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Sen. William R. Haine
Filed: 5/6/2013
| | 09800HB2962sam002 | | LRB098 05470 AMC 45475 a |
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| 1 | | AMENDMENT TO HOUSE BILL 2962
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| 2 | | AMENDMENT NO. ______. Amend House Bill 2962, AS AMENDED, |
| 3 | | with reference to page and line numbers of Senate Amendment No. |
| 4 | | 1, on page 1, line 8, by replacing "and 131.27" with "131.27, |
| 5 | | and 408.3"; and
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| 6 | | on page 79, immediately below line 5, by inserting the |
| 7 | | following:
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| 8 | | "(215 ILCS 5/408.3) (from Ch. 73, par. 1020.3)
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| 9 | | Sec. 408.3. Insurance Financial Regulation Fund; uses. The |
| 10 | | monies
deposited into the Insurance Financial
Regulation Fund |
| 11 | | shall be used only for (i) payment of the expenses of the
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| 12 | | Department, including related administrative expenses, |
| 13 | | incurred in
analyzing, investigating and examining the |
| 14 | | financial condition or control
of insurance companies and other |
| 15 | | entities licensed or seeking to be
licensed by the Department, |
| 16 | | including the collection, analysis and
distribution of |
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| | 09800HB2962sam002 | - 2 - | LRB098 05470 AMC 45475 a |
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| 1 | | information on insurance premiums, other income, costs and
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| 2 | | expenses, and (ii) to pay internal costs and expenses of the |
| 3 | | Interstate
Insurance Receivership Commission allocated to this |
| 4 | | State and authorized and
admitted companies doing an insurance |
| 5 | | business in this State under Article X of
the Interstate |
| 6 | | Receivership Compact. All distributions and payments from the
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| 7 | | Insurance Financial Regulation Fund shall be subject to |
| 8 | | appropriation as
otherwise provided by law for
payment of such |
| 9 | | expenses.
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| 10 | | Sums appropriated under clause (ii) of the preceding |
| 11 | | paragraph shall be
deemed to satisfy, pro tanto, the |
| 12 | | obligations of insurers doing business in
this
State under |
| 13 | | Article X of the Interstate Insurance Receivership Compact.
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| 14 | | Nothing in this Code shall prohibit the General Assembly |
| 15 | | from
appropriating funds from the General Revenue Fund to the |
| 16 | | Department for the
purpose of administering this Code.
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| 17 | | No fees collected pursuant to Section 408 of this Code |
| 18 | | shall be used
for the regulation of pension funds or activities |
| 19 | | by the Department in the
performance of its duties under |
| 20 | | Article 22 of the Illinois Pension Code.
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| 21 | | If at the end of a fiscal year the balance in the Insurance |
| 22 | | Financial
Regulation Fund which remains unexpended or |
| 23 | | unobligated exceeds the amount
of funds that the Director may |
| 24 | | certify is needed for the purposes
enumerated in this Section, |
| 25 | | then the General Assembly may appropriate that
excess amount |
| 26 | | for purposes other than those enumerated in this Section.
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