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IL HB4367
Bill
Status
Passed
8/9/2024
Primary Sponsor
Jay Hoffman
Click for details
AI Summary
- Amends Section 534.4 of the Illinois Insurance Code to define "insolvent company" for insurance guaranty fund purposes
- Includes companies organized as stock, mutual, reciprocal, or Lloyds entities that held or hold a certificate of authority to transact insurance in Illinois
- Includes companies that assumed or were allocated policy obligations through merger, division, business transfer, consolidation, or reinsurance
- Requires a final Order of Liquidation with insolvency finding from a court in the company's state of domicile with no further appeal rights
- Clarifies that assumption or allocation of policy obligations does not create or destroy fund coverage—coverage status is determined at time of original assumption or allocation
Legislative Description
INS CD-INSURANCE GUARANTY FUND
Last Action
Public Act . . . . . . . . . 103-0815
8/9/2024
Committee Referrals
Insurance5/24/2024
Rules5/23/2024
Insurance5/20/2024
Assignments5/20/2024
Insurance5/14/2024
Assignments5/14/2024
Insurance5/14/2024
Assignments4/16/2024
Insurance3/12/2024
Rules3/4/2024
Insurance2/14/2024
Rules1/16/2024
Full Bill Text
No bill text available