Illinois General Assembly - Bill Status for SB3451
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 Bill Status of SB3451  100th General Assembly


Senate Sponsors
Sen. Antonio Muñoz

Last Action
DateChamber Action
  1/9/2019SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Insurance Industry Innovation Act. Directs the Department of Insurance to establish the Innovation Division within the Department. Provides a mechanism through which covered entities may submit a petition to the Department to request to enter into an enforceable compliance agreement containing a modification or waiver of Department rule with respect to a covered entity or an insurance innovation the covered entity offers or intends to offer. Provides the specific factors and procedures the Department shall use in determining whether or not to approve a petition. Provides requirements concerning an enforceable compliance agreement. Provides that the Department shall submit an annual report to the General Assembly regarding the aggregate impact of enforceable compliance agreements. Provides that the Department shall establish the cost of each petition. Provides that the Director may adopt rules to implement the Act. Repeals the Act on January 1, 2024. Effective immediately.

DateChamber Action
  2/16/2018SenateFiled with Secretary by Sen. Antonio Muñoz
  2/16/2018SenateFirst Reading
  2/16/2018SenateReferred to Assignments
  2/27/2018SenateAssigned to Insurance
  4/13/2018SenateRule 2-10 Committee Deadline Established As April 27, 2018
  4/27/2018SenateRule 3-9(a) / Re-referred to Assignments
  1/9/2019SenateSession Sine Die

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