Fabio
122 lines
9.1 KiB
Markdown
122 lines
9.1 KiB
Markdown
---
|
||
type: "Bill"
|
||
title: "INS CD-REINSURANCE"
|
||
description: "Amends the Illinois Insurance Code. With regard to an assuming insurer's trust fund, provides that not later than February 28 of each year, the assuming insurer's chief executive officer or chief financial officer shall certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a trusteed surplus of not less than $20,000,000. Permits a reduction in the required trusteed surplus in specified circumstances. Provides that in the event that the provision concerning the reduction in the required trusteed surplus applies to the trust, the assuming insurer's chief executive officer or chief financial officer shall then certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a reduced trusteed surplus of not less than the amount that has been authorized by the regulatory authority having principal regulatory oversight of the trust. Makes changes to the provisions concerning financial strength ratings. Sets forth provisions concerning downgrades by rating agencies, the Director's authority, upgrading the rating of a certified reinsurer, and the revocation of the certification of a certified reinsurer. Makes other changes."
|
||
jurisdiction: "us/states/il"
|
||
legislature: "Illinois General Assembly"
|
||
session: "98th"
|
||
identifier: "SB 2979"
|
||
citation: "Illinois SB 2979 (98th)"
|
||
classification: ["bill"]
|
||
subjects: []
|
||
status: "enacted"
|
||
primary_sponsors: []
|
||
version_count: 3
|
||
action_count: 54
|
||
vote_count: 3
|
||
first_action: "2014-02-04"
|
||
last_action: "2015-01-09"
|
||
source: "openstates"
|
||
source_identifier: "ocd-bill/7661ba21-31ab-4a8b-af06-6bf2e92fe1cb"
|
||
source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=2979&GAID=12&DocTypeID=SB&LegId=79209&SessionID=85&GA=98"
|
||
source_hash: "b81ec78e9495ee903fdc8c35342bff2652a31d41c9e6a97bd6f70f3cf20b24ec"
|
||
vintage: "2026-07-01"
|
||
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
|
||
retrieved_at: "2026-07-06"
|
||
confidence: "reported"
|
||
tags: ["legislation", "bill", "us-il"]
|
||
---
|
||
|
||
# Illinois SB 2979 (98th) — INS CD-REINSURANCE
|
||
|
||
Amends the Illinois Insurance Code. With regard to an assuming insurer's trust fund, provides that not later than February 28 of each year, the assuming insurer's chief executive officer or chief financial officer shall certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a trusteed surplus of not less than $20,000,000. Permits a reduction in the required trusteed surplus in specified circumstances. Provides that in the event that the provision concerning the reduction in the required trusteed surplus applies to the trust, the assuming insurer's chief executive officer or chief financial officer shall then certify to the Director that the trust fund contains funds in an amount not less than the assuming insurer's liabilities attributable to reinsurance ceded by U.S. ceding insurers, and in addition, a reduced trusteed surplus of not less than the amount that has been authorized by the regulatory authority having principal regulatory oversight of the trust. Makes changes to the provisions concerning financial strength ratings. Sets forth provisions concerning downgrades by rating agencies, the Director's authority, upgrading the rating of a certified reinsurer, and the revocation of the certification of a certified reinsurer. Makes other changes.
|
||
|
||
## Version chain
|
||
|
||
The bill's text revisions, in order — the diff chain from filing to enrollment.
|
||
|
||
1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09800SB2979&GA=98&SessionId=85&DocTypeId=SB&LegID=79209&DocNum=2979&GAID=12&Session=&print=true)
|
||
2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09800SB2979eng&GA=98&SessionId=85&DocTypeId=SB&LegID=79209&DocNum=2979&GAID=12&Session=&print=true)
|
||
3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09800SB2979enr&GA=98&SessionId=85&DocTypeId=SB&LegID=79209&DocNum=2979&GAID=12&Session=&print=true)
|
||
|
||
## Votes
|
||
|
||
- Third Reading — **111–0** (pass) · lower
|
||
- Concurrence — **52–0** (pass) · upper
|
||
- Third Reading — **49–0** (pass) · upper
|
||
|
||
## Sponsors
|
||
|
||
- Adam Brown — cosponsor (person)
|
||
- Anthony DeLuca — cosponsor (person)
|
||
- Greg Harris — cosponsor (person)
|
||
- Jack D. Franks — cosponsor (person)
|
||
- Maria Antonia Berrios — cosponsor (person)
|
||
- Robert Rita — cosponsor (person)
|
||
- Ron Sandack — cosponsor (person)
|
||
- William R. Haine — primary (person)
|
||
|
||
## Timeline
|
||
|
||
The legislative action history — every referral, reading, and vote.
