Illinois Senate Bill 2411 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on August 24 2021 - 100% progression
Action: 2021-08-24 - Public Act . . . . . . . . . 102-0578
Text: Latest bill text (Chaptered) [HTML]

Amends the Illinois Insurance Code. In provisions concerning enterprise risk filings, describes insurance holding company systems that are required to file an annual group capital calculation and those that are exempt from filing a group capital calculation. Provides that the ultimate controlling person of every insurer subject to registration and scoped into the NAIC Liquidity Stress Test Framework shall file the results of a specific year's liquidity stress test. Sets forth restrictions on insurer publishing. In provisions concerning credit allowed for domestic ceding insurers, provides terms by which credit is allowed for reinsurance. Provides that credit shall be allowed when reinsurance is ceded to an assuming insurer that meets specified conditions. Provides that the Director shall timely create and publish a list of reciprocal jurisdictions. Provides that the Director shall timely create and publish a list of assuming insurers that have satisfied specified conditions and to which cessions shall be granted. Provides that the Director may revoke or suspend the eligibility of the assuming insurer. Provides that the ceding insurer or its representative may seek and obtain an order requiring that the assuming insurer post security for all outstanding ceded liabilities under specified conditions. Provides that credit may be taken only for reinsurance agreements entered into, amended, or renewed on or after the effective date of the amendatory Act and only for losses incurred and reported on or after specified dates. Provides that the amendatory Act shall not limit or in any way alter the capacity of parties to a reinsurance agreement to agree on requirements for security or other terms in that reinsurance agreement except as expressly prohibited by applicable law or regulation, shall not authorize an assuming insurer to withdraw or reduce the security provided under any reinsurance agreement except as permitted by the terms of the agreement, and shall not limit or in any way alter the capacity of parties to any reinsurance agreement to renegotiate the agreement. Defines "group capital calculation instructions", "NAIC Liquidity Stress Test Framework", and "scope criteria". Makes other changes. Effective December 31, 2022.

INS CODE-REINSURANCE CREDITS

Sen. Napoleon Harris [D]

Rep. Thaddeus Jones [D]

Rep. Norine Hammond [R]

Rep. Tony McCombie [R]

2021-05-27 - House - Third Reading in House (Y: 116 N: 0 NV: 1 Abs: 0) [PASS]
2021-05-06 - Senate - Third Reading in Senate (Y: 59 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2021-08-24	Senate	Public Act . . . . . . . . . 102-0578
2021-08-24	Senate	Effective Date December 31, 2022
2021-08-24	Senate	Governor Approved
2021-06-25	Senate	Sent to the Governor
2021-05-27	Senate	Passed Both Houses
2021-05-27	House	Third Reading - Consent Calendar - Passed 116-000-000
2021-05-26	House	Third Reading - Consent Calendar - First Day
2021-05-26	House	Added Alternate Co-Sponsor Rep. Tony McCombie
2021-05-26	House	Added Alternate Co-Sponsor Rep. Norine K. Hammond
2021-05-25	House	Placed on Calendar Order of 3rd Reading - Consent Calendar
2021-05-24	House	Held on Calendar Order of Second Reading - Consent Calendar
2021-05-24	House	Second Reading - Consent Calendar
2021-05-21	House	Placed on Calendar 2nd Reading - Consent Calendar
2021-05-20	House	Do Pass / Consent Calendar Insurance Committee; 018-000-000
2021-05-13	House	Committee/Final Action Deadline Extended-9(b) May 28, 2021
2021-05-13	House	Assigned to Insurance Committee
2021-05-11	House	Referred to Rules Committee
2021-05-11	House	First Reading
2021-05-11	House	Chief House Sponsor Rep. Thaddeus Jones
2021-05-07	House	Arrived in House
2021-05-06	Senate	Third Reading - Passed; 059-000-000
2021-05-04	Senate	Placed on Calendar Order of 3rd Reading May 5, 2021
2021-05-04	Senate	Approved for Consideration Assignments
2021-04-30	Senate	Rule 2-10 Third Reading Deadline Established As May 7, 2021
2021-04-23	Senate	Rule 3-9(a) / Re-referred to Assignments
2021-04-21	Senate	Placed on Calendar Order of 3rd Reading April 22, 2021
2021-04-21	Senate	Second Reading
2021-04-15	Senate	Placed on Calendar Order of 2nd Reading April 20, 2021
2021-04-15	Senate	Do Pass as Amended Insurance; 010-000-000
2021-04-14	Senate	Senate Committee Amendment No. 1 Adopted
2021-03-25	Senate	Senate Committee Amendment No. 1 Assignments Refers to Insurance
2021-03-24	Senate	Senate Committee Amendment No. 1 Referred to Assignments
2021-03-24	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Napoleon Harris, III
2021-03-23	Senate	Assigned to Insurance
2021-02-26	Senate	Referred to Assignments
2021-02-26	Senate	First Reading
2021-02-26	Senate	Filed with Secretary by Sen. Napoleon Harris, III

Chapter	Article	Section	Citation Type	Statute Text
215	5	131.1	Amended Code	Citation Text
215	5	131.14b	Amended Code	Citation Text
215	5	131.15	Amended Code	Citation Text
215	5	131.22	Amended Code	Citation Text
215	5	131.22a	New Code	See Bill Text
215	5	131.5	Amended Code	Citation Text
215	5	173.1	Amended Code	Citation Text
215	5	35B-25	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2411&GAID=16&DocTypeID=SB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/SB/10200SB2411.htm
Text	https://www.ilga.gov/legislation/102/SB/10200SB2411eng.htm
Text	https://www.ilga.gov/legislation/102/SB/10200SB2411enr.htm
Text	https://www.ilga.gov/legislation/publicacts/102/102-0578.htm
Amendment	https://www.ilga.gov/legislation/102/SB/10200SB2411sam001.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/102/senate/10200SB2411_05062021_009000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/102/house/10200SB2411_05272021_056057T.pdf