Bill Sponsor
Illinois Senate Bill 765
Session 103rd
Regulation-Tech
Became Law
Became Law
Became Law on Nov 17, 2023
Sponsors
Democrat
Napoleon Harris, III
Democrat
Thaddeus Jones
First Action
Feb 2, 2023
Latest Action
Nov 17, 2023
Origin Chamber
Senate
Type
Bill
Bill Number
765
State
Illinois
Session
103rd
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Democrat
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Senate Votes (0)
Senate votes are unavailable for this bill.
Summary
Amends the Comprehensive Health Insurance Plan Act. Makes a technical change in a Section concerning the short title. Senate Floor Amendment No. 1 Deletes reference to: 215 ILCS 105/1 Adds reference to: 215 ILCS 120/10 from Ch. 73, par. 1260 Replaces everything after the enacting clause. Amends the Farm Mutual Insurance Company Act of 1986. Provides that, until the date that is 5 years after the effective date of the amendatory Act, a farm mutual insurance company insuring against the perils of wind or hail must have and maintain adequate catastrophic reinsurance (instead of catastrophic reinsurance which limits the company's exposure on any one loss occurrence to 20% of its policyholders' surplus). Defines "adequate catastrophic reinsurance" as reinsurance in an amount no less than that required for a 500-year event, based on an actuarially sound catastrophe model that limits the company's exposure on any one loss occurrence to (i) 20% of its policyholders' surplus or (ii) an amount authorized by the Director of Insurance. Provides that a farm mutual insurance company must additionally have and maintain aggregate reinsurance coverage in an amount no less than that required for a 250-year event, based on an actuarially sound catastrophe model. Provides that the reinsurance permitted or required under the provisions must be provided by (i) a farm mutual insurance company, (ii) an insurance company authorized to write the kinds of insurance described in the Illinois Insurance Code pertaining to casualty, fidelity, surety, fire, marine, and other types of insurance, or (iii) a reinsurer and reinsurance program meeting the standards set forth in the Illinois Insurance Code that permit a domestic company to take credit for reinsurance. Requires a farm mutual insurance company converting from unlimited catastrophic reinsurance to adequate catastrophic reinsurance to provide notice of the change to policyholders in a form approved by the Director of Insurance. Provides that the provisions of the amendatory Act become inoperative on and after the date that is 5 years after the effective date of the amendatory Act. Effective immediately.
Sources
Record Created
Feb 8, 2023 3:11:02 AM
Record Updated
Jan 4, 2024 9:46:06 AM