+ − Summary
+ − Full Texts (3)
+ − Actions (46)
- Public Act . . . . . . . . . 99-0369
- Effective Date August 14, 2015
- Governor Approved
- Sent to the Governor
- Passed Both Houses
- Senate Concurs 053-000-000
- House Committee Amendment No. 1 Senate Concurs 053-000-000
- House Committee Amendment No. 1 Motion to Concur Be Approved for Consideration Assignments
- House Committee Amendment No. 1 Motion to Concur Referred to Assignments
- House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. William R. Haine
- Third Reading - Short Debate - Passed 113-000-000
- Secretary's Desk - Concurrence House Amendment(s) 1
- Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 31, 2015
- Final Action Deadline Extended-9(b) May 31, 2015
- Placed on Calendar Order of 3rd Reading - Short Debate
- Held on Calendar Order of Second Reading - Short Debate
- Second Reading - Short Debate
- Placed on Calendar 2nd Reading - Short Debate
- Do Pass as Amended / Short Debate Insurance Committee; 015-000-000
- House Committee Amendment No. 1 Adopted in Insurance Committee; by Voice Vote
- Alternate Chief Sponsor Changed to Rep. Frank J. Mautino
- House Committee Amendment No. 1 Rules Refers to Insurance Committee
- Committee Deadline Extended-Rule 9(b) May 15, 2015
- House Committee Amendment No. 1 Referred to Rules Committee
- House Committee Amendment No. 1 Filed with Clerk by Rep. John Bradley
- Assigned to Insurance Committee
- Referred to Rules Committee
- First Reading
- Arrived in House
- Third Reading - Passed; 050-000-000
- Placed on Calendar Order of 3rd Reading
- Senate Floor Amendment No. 1 Adopted; Haine
- Recalled to Second Reading
- Senate Floor Amendment No. 1 Recommend Do Adopt Insurance; 012-000-000
- Senate Floor Amendment No. 1 Assignments Refers to Insurance
- Senate Floor Amendment No. 1 Referred to Assignments
- Senate Floor Amendment No. 1 Filed with Secretary by Sen. William R. Haine
- Placed on Calendar Order of 3rd Reading April 16, 2015
- Second Reading
- Placed on Calendar Order of 2nd Reading April 14, 2015
- Do Pass Insurance; 013-000-001
- Postponed - Insurance
- Assigned to Insurance
- Referred to Assignments
- First Reading
- Filed with Secretary by Sen. William R. Haine
+ − Adopted Amendments (2)
House Amendment 001
Provides that insurers shall limit the size of a policyholder's obligations under a large deductible agreement to no greater than 20% (rather than to 20%) of the total net worth of the policyholder. In the definition of "large deductible agreement", includes security agreements which provide for the policyholder to bear the risk of loss of $100,000 or greater (rather than a specified amount) per claim or occurrence.
Senate Amendment 001
Replaces everything after the enacting clause with the introduced bill with the following changes: Defines "insurer" to mean insurers authorized to issue a workers' compensation policy in this State that has an A.M. Best Company rating below "A-" and does not have at least $200,000,000 in surplus (rather than less than $100,000,000 in group surplus). Defines "large deductible agreement". Requires insurers to require full collateralization of outstanding obligations owed under large deductible agreements using certain methods. Provides that one method for collateralization is through cash or securities held in trust by a third party or by the insurer (rather than by a third party), provided that if the assets are held by the insurer those assets are not commingled with the insurer's other assets. Provides that insurers shall limit the size of the policyholder's obligations under a large deductible agreement to 20% of the total net worth of the policyholder at each policy inception (rather than 20% of full policy premium value or 10% of the total accounting net worth) of the policyholder). Provides that insurers determined to be in a financially hazardous condition under the Illinois Insurance Code by the Director of Insurance in this State or the equivalent in any other state is prohibited from issuing or renewing a policy that includes a large deductible agreement except when approved by the Director. Applies to large deductible agreements issued or renewed by any insurer on or after January 1, 2016. Effective July 1, 2015.