VIATICAL STTLMNT ACT 2006 House SponsorsRep. Roger Jenisch-Sidney H. Mathias-Frank J. Mautino and Michael Tryon Senate Sponsors(Sen. John J. Cullerton) 1/9/2007HouseSession Sine Die New Act215 ILCS 158/Act rep.5 ILCS 140/7from Ch. 116, par. 207215 ILCS 5/424from Ch. 73, par. 1031815 ILCS 5/2.1from Ch. 121 1/2, par. 137.2-1815 ILCS 5/2.33 new Creates the Viatical Settlements Act of 2006. Provides for the regulation of viatical settlement providers, brokers, and life insurance producers who enter into viatical settlements. Provides license requirements and establishes grounds for the suspension, denial, nonrenewal, or revocation of a license. Requires viatical settlement contracts and disclosure statements to be approved by the Secretary of Financial and Professional Regulation. Requires certain documents to be kept by licensees for examination by the Secretary and sets guidelines for examination by the Secretary. Provides a period of time for rescission after certain disclosures are made. Sets forth rules that must be complied with by viatical settlement providers and insurers. Requires certain disclosures to be made in connection with viatical settlements. Sets forth prohibited practices and exceptions. Grants the Secretary the authority to adopt rules. Provides standards for application by current viatical settlement providers. Sets forth violations and penalties for violations. Provides standards for advertisement of viatical settlement services and contracts. Provides that the Illinois Securities Law of 1953 is not preempted or limited by the Act and amends the Illinois Security Law of 1953 to include viatical investments in a definition of "security" and to add a definition of "viatical investment". Provides that the provisions of the Act are severable. Repeals the Viatical Settlements Act. Amends the Freedom of Information Act to exempt from disclosure certain documents required under the Viatical Settlements Act of 2006. Amends the Illinois Insurance Code to provide that engaging in acts or practices prohibited by the Viatical Settlements Act of 2006 constitutes an unfair method of competition and unfair and deceptive act or practice in the business of insurance. Effective immediately.House Amendment No. 1 Deletes everything after the enacting clause. Creates the Viatical and Life Settlements Act of 2006. Provides for the regulation of viatical settlement providers, brokers, and life insurance producers acting as brokers who enter into viatical settlements. Provides license requirements and establishes grounds for the suspension, denial, nonrenewal, or revocation of a license. Requires viatical settlement contracts and disclosure statements to be approved by the Secretary of Financial and Professional Regulation. Requires certain documents to be kept by licensees for examination by the Secretary and sets guidelines for examination by the Secretary. Provides a period of time for rescission after certain disclosures are made. Sets forth rules that must be complied with by viatical settlement providers and insurers. Requires certain disclosures to be made in connection with viatical settlements. Sets forth prohibited practices and exceptions. Grants the Secretary the authority to adopt rules. Provides standards for application by current viatical settlement providers. Sets forth violations and penalties for violations. Provides standards for advertisement of viatical settlement services and contracts. Provides that violations of the Act are considered unfair methods of competition or unfair and deceptive acts or practices subject to penalty under the Unfair Methods of Competition and Unfair and Deceptive Acts and Practices Article of the Illinois Insurance Code and amends that Article to include the violations. Provides that the Illinois Securities Law of 1953 is not preempted or limited by the Act and amends the Illinois Security Law of 1953 to include viatical investments in a definition of "security" and to add a definition of "viatical investment". Repeals the Viatical Settlements Act. Amends the Freedom of Information Act to exempt from disclosure certain documents required under the Viatical and Life Settlements Act of 2006. Provides that the provisions of the Act are severable. Effective immediately.House Amendment No. 3 Changes the definition of "viatical settlement contract". 1/26/2006HouseFiled with the Clerk by Rep. Roger Jenisch 1/26/2006HouseAdded Co-Sponsor Rep. Frank J. Mautino 1/26/2006HouseAdded Co-Sponsor Rep. Michael Tryon 1/26/2006HouseFirst Reading 1/26/2006HouseReferred to Rules Committee 1/31/2006HouseAssigned to Judiciary I - Civil Law Committee 2/8/2006HouseHouse Amendment No. 1 Filed with Clerk by Judiciary I - Civil Law Committee 2/8/2006HouseHouse Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote 2/8/2006HouseDo Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 012-000-000 2/8/2006HousePlaced on Calendar 2nd Reading - Short Debate 2/8/2006HouseAdded Chief Co-Sponsor Rep. Sidney H. Mathias 2/22/2006HouseAdded Chief Co-Sponsor Rep. Frank J. Mautino 2/22/2006HouseRemoved Co-Sponsor Rep. Frank J. Mautino 2/23/2006HouseHouse Amendment No. 2 Filed with Clerk by Rep. Roger Jenisch 2/23/2006HouseHouse Amendment No. 2 Referred to Rules Committee 2/28/2006HouseHouse Amendment No. 3 Filed with Clerk by Rep. Roger Jenisch 2/28/2006HouseHouse Amendment No. 3 Referred to Rules Committee 2/28/2006HouseSecond Reading - Short Debate 2/28/2006HouseHeld on Calendar Order of Second Reading - Short Debate 3/1/2006HouseHouse Amendment No. 3 Recommends Be Adopted Rules Committee; 004-000-000 3/1/2006HouseHouse Amendment No. 3 Adopted by Voice Vote 3/1/2006HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/3/2006HouseThird Reading - Short Debate - Passed 105-000-000 3/3/2006HouseHouse Amendment No. 2 Tabled Pursuant to Rule 40(a) 3/7/2006SenateArrive in Senate 3/7/2006SenatePlaced on Calendar Order of First Reading 3/7/2006SenateChief Senate Sponsor Sen. John J. Cullerton 3/7/2006SenateFirst Reading 3/7/2006SenateReferred to Rules 3/15/2006SenateAssigned to Insurance 3/24/2006SenateDo Pass Insurance; 009-000-000 3/24/2006SenatePlaced on Calendar Order of 2nd Reading March 27, 2006 3/27/2006SenateSecond Reading 3/27/2006SenatePlaced on Calendar Order of 3rd Reading March 28, 2006 6/4/2006SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 1/9/2007HouseSession Sine Die