INSURANCE-TECH Senate SponsorsSen. John J. Cullerton and Mattie Hunter House Sponsors(Rep. Frank J. Mautino-Terry R. Parke-Karen A. Yarbrough-Marlow H. Colvin) 2/7/2005SenatePublic Act . . . . . . . . . 93-1083 215 ILCS 5/41from Ch. 73, par. 653Amends the Illinois Insurance Code. Makes a technical change in a Section concerning the executive committee of domestic mutual companies.Senate Floor Amendment No. 1 Deletes reference to:215 ILCS 5/41Adds reference to:215 ILCS 5/229.4from Ch. 73, par. 841.4215 ILCS 5/229.4a newDeletes everything after the enacting clause. Amends the Illinois Insurance Code. Repeals the Standard Non-forfeiture Law for Individual Deferred Annuities on July 1, 2006, and adds a new Standard Non-forfeiture Law for Individual Deferred Annuities. Provides that a company may elect to apply the new provisions to annuity contracts on a contract form-by-contract form basis before July 1, 2006. Provides that, in all other instances, the new provisions become operative with respect to annuity contracts issued by the company on or after July 1, 2006. In provisions pertaining to the minimum values of any paid-up, cash surrender or death benefits available under an annuity contract be based upon minimum nonforfeiture amounts as defined, modifies the definition determining the minimum nonforfeiture amount. Provides that the interest rate used in determining minimum nonforfeiture amounts shall be an annual rate of interest determined as the lesser of 3% per annum and a specified formula, which shall be specified in the contract if the interest rate will be reset. The new provisions make numerous other modifications to the current Standard Non-forfeiture Law for Individual Deferred Annuities. Effective July 1, 2004.Senate Floor Amendment No. 2 Adds reference to:215 ILCS 5/143from Ch. 73, par. 755215 ILCS 5/408from Ch. 73, par. 1020Further amends the Illinois Insurance Code. Provides that companies must file forms electronically through the System for Electronic Rate and Form Filing (SERFF). Provides that all examinations, investigations, and hearings under the Code may be conducted either by the Director of Insurance or by one or more of the actuaries, technical advisors, deputies, supervisors, or examiners employed or retained by the Department and designated by the Director for that purpose. Provides that the Department may retain independent actuaries, independent certified public accountants, or qualified examiners of insurance companies. In provisions regarding policy forms, requires the Department of Insurance to mail a quarterly invoice to insurance companies for the appropriate filing fees. Removes language providing that fees charged for a policy filed as it will be issued regardless of the number of forms comprising that policy shall not exceed $1,000 or $2,000 for advisory or rating organizations. Provisions added by this amendment are effective immediately.House Amendment No. 1 Deletes reference to:215 ILCS 5/229.4from Ch. 73, par. 841.4215 ILCS 5/229.4a newAdds reference to:215 ILCS 5/204from Ch. 73, par. 816Replaces everything after the enacting clause with the engrossed bill with the following changes. Deletes the provisions concerning standard non-forfeiture law for individual deferred annuities. Deletes provisions requiring all examinations, investigations, and hearings be conducted either by the Director or by one or more of the actuaries, technical advisors, deputies, supervisors, or examiners employed or retained by the Department and designated by the Director for that purpose. Adds language providing that the Director as rehabilitator, liquidator, or conservator may not avoid a transfer to the extent that the transfer was, in the case of a transfer by a company where the Director has determined that a regulatory action level event or an authorized control event has occurred, specifically approved by the Director in writing, whether or not the company is in receivership. All provisions are effective immediately.House Amendment No. 2 Adds reference to:215 ILCS 5/209from Ch. 73, par. 821 Further amends the Illinois Insurance Code. Provides that a proof of claim upon the liquidation, rehabilitation, or conservation of a company must identify a known loss or occurrence (rather than a particular claim). Provides that the claim may be allowed by estimation. Provides that specified contingent or unliquidated general creditors' and ceding insurers' claims may (rather than shall) be determined and allowed by estimation. Provides that the estimation and allowance of the loss development on a known loss or occurrence shall trigger a reinsurer's obligation to pay pursuant to its reinsurance contract with the insolvent company. Provides that that portion of any estimated and allowed contingent claim that is attributable to claims incurred but not reported to the insolvent company's reinsured shall not be billable to the insolvent company's reinsurers. Provides that the liquidator may negotiate a voluntary commutation and release of all obligations arising from reinsurance contracts or other agreements. Provides that the changes made in these provisions by the amendatory Act do not apply to any company ordered into liquidation on or before January 1, 2004. 