IL INSURANCE GUARANTY FUND Senate SponsorsSen. John G. Mulroe and Laura Fine House Sponsors(Rep. Thaddeus Jones-Anthony DeLuca) 8/23/2019SenatePublic Act . . . . . . . . . 101-0549 215 ILCS 5/534.3from Ch. 73, par. 1065.84-3215 ILCS 5/537.6from Ch. 73, par. 1065.87-6215 ILCS 5/537.7from Ch. 73, par. 1065.87-7215 ILCS 5/538.3from Ch. 73, par. 1065.88-3215 ILCS 5/538.4from Ch. 73, par. 1065.88-4215 ILCS 5/538.9 new215 ILCS 5/545from Ch. 73, par. 1065.95Amends the Illinois Insurance Guaranty Fund Article of the Illinois Insurance Code. Provides that a "covered claim" does not include a claim for fines and penalties paid to government authorities. Provides that the board of directors of the Illinois Insurance Guaranty Fund has the authority to assess to pay off a loan necessary to pay covered claims. Provides that if the loan is projected to be outstanding for 3 years or more, the board of directors has the authority to increase the assessment to 3% of net direct written premiums for the previous year until the loan has been paid in full. Makes changes in provisions that specify conditions under which the Fund is bound by certain settlements, releases, compromises, waivers, and final judgments. Provides that the Fund may also take legal action to recover from insurers and insureds in certain circumstances. Provides that the Fund may bring an action against certain third-party representatives of an insolvent insurer to obtain custody and control of all claim information related to the insolvent company. Provides that any person recovering under the Article and any insured whose liabilities are satisfied under the Article shall be deemed to have assigned the person's or insured's rights under the policy to the Fund to the extent of his or her recovery or satisfaction obtained from the Fund's payments. Provides that the Fund may also pay certain workers' compensation claims or any other third-party claims covered by a policy of an insolvent company on behalf of a high net worth insured and may recover from the high net worth insured through any action necessary to collect the full amount to the Fund's reimbursement. Effective immediately.Senate Committee Amendment No. 1 In provisions concerning actions regarding insolvent company records, provides that the Illinois Insurance Guaranty Fund has the absolute right through emergency equitable relief to obtain custody and control of certain claims information in possession of certain third-party administrators, agents, attorneys, or other representatives of an insolvent insurer (rather than the absolute right through emergency equitable relief to obtain custody and control of certain third-party administrators, agents, attorneys, or other representatives of an insolvent insurer).Senate Floor Amendment No. 2 Provides that the Illinois Insurance Guaranty Fund shall recover (rather than may recover) from the high net worth insured for all amounts paid on its behalf, all allocated claim adjusted expenses related to such claims, the Fund's attorney's fees, and all court costs in any action necessary to collect the full amount to the Fund's reimbursement. Makes a grammatical change.House Floor Amendment No. 1 Deletes reference to:215 ILCS 5/534.3215 ILCS 5/537.6215 ILCS 5/537.7215 ILCS 5/538.3215 ILCS 5/538.4215 ILCS 5/538.9 new215 ILCS 5/545Adds reference to:215 ILCS 5/35B-25Replaces everything after the enacting clause. Amends the Illinois Insurance Code. Provides that the Director of Insurance shall approve a plan of division unless he or she finds that each new company created by the proposed division, except a new company that is a nonsurviving party to certain mergers, that will be a member insurer of the Illinois Life and Health Insurance Guaranty Association and that will have policy liabilities allocated to it will not be licensed to do insurance business in each state where such policies were written by the dividing company. 2/13/2019SenateFiled with Secretary by Sen. John G. Mulroe 2/13/2019SenateFirst Reading 2/13/2019SenateReferred to Assignments 2/13/2019SenateAssigned to Insurance 2/14/2019SenateAdded as Co-Sponsor Sen. Laura Fine 2/21/2019SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. John G. Mulroe 2/21/2019SenateSenate Committee Amendment No. 1 Referred to Assignments 2/27/2019SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance 3/6/2019SenateSenate Committee Amendment No. 1 Adopted 3/6/2019SenateDo Pass as Amended Insurance; 016-000-000 3/6/2019SenatePlaced on Calendar Order of 2nd Reading 3/7/2019SenateSecond Reading 3/7/2019SenatePlaced on Calendar Order of 3rd Reading March 12, 2019 4/4/2019SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. John G. Mulroe 4/4/2019SenateSenate Floor Amendment No. 2 Referred to Assignments 4/9/2019SenateSenate Floor Amendment No. 2 Assignments Refers to Insurance 4/10/2019SenateSenate Floor Amendment No. 2 Recommend Do Adopt Insurance; 013-000-000 4/10/2019SenateRecalled to Second Reading 4/10/2019SenateSenate Floor Amendment No. 2 Adopted; Mulroe 4/10/2019SenatePlaced on Calendar Order of 3rd Reading 4/10/2019SenateThird Reading - Passed; 056-000-000 4/10/2019HouseArrived in House 4/19/2019HouseChief House Sponsor Rep. Michael Halpin 4/30/2019HouseFirst Reading 4/30/2019HouseReferred to Rules Committee 4/30/2019HouseAssigned to Insurance Committee 5/7/2019HouseDo Pass / Short Debate Insurance Committee; 020-000-000 5/8/2019HousePlaced on Calendar 2nd Reading - Short Debate 5/14/2019HouseAlternate Chief Sponsor Changed to Rep. Thaddeus Jones 5/14/2019HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Thaddeus Jones 5/14/2019HouseHouse Floor Amendment No. 1 Referred to Rules Committee 5/16/2019HouseHouse Floor Amendment No. 1 Rules Refers to Insurance Committee 5/22/2019HouseHouse Floor Amendment No. 1 Recommends Be Adopted Insurance Committee; 016-000-000 5/22/2019HouseSecond Reading - Short Debate 5/22/2019HouseHeld on Calendar Order of Second Reading - Short Debate 5/24/2019HouseFinal Action Deadline Extended-9(b) May 31, 2019 5/28/2019HouseHouse Floor Amendment No. 1 Adopted 5/28/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/28/2019HouseThird Reading - Short Debate - Passed 115-000-000 5/28/2019HouseAdded Alternate Chief Co-Sponsor Rep. Anthony DeLuca 5/29/2019SenateSecretary's Desk - Concurrence House Amendment(s) 1 5/29/2019SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 30, 2019 5/29/2019SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. John G. Mulroe 5/29/2019SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments 5/29/2019SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Insurance 5/30/2019SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Insurance; 014-000-000 5/30/2019SenateHouse Floor Amendment No. 1 Senate Concurs 055-000-001 5/30/2019SenateSenate Concurs 5/30/2019SenatePassed Both Houses 6/28/2019SenateSent to the Governor 8/23/2019SenateGovernor Approved 8/23/2019SenateEffective Date January 1, 2020 8/23/2019SenatePublic Act . . . . . . . . . 101-0549