Illinois 2023-2024 Regular Session

Illinois House Bill HB4367 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	Public Act 103-0815
2	1		HB4367 EnrolledLRB103 35503 RPS 65574 b HB4367 Enrolled LRB103 35503 RPS 65574 b
3	2		HB4367 Enrolled LRB103 35503 RPS 65574 b
4		-	AN ACT concerning regulation.
5		-	Be it enacted by the People of the State of Illinois,
6		-	represented in the General Assembly:
7		-	Section 5. The Illinois Insurance Code is amended by
8		-	changing Section 534.4 as follows:
9		-	(215 ILCS 5/534.4) (from Ch. 73, par. 1065.84-4)
10		-	Sec. 534.4. "Insolvent company" means a company organized
11		-	as a stock company, mutual company, reciprocal or Lloyds (a)
12		-	which holds a certificate of authority to transact insurance
13		-	in this State either at the time the policy was issued or when
14		-	the insured event occurred, or any company which has assumed
15		-	or has been allocated such policy obligation through merger,
16		-	division, insurance business transfer, consolidation, or
17		-	reinsurance, whether or not such assuming company held a
18		-	certificate of authority to transact insurance in this State
19		-	at the time such policy was issued or when the insured event
20		-	occurred; and (b) against which a final Order of Liquidation
21		-	with a finding of insolvency to which there is no further right
22		-	of appeal has been entered by a court of competent
23		-	jurisdiction in the company's State of domicile after the
24		-	effective date of this Article. When a policy obligation is
25		-	assumed or allocated through merger, division, insurance
26		-	business transfer, consolidation, or reinsurance, nothing in
	3	+	1 AN ACT concerning regulation.
	4	+	2 Be it enacted by the People of the State of Illinois,
	5	+	3 represented in the General Assembly:
	6	+	4 Section 5. The Illinois Insurance Code is amended by
	7	+	5 changing Section 534.4 as follows:
	8	+	6 (215 ILCS 5/534.4) (from Ch. 73, par. 1065.84-4)
	9	+	7 Sec. 534.4. "Insolvent company" means a company organized
	10	+	8 as a stock company, mutual company, reciprocal or Lloyds (a)
	11	+	9 which holds a certificate of authority to transact insurance
	12	+	10 in this State either at the time the policy was issued or when
	13	+	11 the insured event occurred, or any company which has assumed
	14	+	12 or has been allocated such policy obligation through merger,
	15	+	13 division, insurance business transfer, consolidation, or
	16	+	14 reinsurance, whether or not such assuming company held a
	17	+	15 certificate of authority to transact insurance in this State
	18	+	16 at the time such policy was issued or when the insured event
	19	+	17 occurred; and (b) against which a final Order of Liquidation
	20	+	18 with a finding of insolvency to which there is no further right
	21	+	19 of appeal has been entered by a court of competent
	22	+	20 jurisdiction in the company's State of domicile after the
	23	+	21 effective date of this Article. When a policy obligation is
	24	+	22 assumed or allocated through merger, division, insurance
	25	+	23 business transfer, consolidation, or reinsurance, nothing in
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30	29		HB4367 Enrolled LRB103 35503 RPS 65574 b
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33		-	this Section shall be construed to create Fund coverage if
34		-	none existed at the time of assumption or allocation or to
35		-	destroy Fund coverage if it existed at the time of assumption
36		-	or allocation.
37		-	(Source: P.A. 103-75, eff. 6-9-23.)
	32	+	HB4367 Enrolled- 2 -LRB103 35503 RPS 65574 b HB4367 Enrolled - 2 - LRB103 35503 RPS 65574 b
	33	+	HB4367 Enrolled - 2 - LRB103 35503 RPS 65574 b
	34	+	1 this Section shall be construed to create Fund coverage if
	35	+	2 none existed at the time of assumption or allocation or to
	36	+	3 destroy Fund coverage if it existed at the time of assumption
	37	+	4 or allocation.
	38	+	5 (Source: P.A. 103-75, eff. 6-9-23.)
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	44	+	HB4367 Enrolled - 2 - LRB103 35503 RPS 65574 b