Illinois 2023-2024 Regular Session

Illinois Senate Bill SB2773 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2773 Introduced 1/17/2024, by Sen. Napoleon Harris, III SYNOPSIS AS INTRODUCED: 215 ILCS 5/532 from Ch. 73, par. 1065.82215 ILCS 5/538.7 from Ch. 73, par. 1065.88-7 Amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. In provisions authorizing the Illinois Insurance Guaranty Fund to contract with the Office of Special Deputy Receiver or any other person or organizations authorized by law to carry out the duties of the Director of Insurance in her or his capacity as a receiver and specifying a purpose of the Article, deletes language providing that those provisions are inoperative 5 years after August 16, 2021 (the effective date of Public Act 102-396). Effective immediately. LRB103 35531 RPS 65603 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2773 Introduced 1/17/2024, by Sen. Napoleon Harris, III SYNOPSIS AS INTRODUCED: 215 ILCS 5/532 from Ch. 73, par. 1065.82215 ILCS 5/538.7 from Ch. 73, par. 1065.88-7 215 ILCS 5/532 from Ch. 73, par. 1065.82 215 ILCS 5/538.7 from Ch. 73, par. 1065.88-7 Amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. In provisions authorizing the Illinois Insurance Guaranty Fund to contract with the Office of Special Deputy Receiver or any other person or organizations authorized by law to carry out the duties of the Director of Insurance in her or his capacity as a receiver and specifying a purpose of the Article, deletes language providing that those provisions are inoperative 5 years after August 16, 2021 (the effective date of Public Act 102-396). Effective immediately. LRB103 35531 RPS 65603 b LRB103 35531 RPS 65603 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2773 Introduced 1/17/2024, by Sen. Napoleon Harris, III SYNOPSIS AS INTRODUCED:
3	3	215 ILCS 5/532 from Ch. 73, par. 1065.82215 ILCS 5/538.7 from Ch. 73, par. 1065.88-7 215 ILCS 5/532 from Ch. 73, par. 1065.82 215 ILCS 5/538.7 from Ch. 73, par. 1065.88-7
4	4	215 ILCS 5/532 from Ch. 73, par. 1065.82
5	5	215 ILCS 5/538.7 from Ch. 73, par. 1065.88-7
6	6	Amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. In provisions authorizing the Illinois Insurance Guaranty Fund to contract with the Office of Special Deputy Receiver or any other person or organizations authorized by law to carry out the duties of the Director of Insurance in her or his capacity as a receiver and specifying a purpose of the Article, deletes language providing that those provisions are inoperative 5 years after August 16, 2021 (the effective date of Public Act 102-396). Effective immediately.
7	7	LRB103 35531 RPS 65603 b LRB103 35531 RPS 65603 b
8	8	LRB103 35531 RPS 65603 b
9	9	A BILL FOR
10	10	SB2773LRB103 35531 RPS 65603 b SB2773 LRB103 35531 RPS 65603 b
11	11	SB2773 LRB103 35531 RPS 65603 b
12	12	1 AN ACT concerning regulation.
13	13	2 Be it enacted by the People of the State of Illinois,
14	14	3 represented in the General Assembly:
15	15	4 Section 5. The Illinois Insurance Code is amended by
16	16	5 changing Sections 532 and 538.7 as follows:
17	17	6 (215 ILCS 5/532) (from Ch. 73, par. 1065.82)
18	18	7 Sec. 532. Purpose.
19	19	8 (a) The purpose of this Article is to provide a mechanism
20	20	9 for the payment of covered claims under certain insurance
21	21	10 policies, to avoid excessive delay in payment of covered
22	22	11 claims, to avoid financial loss to claimants or policyholders
23	23	12 because of the entry of an Order of Liquidation against an
24	24	13 insolvent company, including through services offered to the
25	25	14 Director in her or his capacity as receiver under Article XIII
26	26	15 of this Code that relate to covered claims, to provide a Fund
27	27	16 to assess among member companies the costs of such protection
28	28	17 and maintain the continuity and self-sufficient operation of
29	29	18 the Fund, and to offset the costs associated with maintaining
30	30	19 the Fund's continuity and self-sufficient operations when
31	31	20 practical by providing assistance and services to the Director
32	32	21 in her or his capacity as receiver under Article XIII of this
33	33	22 Code as described in this Section.
