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.
Sponsored bills
Amends the Illinois Procurement Code. Provides that a request for information need not be used in procuring the lease of a comprehensive physical center required for a local workforce investment area pursuant to federal law. Provides that the lease of a comprehensive physical center for a local workforce investment area is exempt from provisions concerning limits on the length of leases.
Amends the Illinois Housing Development Act. Makes a technical change in a Section concerning the short title.
Amends the Unemployment Insurance Act. Makes a technical change in a Section concerning the definition of the term "employment".
Amends the Farm Mutual Insurance Company Act of 1986. Makes changes with regard to the types of financial instruments that the funds of a company operating under or regulated by the provisions of the Act may be invested in without the prior approval of the Director of Insurance.
Amends the Public Utilities Act. Makes a technical change in the short title Section.
Amends the Limited Liability Company Act. Reduces the fee collected by the Secretary of State for the filing of articles of organization, applications for admission, and restated articles of organization from $500 to $39 and reduces those fees in connection with a limited liability company with ability to establish series from $750 to $59. Effective immediately.
Amends the Department of Transportation Law of the Civil Administrative Code of Illinois. Makes a technical change in a Section concerning the short title.
Amends the State Revenue Sharing Act. Makes a technical change in a Section concerning the short title.
Creates the Not-for-Profit Gaming Act. Contains only a short title provision.