2/3/2004SenateFiled with Secretary by Sen. Denny Jacobs 2/3/2004SenateFirst Reading 2/3/2004SenateReferred to Rules 2/4/2004SenateAssigned to Insurance & Pensions 2/19/2004SenatePostponed - Insurance & Pensions 2/24/2004SenateDo Pass Insurance & Pensions; 006-004-000 2/24/2004SenatePlaced on Calendar Order of 2nd Reading February 25, 2004 2/25/2004SenateSecond Reading 2/25/2004SenatePlaced on Calendar Order of 3rd Reading February 26, 2004 3/4/2004SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Denny Jacobs 3/4/2004SenateSenate Floor Amendment No. 1 Referred to Rules 3/18/2004SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Denny Jacobs 3/18/2004SenateSenate Floor Amendment No. 2 Referred to Rules 3/22/2004SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Denny Jacobs 3/22/2004SenateSenate Floor Amendment No. 3 Referred to Rules 3/23/2004SenateSenate Floor Amendment No. 1 Rules Refers to Insurance & Pensions 3/23/2004SenateSenate Floor Amendment No. 2 Rules Refers to Insurance & Pensions 3/24/2004SenateSenate Floor Amendment No. 1 Be Adopted Insurance & Pensions; 009-000-000 3/24/2004SenateSenate Floor Amendment No. 2 Be Adopted Insurance & Pensions; 009-000-000 3/25/2004SenateAdded as Co-Sponsor Sen. Mattie Hunter 3/25/2004SenateRecalled to Second Reading 3/25/2004SenateSenate Floor Amendment No. 1 Adopted; Jacobs 3/25/2004SenateSenate Floor Amendment No. 2 Adopted; Jacobs 3/25/2004SenatePlaced on Calendar Order of 3rd Reading 3/25/2004SenateThird Reading - Passed; 049-005-000 3/25/2004SenateSenate Floor Amendment No. 3 Tabled Pursuant to Rule 5-4(a) 3/26/2004HouseArrived in House 3/26/2004HousePlaced on Calendar Order of First Reading 3/29/2004HouseChief House Sponsor Rep. Frank J. Mautino 3/29/2004HouseFirst Reading 3/29/2004HouseReferred to Rules Committee 5/26/2004HouseCommittee/3rd Reading Deadline Extended-Rule 9(b) May 31, 2004 5/26/2004HouseAssigned to Insurance Committee 5/26/2004HouseMotion to Suspend Rule 25 - Prevailed by Voice Vote 5/27/2004HouseHouse Amendment No. 1 Filed with Clerk by Insurance Committee 5/27/2004HouseHouse Amendment No. 1 Adopted in Insurance Committee; by Voice Vote 5/27/2004HouseDo Pass as Amended / Short Debate Insurance Committee; 013-000-000 5/27/2004HousePlaced on Calendar 2nd Reading - Short Debate 5/27/2004HouseHouse Amendment No. 2 Filed with Clerk by Rep. Frank J. Mautino 5/27/2004HouseHouse Amendment No. 2 Referred to Rules Committee 5/27/2004HouseSecond Reading - Short Debate 5/27/2004HouseHeld on Calendar Order of Second Reading - Short Debate 5/28/2004HouseAdded Alternate Chief Co-Sponsor Rep. Terry R. Parke 5/30/2004HouseHouse Amendment No. 2 Recommends Be Adopted Rules Committee; 003-002-000 5/31/2004HouseHouse Amendment No. 2 Adopted by Voice Vote 5/31/2004HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/31/2004HouseThird Reading - Short Debate - Passed 067-047-000 5/31/2004HouseAdded Alternate Chief Co-Sponsor Rep. Karen A. Yarbrough 5/31/2004HouseAdded Alternate Chief Co-Sponsor Rep. Marlow H. Colvin 5/31/2004SenateSecretary's Desk - Concurrence House Amendment(s) 01,02 5/31/2004SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01,02-Jun 1, 2004 5/31/2004SenateHouse Amendment No. 1 Motion to Concur Filed with Secretary Sen. Denny Jacobs 5/31/2004SenateHouse Amendment No. 1 Motion to Concur Referred to Rules 5/31/2004SenateHouse Amendment No. 2 Motion to Concur Filed with Secretary Sen. Denny Jacobs 5/31/2004SenateHouse Amendment No. 2 Motion to Concur Referred to Rules 6/25/2004SenateHouse Amendment No. 1 Motion to Concur Rules Referred to Insurance & Pensions 6/25/2004SenateHouse Amendment No. 2 Motion to Concur Rules Referred to Insurance & Pensions 6/27/2004SenateHouse Amendment No. 1 Motion to Concur Be Approved for Consideration Insurance & Pensions; 009-000-000 6/27/2004SenateHouse Amendment No. 2 Motion to Concur Be Approved for Consideration Insurance & Pensions; 009-000-000 7/24/2004SenateChief Sponsor Changed to Sen. John J. Cullerton 8/24/2004SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 8/24/2004SenateHouse Amendment No. 1 Motion to Concur-Pursuant to Senate Rule 3-9(b)-Referred to Rules. 8/24/2004SenateHouse Amendment No. 2 Motion to Concur-Pursuant to Senate Rule 3-9(b)-Referred to Rules. 11/9/2004SenateApproved for Consideration Rules 11/9/2004SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01,02-November 10, 2004 11/10/2004SenateHouse Amendment No. 1 Motion to Concur Be Approved for Consideration Rules 11/10/2004SenateHouse Amendment No. 2 Motion to Concur Be Approved for Consideration Rules 11/10/2004Senate3/5 Vote Required 11/10/2004SenateHouse Amendment No. 1 Senate Concurs 054-001-000 11/10/2004SenateHouse Amendment No. 2 Senate Concurs 054-001-000 11/10/2004SenatePassed Both Houses 12/9/2004SenateSent to the Governor 2/7/2005SenateGovernor Approved 2/7/2005SenateEffective Date February 7, 2005 2/7/2005SenatePublic Act . . . . . . . . . 93-1083