|
||
|
||
- **2014-02-04** Filed with Secretary by Sen. Antonio Muñoz `filing`
|
||
- **2014-02-04** First Reading `reading-1`
|
||
- **2014-02-04** Referred to Assignments `referral-committee`
|
||
- **2014-02-19** Assigned to Insurance `referral-committee`
|
||
- **2014-03-20** Senate Committee Amendment No. 1 Filed with Secretary by Sen. Antonio Muñoz `amendment-introduction`
|
||
- **2014-03-20** Senate Committee Amendment No. 1 Referred to Assignments `referral-committee`
|
||
- **2014-03-25** Senate Committee Amendment No. 1 Assignments Refers to Insurance
|
||
- **2014-03-26** Senate Committee Amendment No. 1 Adopted `amendment-passage`
|
||
- **2014-03-27** Do Pass as Amended Insurance; 010-000-000 `committee-passage`
|
||
- **2014-03-27** Placed on Calendar Order of 2nd Reading April 1, 2014
|
||
- **2014-04-01** Second Reading `reading-2`
|
||
- **2014-04-01** Placed on Calendar Order of 3rd Reading April 2, 2014
|
||
- **2014-04-11** Rule 2-10 Third Reading Deadline Established As May 1, 2014 `reading-3`
|
||
- **2014-04-29** Third Reading - Passed; 049-000-000 `reading-3, passage`
|
||
- **2014-04-29** Arrived in House `introduction`
|
||
- **2014-04-29** Chief House Sponsor Rep. Frank J. Mautino
|
||
- **2014-04-30** First Reading `reading-1`
|
||
- **2014-04-30** Referred to Rules Committee `referral-committee`
|
||
- **2014-05-02** Added Alternate Chief Co-Sponsor Rep. Edward J. Acevedo
|
||
- **2014-05-02** Added Alternate Chief Co-Sponsor Rep. Robert F. Martwick
|
||
- **2014-05-02** Added Alternate Chief Co-Sponsor Rep. Michael J. Zalewski
|
||
- **2014-05-02** Added Alternate Co-Sponsor Rep. Maria Antonia Berrios
|
||
- **2014-05-02** Added Alternate Co-Sponsor Rep. Robert Rita
|
||
- **2014-05-06** Added Alternate Co-Sponsor Rep. Jack D. Franks
|
||
- **2014-05-06** Added Alternate Co-Sponsor Rep. Adam Brown
|
||
- **2014-05-06** Added Alternate Co-Sponsor Rep. Ron Sandack
|
||
- **2014-05-06** Added Alternate Co-Sponsor Rep. Greg Harris
|
||
- **2014-05-07** Added Alternate Co-Sponsor Rep. Anthony DeLuca
|
||
- **2014-11-18** Assigned to Insurance Committee `referral-committee`
|
||
- **2014-11-18** House Committee Amendment No. 1 Filed with Clerk by Rep. Frank J. Mautino `amendment-introduction`
|
||
- **2014-11-18** House Committee Amendment No. 1 Referred to Rules Committee `referral-committee`
|
||
- **2014-11-18** House Committee Amendment No. 1 Rules Refers to Insurance Committee
|
||
- **2014-11-19** Motion Filed to Suspend Rule 21 Insurance Committee; Rep. Barbara Flynn Currie
|
||
- **2014-11-19** Motion to Suspend Rule 21 - Prevailed
|
||
- **2014-11-19** House Committee Amendment No. 1 Adopted in Insurance Committee; by Voice Vote `amendment-passage`
|
||
- **2014-11-19** Do Pass as Amended / Short Debate Insurance Committee; 023-000-000 `committee-passage`
|
||
- **2014-11-19** Placed on Calendar 2nd Reading - Short Debate
|
||
- **2014-11-19** Second Reading - Short Debate `reading-2`
|
||
- **2014-11-19** Held on Calendar Order of Second Reading - Short Debate `reading-2`
|
||
- **2014-11-20** Placed on Calendar Order of 3rd Reading - Short Debate
|
||
- **2014-11-20** Third Reading - Short Debate - Passed 111-000-001 `reading-3, passage`
|
||
- **2014-11-20** Chief Sponsor Changed to Sen. William R. Haine
|
||
- **2014-11-20** Secretary's Desk - Concurrence House Amendment(s) 1
|
||
- **2014-11-20** Placed on Calendar Order of Concurrence House Amendment(s) 1 - December 2, 2014
|
||
- **2014-12-02** House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. William R. Haine `filing`
|
||
- **2014-12-02** House Committee Amendment No. 1 Motion to Concur Referred to Assignments `referral-committee`
|
||
- **2014-12-02** House Committee Amendment No. 1 Motion to Concur Assignments Referred to Insurance `referral-committee`
|
||
- **2014-12-02** House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Insurance; 009-000-000
|
||
- **2014-12-04** House Committee Amendment No. 1 Senate Concurs 052-000-000
|
||
- **2014-12-04** Passed Both Houses
|
||
- **2014-12-15** Sent to the Governor `executive-receipt`
|
||
- **2015-01-09** Governor Approved `executive-signature`
|
||
- **2015-01-09** Effective Date June 1, 2015
|
||
- **2015-01-09** Public Act . . . . . . . . . 98-1165 `became-law`
|
||
|
||
## Source
|
||
|
||
OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/7661ba21-31ab-4a8b-af06-6bf2e92fe1cb`. Confidence: reported (aggregated from official Illinois legislature records).
|
||
|