34	34	23 (b) The purpose of this Article is also to provide a
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38	38	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2773 Introduced 1/17/2024, by Sen. Napoleon Harris, III SYNOPSIS AS INTRODUCED:
39	39	215 ILCS 5/532 from Ch. 73, par. 1065.82215 ILCS 5/538.7 from Ch. 73, par. 1065.88-7 215 ILCS 5/532 from Ch. 73, par. 1065.82 215 ILCS 5/538.7 from Ch. 73, par. 1065.88-7
40	40	215 ILCS 5/532 from Ch. 73, par. 1065.82
41	41	215 ILCS 5/538.7 from Ch. 73, par. 1065.88-7
42	42	Amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. In provisions authorizing the Illinois Insurance Guaranty Fund to contract with the Office of Special Deputy Receiver or any other person or organizations authorized by law to carry out the duties of the Director of Insurance in her or his capacity as a receiver and specifying a purpose of the Article, deletes language providing that those provisions are inoperative 5 years after August 16, 2021 (the effective date of Public Act 102-396). Effective immediately.
43	43	LRB103 35531 RPS 65603 b LRB103 35531 RPS 65603 b
44	44	LRB103 35531 RPS 65603 b
45	45	A BILL FOR
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51	51	215 ILCS 5/532 from Ch. 73, par. 1065.82
52	52	215 ILCS 5/538.7 from Ch. 73, par. 1065.88-7
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56	56	LRB103 35531 RPS 65603 b
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66	66	SB2773 LRB103 35531 RPS 65603 b
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69	69	SB2773- 2 -LRB103 35531 RPS 65603 b SB2773 - 2 - LRB103 35531 RPS 65603 b
70	70	SB2773 - 2 - LRB103 35531 RPS 65603 b
71	71	1 mechanism for the Fund to participate in and facilitate the
72	72	2 process by which the assets of an insolvent company are
73	73	3 marshaled and distributed pursuant to Article XIII of this
74	74	4 Code beyond reimbursing the cost of covered claims. This
75	75	5 subsection (b) is inoperative 5 years after the effective date
76	76	6 of this amendatory Act of the 102nd General Assembly.
77	77	7 (Source: P.A. 102-396, eff. 8-16-21.)
78	78	8 (215 ILCS 5/538.7) (from Ch. 73, par. 1065.88-7)
79	79	9 Sec. 538.7. (a) The Fund may perform such other acts as are
80	80	10 necessary or proper to effectuate the purposes of this
81	81	11 Article.
82	82	12 (b) The Fund may contract with the Office of Special
83	83	13 Deputy Receiver or any other person or organizations
84	84	14 authorized by law to carry out the duties of the Director in
85	85	15 her or his capacity as a receiver under Article XIII of this
86	86	16 Code. The power of the Fund to contract with these persons or
87	87	17 entities includes, but is not limited to, providing consulting
88	88	18 services and claims administration services that assist with
89	89	19 these persons or entities in the performance of their
90	90	20 respective statutory and legal functions provided by law. The
91	91	21 Fund may only exercise the authority to contract pursuant to
92	92	22 this subsection upon the board of director's written
93	93	23 determination that the provisioning of such services will
94	94	24 advance the purposes set forth in Section 532. Any contract
95	95	25 the Fund may enter into to provide services pursuant to this
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101	101	SB2773 - 2 - LRB103 35531 RPS 65603 b
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104	104	SB2773- 3 -LRB103 35531 RPS 65603 b SB2773 - 3 - LRB103 35531 RPS 65603 b
105	105	SB2773 - 3 - LRB103 35531 RPS 65603 b
106	106	1 subsection shall be subordinate and subject to the Fund's
107	107	2 statutory obligations to timely pay covered claims and avoid
108	108	3 financial loss to claimants or policyholders described in this
109	109	4 Article.
110	110	5 This subsection (b) is inoperative 5 years after the
111	111	6 effective date of this amendatory Act of the 102nd General
112	112	7 Assembly.
113	113	8 (Source: P.A. 102-396, eff. 8-16-21.)
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119	119	SB2773 - 3 - LRB103 35531 RPS 65603 b