Fabio
9.0 KiB
type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags
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| Bill | INS CODE-REINSURANCE CREDITS | 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. | us/states/il | Illinois General Assembly | 102nd | SB 2411 | Illinois SB 2411 (102nd) |
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enacted |
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4 | 37 | 2 | 2021-02-26 | 2021-08-24 | openstates | ocd-bill/4d3268d6-38bc-4b48-8b6d-59f747458739 | https://ilga.gov/legislation/BillStatus.asp?DocNum=2411&GAID=16&DocTypeID=SB&LegId=135065&SessionID=110&GA=102 | fd33ac4fbb9e601c60d3ff2de2d62a157eea7d49a7769b4608efa5a2ecd97476 | 2026-07-01 | https://data.openstates.org/daily/2026-07-01/public.pgdump | 2026-07-06 | reported |
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Illinois SB 2411 (102nd) — INS CODE-REINSURANCE CREDITS
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.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
- Introduced (filed) — source
- Engrossed (committee substitute) — source
- Senate Amendment 001 (committee substitute) — source
- Enrolled (enrolled) — source
Votes
- Third Reading — 116–0 (pass) · lower
- Third Reading — 59–0 (pass) · upper
Sponsors
- Napoleon Harris, III — primary (person)
- Thaddeus Jones — primary (person)
- Norine K. Hammond — cosponsor (person)
- Tony McCombie — cosponsor (person)
Timeline
The legislative action history — every referral, reading, and vote.
- 2021-02-26 Filed with Secretary by Sen. Napoleon Harris, III
filing - 2021-02-26 First Reading
reading-1 - 2021-02-26 Referred to Assignments
referral-committee - 2021-03-23 Assigned to Insurance
referral-committee - 2021-03-24 Senate Committee Amendment No. 1 Filed with Secretary by Sen. Napoleon Harris, III
amendment-introduction - 2021-03-24 Senate Committee Amendment No. 1 Referred to Assignments
referral-committee - 2021-03-25 Senate Committee Amendment No. 1 Assignments Refers to Insurance
- 2021-04-14 Senate Committee Amendment No. 1 Adopted
amendment-passage - 2021-04-15 Do Pass as Amended Insurance; 010-000-000
committee-passage - 2021-04-15 Placed on Calendar Order of 2nd Reading April 20, 2021
- 2021-04-21 Second Reading
reading-2 - 2021-04-21 Placed on Calendar Order of 3rd Reading April 22, 2021
- 2021-04-23 Rule 3-9(a) / Re-referred to Assignments
referral-committee - 2021-04-30 Rule 2-10 Third Reading Deadline Established As May 7, 2021
reading-3 - 2021-05-04 Approved for Consideration Assignments
- 2021-05-04 Placed on Calendar Order of 3rd Reading May 5, 2021
- 2021-05-06 Third Reading - Passed; 059-000-000
passage, reading-3 - 2021-05-07 Arrived in House
introduction - 2021-05-11 Chief House Sponsor Rep. Thaddeus Jones
- 2021-05-11 First Reading
reading-1 - 2021-05-11 Referred to Rules Committee
referral-committee - 2021-05-13 Assigned to Insurance Committee
referral-committee - 2021-05-13 Committee/Final Action Deadline Extended-9(b) May 28, 2021
- 2021-05-20 Do Pass / Consent Calendar Insurance Committee; 018-000-000
committee-passage - 2021-05-21 Placed on Calendar 2nd Reading - Consent Calendar
- 2021-05-24 Second Reading - Consent Calendar
reading-2 - 2021-05-24 Held on Calendar Order of Second Reading - Consent Calendar
reading-2 - 2021-05-25 Placed on Calendar Order of 3rd Reading - Consent Calendar
- 2021-05-26 Added Alternate Co-Sponsor Rep. Norine K. Hammond
- 2021-05-26 Added Alternate Co-Sponsor Rep. Tony McCombie
- 2021-05-26 Third Reading - Consent Calendar - First Day
reading-3 - 2021-05-27 Third Reading - Consent Calendar - Passed 116-000-000
passage, reading-3 - 2021-05-27 Passed Both Houses
- 2021-06-25 Sent to the Governor
executive-receipt - 2021-08-24 Governor Approved
executive-signature - 2021-08-24 Effective Date December 31, 2022
- 2021-08-24 Public Act . . . . . . . . . 102-0578
became-law
Source
OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/4d3268d6-38bc-4b48-8b6d-59f747458739. Confidence: reported (aggregated from official Illinois legislature records).