Senate Sponsors: PETERSON. House Sponsors: BRADY-MAUTINO Short description: INSURANCE-LLOYDS-RISK Synopsis of Bill as introduced: Amends the Illinois Insurance Code. Removes the limit on the amount of insurance a Lloyds may underwrite with respect to any single risk. Effective immediately. HOUSE AMENDMENT NO. 1. Adds reference to: 215 ILCS 5/35A-5 215 ILCS 5/35A-20 215 ILCS 5/35A-35 215 ILCS 5/107.06a from Ch. 73, par. 719.06a 215 ILCS 5/107.26 from Ch. 73, par. 719.26 215 ILCS 5/111 from Ch. 73, par. 723 215 ILCS 5/121-2.08 from Ch. 73, par. 733-2.08 215 ILCS 5/123C-1 from Ch. 73, par. 735C-1 215 ILCS 5/126.2 215 ILCS 5/143 from Ch. 73, par. 755 215 ILCS 5/445 from Ch. 73, par. 1057 215 ILCS 5/445a new 215 ILCS 5/3.1 rep. 215 ILCS 113/10 215 ILCS 113/15 215 ILCS 113/20 215 ILCS 113/25 215 ILCS 113/30 215 ILCS 113/40 215 ILCS 113/50 215 ILCS 113/56 new 215 ILCS 113/35 rep. 215 ILCS 113/55 rep. 215 ILCS 110/35 from Ch. 32, par. 690.35 215 ILCS 120/4 from Ch. 73, par. 1254 215 ILCS 120/12 from Ch. 73, par. 1262 215 ILCS 165/20 from Ch. 32, par. 614 Amends the Illinois Insurance Code in relation to the regulation of company finances. Revises the definition of "qualified business entity" with respect to lending arrangements by domestic captive companies. Invalidates possessory liens held by an attorney as a basis for withholding files or otherwise with respect to a company in rehabilitation or liquidation. Provides for the existence of domestic surplus lines insurers. Requires reports to the Director regarding fire insurance procured only from unauthorized insurers subject to tax under the Fire Investigation Act. Excludes limited syndicates organized as partnerships from certain provisions of the Illinois Insurance Code. Changes the name of the Illinois Insurance Exchange Immediate Access Security Association to the Immediate Access Security Association. Provides that the Association will pay insurance obligations on claims rather than liability based on claims. Amends the Dental Service Plan Act and the Voluntary Health Services Plans Act to limit certain contingent reserves to $1,500,000. Amends the Farm Mutual Insurance Company Act of 1986 to authorize additional investment opportunities. Amends the Employee Leasing Company Act. Provides that the Act applies to lessors of employees and insurers. Imposes record keeping requirements upon lessors of employees. Changes terminology for "employee leasing company" to "lessor" and "client company" to "lessee". Specifically grants the Department of Insurance rulemaking authority. Establishes specific grounds for revocation or denial of registration. Abolishes all criminal penalties. Effective immediately except that provisions amending the Farm Mutual Insurance Company Act take effect January 1, 1999. FISCAL NOTE, H-AM 1 (Dpt. Insurance) No fiscal impact on the Department. STATE MANDATES ACT FISCAL NOTE, H-AM 1 SB 1728 fails to create a State mandate. HOME RULE NOTE, H-AM 1 The bill fails to preempt home rule authority. Last action on Bill: PUBLIC ACT.............................. 90-0794 Last action date: 98-08-14 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status