SB0762 Summary

• Adds $25,000 filing fee for insurance business transfer plans under new Article XLVII of the Illinois Insurance Code.

• Establishes "Insurance Business Transfer Law" allowing insurers to transfer blocks of property and casualty insurance business (excluding life, accident, and health insurance) to assuming insurers domiciled in Illinois without policyholder consent, subject to court approval.

• Requires transferring insurers to file comprehensive plans with the Department of Insurance including financial statements, actuarial reports, and an independent expert's analysis of impacts on policyholders, reinsurers, and claimants.

• Mandates notice to policyholders, regulators in all relevant states, guaranty associations, and reinsurers; allows 60-day comment period before court approval hearing.

• Court must find no material adverse impact on affected parties' interests before issuing implementation order that effects statutory novation, extinguishing transferring insurer's obligations and making assuming insurer solely liable to policyholders.