IL HB0991

Amends the Illinois Insurance Code to add Section 188.2 establishing grounds for rehabilitation or liquidation of domestic insurance companies designated as "covered financial companies" under the federal Dodd-Frank Wall Street Reform and Consumer Protection Act.

Authorizes the Director to file complaints for rehabilitation or liquidation based on: (1) Secretary of Treasury determination that the company meets federal requirements and the company's board consents to a federal receiver appointment; (2) a U.S. District Court order for the District of Columbia granting the Secretary's petition; or (3) a Secretary petition granted by operation of law.

Allows receivership courts to grant rehabilitation or liquidation orders within 24 hours of complaint filing; if the court does not rule within 24 hours, the order is automatically deemed granted by operation of law.

Upon automatic granting, the Director is immediately affirmed as receiver with all applicable powers under Article XIII of the Illinois Insurance Code, and the court must expeditiously enter a formal order effective as of the automatic grant date.

Provides that rehabilitation or liquidation orders under this section cannot be subject to stays or injunctions pending appeal, and does not supersede other existing powers of the Director or courts.