Senate Sponsors: WALSH,T-MADIGAN,R-PHILIP AND JACOBS. House Sponsors: BRADY-MAUTINO-WINKEL-KENNER-WOOLARD Short description: INS PROTECTED CELL COMPANY Synopsis of Bill as introduced: Creates the Protected Cell Company Act. Authorizes domestic insurance companies to securitize insurance liabilities through the establishment of protected cells to which is attributed specific insurance liabilities and assets to fund those liabilities. Provides that the assets of a protected cell are not subject to a company's general creditors. Requires the approval of the Director of Insurance before a protected cell may be established. Effective immediately. SENATE AMENDMENT NO. 1. Deletes reference to: New Act Adds reference to: 215 ILCS 5/107.06a from Ch. 73, par. 719.06a 215 ILCS 5/Art. XI 1/2 heading new 215 ILCS 5/179A-1 new 215 ILCS 5/179A-5 new 215 ILCS 5/179A-10 new 215 ILCS 5/179A-15 new 215 ILCS 5/179A-20 new 215 ILCS 5/179A-25 new 215 ILCS 5/179A-30 new 215 ILCS 5/179A-35 new 215 ILCS 5/179A-40 new 215 ILCS 5/179A-45 new Replaces the title and everything after the enacting clause. Amends the Illinois Insurance Code to create the Protected Cell Company Law as an Article of the Illinois Insurance Code. Authorizes domestic insurance companies to securitize insurance risk through the establishment of protected cells. Provides that the assets of the protected cell are not subject to a company's general creditors. Requires approval of the Director of Insurance before a protected cell may be established. HOUSE AMENDMENT NO. 1. Provides that protected cell accounts are authorized to legally, rather than physically, segregate the protected cell assets of one protected cell from those of other protected cells or the company's general account. Requires insurance securitizations to be fully funded. Provides that protected cells may assume insurance obligations only from a company's general account. Removes penalty provisions. Last action on Bill: PUBLIC ACT.............................. 91-0278 Last action date: 99-07-23 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status