96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3318


 
Introduced 2/10/2010, by Sen. Michael Noland
 
SYNOPSIS AS INTRODUCED:
 		





 







215 ILCS 5/401.2 new











     Amends the Illinois Insurance Code. Provides that no executive of any company authorized to transact insurance business may receive a yearly salary of more than $500,000. Provides that the Director of Insurance shall revoke the license or certificate of authority of any entity that violates the provision concerning executive salary caps. Provides that the Director shall implement any rules necessary to enforce the provision concerning executive salary caps.
  















LRB096 20260 RPM 35852 b

















 


 


A BILL FOR









 




  






SB3318

LRB096 20260 RPM 35852 b





  
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    AN ACT concerning insurance.
  
 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:
  
 
 
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    Section 5. The Illinois Insurance Code is amended  by adding 
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Section 401.2 as follows:
 
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    (215 ILCS 5/401.2 new)
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    Sec. 401.2. Executive salary caps. No executive of any 
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company authorized to transact the kind of business described 
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in Section 4 of this Code may receive a yearly salary of more 
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than $500,000. The Director shall revoke the license or 
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certificate of authority of any entity that violates this 
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Section. The Director shall implement any rules necessary to 
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enforce this Section.