Amends the State Finance Act. Provides for the transfer of specified amounts from various special funds to the Audit Expense Fund for use by the Auditor General in auditing those special funds. Effective immediately.
Creates the Interstate Insurance Product Regulation Compact. Provides for the promotion and protection of the interests of consumers of individual and group annuity, life insurance, disability income, and long-term care insurance products. Creates the Interstate Insurance Product Regulation Commission to develop uniform standards for insurance products covered under the Compact, to establish a central clearing house to receive and provide prompt review of insurance products covered under the Compact, to provide appropriate regulatory approval, and to improve coordination of regulatory resources and expertise between state insurance departments. Effective immediately.
Amends the IMRF Article of the Illinois Pension Code. Provides that an elected or appointed coroner may elect to participate in the Fund as a sheriff's law enforcement employee (SLEP). Allows conversion of prior service. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Life and Health Insurance Guaranty Association Article of the Illinois Insurance Code. Prohibits health care providers from seeking payment from insureds until a final determination of the Association's liability has been made. Excludes from coverage certain variable rate instruments. Excludes from coverage certain self-funded employer and employee benefit plans. Removes authority of the Association to loan money to an impaired insurer. Sets forth conditions under which coverage is provided to residents and nonresidents. Makes changes with respect to the manner assessments are made upon insurers. Limits the liability of the Association and the Director of Insurance with respect to the operation of the Association. Effective January 1, 2005.
Amends the Illinois Public Labor Relations Act. Redefines "public employee" to include persons in positions under the Personnel Code with direct management or supervisory responsibilities for State parks, lands, and historic sites. Effective immediately.
Amends the Uniform Disposition of Unclaimed Property Act. Provides for confidentiality of information provided to the State Treasurer under the Act. Changes the notice requirements to owners. Provides that proceeds in excess of $2,500,000 from the sale of abandoned property shall be deposited into the State Pension Fund (instead of into a separate trust fund for the payment of claims). Requires any person or company charging a fee for discovering presumptively abandoned property to be a licensed private detective. Effective immediately.
Amends the Illinois Insurance Code. Establishes disclosure requirements for life insurance policies having a face amount of $20,000 or less. Requires insurers to make a disclosure to insureds if the premiums on small policies will exceed the face amount of the policy. Prohibits insurers from collecting premiums on small policies when the premiums collected minus dividends paid in cash exceed 250% of the face amount of the policy.
Amends the Property Tax Code. Provides that the penalty that must be paid to redeem property sold at a tax sale includes (i) a fee of $100 (now, $35) if a petition for tax deed has been filed; (ii) a fee of $10 (now, $4) if a notice of sale and redemption rights has been filed; and (iii) up to $125 paid for costs of title insurance and to identify and locate owners and interested parties to the subject real estate. Provides that the purchaser or his or her assignee shall give the notice of expiration of the period of redemption for property sold at a tax sale by, in addition to other requirements, causing the notice to be served by a process server or sheriff (now, a sheriff). In provisions requiring the court to insist on strict compliance with notice provisions when ordering the issuance of a tax deed, provides that the court shall consider only noncompliance that has or may have had a material effect upon the right of redemption of any interested party. Provides that the tax deed order is prima facie evidence of compliance with applicable law. Effective January 1, 2004.
Amends the Liquor Control Act of 1934. Makes technical changes in a Section concerning retail sales on Sundays.
Amends the Civil Administrative Code of Illinois. Makes a technical change in a Section concerning the Department of Natural Resources.
