois and the penalty so recovered shall be
 2    paid into the General Revenue Fund of the State of  Illinois.
 3    The   Director   may   reduce  the  penalty  if  the  company
 4    demonstrates to the  Director  that  the  imposition  of  the
 5    penalty   would   constitute  a  financial  hardship  to  the
 6    organization.
 7        An annual statement which is not materially complete when
 8    filed shall not be considered to  have  been  properly  filed
 9    until  those  deficiencies  which  make the filing incomplete
10    have been corrected and file.
11        (b)  Audited financial  reports  shall  be  filed  on  or
12    before  June  1  of  each  year  for  the  two calendar years
13    immediately preceding and shall provide an opinion  expressed
14    by   an   independent  certified  public  accountant  on  the
15    accompanying financial statement of  the  Health  Maintenance
16    Organization   and   a   detailed   reconciliation   for  any
17    differences between the accompanying financial statements and
18    each of the related financial statements filed in  accordance
19    with   subsection  (a)  of  this  Section.  Any  organization
20    failing, without just  cause,  to  file  the  annual  audited
21    financial   statement  as  required  in  this  Act  shall  be
22    required, after the notice and hearing, to pay a  penalty  of
23    $100 for each day's delay, to be recovered by the Director of
24    Insurance  of  the  State  of  Illinois  and  the  penalty so
25    recovered shall be paid into the General Revenue Fund of  the
26    State  of  Illinois.   The Director may reduce the penalty if
27    the  organization  demonstrates  to  the  Director  that  the
28    imposition  of  the  penalty  would  constitute  a  financial
29    hardship to the organization.
30        (c)  The Director may  require  that  additional  summary
31    financial information be filed no more often than 3 times per
32    year  on  reporting  forms  provided by him.  However, he may
33    request certain key information on a more frequent  basis  if
34    necessary  for  a determination of the financial viability of
 
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 1    the organization.
 2        (d)  The Director shall have the authority to extend  the
 3    time for filing any statement by any organization for reasons
 4    which the Director considers good and sufficient.
 5    (Source: P.A. 85-20; revised 10-31-98.)

 6        Section  15.  The Limited Health Service Organization Act
 7    is amended by changing Section 2007 as follows:

 8        (215 ILCS 130/2007) (from Ch. 73, par. 1502-7)
 9        Sec. 2007.  Annual statement; audited financial  reports;
10    enrollment projections and budget; filings.
11        (a)  A  limited  health  service  organization shall file
12    with the Director by March 1st in each year 2 copies  of  its
13    financial   statement  for  the  year  ending  December  31st
14    immediately preceding on forms prescribed  by  the  Director,
15    which  shall  conform  substantially to the form of statement
16    adopted   by   the   National   Association   of    Insurance
17    Commissioners.   Unless  the Director provides otherwise, the
18    annual statement is to be prepared  in  accordance  with  the
19    annual  statement  instructions  and the Accounting Practices
20    and Procedures Manual adopted by the National Association  of
21    Insurance  Commissioners.   The  Director shall have power to
22    make such modifications and additions in this form as he  may
23    deem  desirable  or  necessary to ascertain the condition and
24    affairs  of  the  organization.   The  Director  shall   have
25    authority  to extend the time for filing any statement by any
26    organization  for  reasons  which  he  considers   good   and
27    sufficient.  The  statement shall be verified by oaths of the
28    president and secretary of  the  organization  or,  in  their
29    absence,  by  2  other  principal  officers. In addition, any
30    organization  may  be  required  by  the  Director,  when  he
31    considers that action to be necessary and appropriate for the
32    protection    of    enrollees,    creditors,    shareholders,
 
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 1    subscribers, or claimants, to  file,  within  60  days  after
 2    mailing to the organization a notice that such is required, a
 3    supplemental  summary  statement  as  of  the last day of any
 4    calendar month occurring during the 100 days  next  preceding
 5    the  mailing  of  such  notice  designated  by  him  on forms
 6    prescribed and furnished by the Director.  The  Director  may
 7    require supplemental summary statements to be certified by an
 8    independent actuary deemed competent by the Director or by an
 9    independent certified public accountant. Every limited health
10    service  organization  shall annually, on or before the first
11    day of March, file 2 original copies of its annual  statement
12    with  the Director verified by at least 2 principal officers,
13    covering  the  2  preceding  calendar  years.   Such   annual
14    statement  shall  be  on forms prescribed by the Director and
15    shall include:
16             (1)  the financial statements of the organization;
17             (2)  the number of persons enrolled during the year,
18        the number of enrollees at the end of the  year  and  the
19        number of enrollments terminated during the year; and
20             (3)  such   other   information   relating   to  the
21        performance of the limited health service organization as
22        the Director deems necessary to enable  the  Director  to
23        carry out his duties under this Act.
24        Any organization failing, without just cause, to file its
25    annual  statement  as required in this Act shall be required,
26    after notice and opportunity for hearing, to pay a penalty of
27    $100 for each day's delay, to be recovered by the Director of
28    Insurance.  The penalty so recovered shall be paid  into  the
29    General  Revenue Fund of the State of Illinois.  The Director
30    may reduce the penalty if the  organization  demonstrates  to
31    the  Director  that  the  imposition  of  the  penalty  would
32    constitute a financial hardship to the organization.
33        An annual statement which is not materially complete when
34    filed  shall  not  be  considered to have been properly filed
 
HB2777 Engrossed            -14-               LRB9101905JSpc
 1    until those deficiencies which  make  the  filing  incomplete
 2    have been corrected and filed.
 3        (b)  Audited  financial  reports  shall  be  filed  on or
 4    before  June  1  of  each  year  for  the  2  calendar  years
 5    immediately preceding and shall provide an opinion  expressed
 6    by   an   independent  certified  public  accountant  on  the
 7    accompanying  financial  statement  of  the  limited   health
 8    service  organization  and  detailed  reconciliation  for any
 9    differences between the accompanying financial statements and
10    each of the related financial statements filed in  accordance
11    with  subsection  (a)  of  this  Section.   Any  organization
12    failing,  without  just  cause,  to  file  the annual audited
13    financial  statement  as  required  in  this  Act  shall   be
14    required,  after  the  notice and opportunity for hearing, to
15    pay a penalty of $100 for each day's delay, to  be  recovered
16    by the Director of Insurance.  The penalty so recovered shall
17    be  paid  into  the  General  Revenue  Fund  of  the State of
18    Illinois.   The  Director  may  reduce  the  penalty  if  the
19    organization demonstrates to the Director that the imposition
20    of the penalty would constitute a financial hardship  to  the
21    organization.
22        (c)  The  Director  may  require  that additional summary
23    financial information be filed no more often than 3 times per
24    year on reporting forms provided by  him.   However,  he  may
25    request  certain  key information on a more frequent basis if
26    necessary for a determination of the financial  viability  of
27    the organization.
28        (d)  The  Director shall have the authority to extend the
29    time for filing any statements by an organization for reasons
30    which the Director considers good and sufficient.
31    (Source: P.A. 86-600.)

32        Section 99.  Effective date.  This Act  takes  effect  on
33    January 1, 2001.

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