INS CD-RISK RETENTION Senate SponsorsSen. Antonio Muņoz House Sponsors(Rep. Edward J. Acevedo) 6/24/2016SenatePublic Act . . . . . . . . . 99-0512 215 ILCS 5/123B-2from Ch. 73, par. 735B-2215 ILCS 5/123B-3from Ch. 73, par. 735B-3215 ILCS 5/123B-4from Ch. 73, par. 735B-4215 ILCS 5/123B-7from Ch. 73, par. 735B-7Amends the Illinois Insurance Code. Requires the Director of Insurance to forward certain information to the National Association of Insurance Commissioners. Establishes new governance standards that must be met by existing risk retention groups within one year after the effective date of the amendatory Act. Establishes governance standards concerning boards of directors, independent directors, service provider contracts, adopting certain written policies, audit committees, disclosure, business conduct and ethics, and reporting noncompliance. Requires risk retention groups to submit copies of material revisions to their plans of operation or feasibility studies within 30 days after the date of the approval of the revisions. Exempts purchasing groups meeting certain federal requirements from additional laws concerning insurance.Senate Floor Amendment No. 1 Corrects grammatical errors. 2/16/2016SenateFiled with Secretary by Sen. Antonio Muņoz 2/16/2016SenateFirst Reading 2/16/2016SenateReferred to Assignments 2/24/2016SenateAssigned to Insurance 4/6/2016SenateDo Pass Insurance; 011-000-000 4/6/2016SenatePlaced on Calendar Order of 2nd Reading April 7, 2016 4/13/2016SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Antonio Muņoz 4/13/2016SenateSenate Floor Amendment No. 1 Referred to Assignments 4/19/2016SenateSenate Floor Amendment No. 1 Be Approved for Consideration Assignments 4/19/2016SenateSecond Reading 4/19/2016SenatePlaced on Calendar Order of 3rd Reading April 20, 2016 4/20/2016SenateRecalled to Second Reading 4/20/2016SenateSenate Floor Amendment No. 1 Adopted; Muņoz 4/20/2016SenatePlaced on Calendar Order of 3rd Reading 4/20/2016SenateThird Reading - Passed; 056-000-000 4/21/2016HouseArrived in House 4/26/2016HouseChief House Sponsor Rep. Edward J. Acevedo 5/3/2016HouseFirst Reading 5/3/2016HouseReferred to Rules Committee 5/3/2016HouseAssigned to Insurance Committee 5/10/2016HouseDo Pass / Short Debate Insurance Committee; 018-000-000 5/11/2016HousePlaced on Calendar 2nd Reading - Short Debate 5/19/2016HouseSecond Reading - Short Debate 5/19/2016HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/25/2016HouseThird Reading - Short Debate - Passed 116-000-000 5/25/2016SenatePassed Both Houses 6/23/2016SenateSent to the Governor 6/24/2016SenateGovernor Approved 6/24/2016SenateEffective Date January 1, 2017 6/24/2016SenatePublic Act . . . . . . . . . 99-0512