91st General Assembly
Summary of SB1701
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Short description: 
INS EXCHANGE NOT STATE OWNED                                               

Synopsis of Bill as introduced:
        Amends the Illinois  Insurance  Code  in  relation  to  insurance      
   exchanges.  Provides authority to establish a privately owned exchange      
   for  the  reinsurance  and  insurance of risks.  Removes the statutory      
   creation of  an  insurance  exchange.   Provides  that  any  insurance      
   exchange  created is separate and distinct from the State.  Authorizes      
   the creation of a guaranty mechanism for protection of  policyholders.      
   Provides  for  at  least  5,  rather  than  5,  public trustees for an      
   exchange.  Authorizes the establishment of a privately owned immediate      
   access  security  association  separate  from  the  State  to   manage      
   liquidations  of insurance syndicates.  Removes the statutory creation      
   of that association.  Effective immediately.                                
Last action on Bill: PUBLIC ACT.............................. 91-0796

   Last action date: 00-06-09

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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