SB 1087 – IllinoisStatus: Enacted
Year Introduced: 2021
Year Enacted: 2021
Amends the Comprehensive Health Insurance Plan Act to provide that the Plan shall discontinue as the alternative market for health insurance for certain Illinois residents and discontinue as the alternative mechanism not later than January 1, 2022. Provides that not later than 60 days after the effective date of the amendatory Act, the Board shall develop a plan of rehabilitation or liquidation and dissolution to wind down the affairs of the Plan. Provides that upon the Director’s approval of the plan of rehabilitation or liquidation and dissolution, the Director shall thereafter report to the Attorney General of this State, whose duty it shall be to file a complaint for rehabilitation or liquidation of the Plan. Provides that upon entry of a final Order of Rehabilitation or Liquidation and the appointment of the Director of Insurance as statutory rehabilitator or liquidator, the Director shall begin to administer and oversee the wind-down and dissolution of the Plan. Provides that new enrollment and policy renewals in the Plan are discontinued on December 31, 2021. Sets forth provisions concerning cessation of operations of the Plan. Amends the Department of Insurance Law of the Civil Administrative Code of Illinois. Provides that, upon entry of an Order of Rehabilitation or Liquidation against the Comprehensive Health Insurance Plan, all powers, duties, rights, and responsibilities of the Illinois Comprehensive Health Insurance Plan and the Illinois Comprehensive Health Insurance Board under the Comprehensive Health Insurance Plan Act shall be transferred to and vested in the Director of Insurance as rehabilitator or liquidator. Effective immediately.
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