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The Illinois legislature has voted to overturn Gov. Bruce Rauner’s amendatory veto of S.B. 1737, which would overhaul a number of provisions in the Illinois Insurance Code and aims to make the state a more favorable environment for captive formations.
The bill featured provisions designed to update the state’s captive insurance law to be more attractive to potential captive owners and help the state overcome its competitive disadvantage as a captive domicile, according to previous statements. Illinois had three captives in 2017, according to Business Insurance’s annual captive survey.
The governor vetoed the bill in August, but experts at the time stated they expected the bill to resurface. The Illinois Senate voted to override the veto by a 52-0 margin on Nov. 14 while the House voted on Tuesday to override by an 89-20-1 margin.
"The (Illinois Manufacturers' Association) has championed modernization of the captive law for three years,” a spokesperson for the Springfield, Illinois-based association said in an emailed statement. “It’s been a long road, but we are pleased that the General Assembly has finally taken action that will allow Illinois companies to locate their captive in the state.”
An Illinois bill that would create a state-sponsored insurance company to provide workers compensation was placed on the calendar for a second reading last Thursday.