Illinois: Support Small Mutual Reinsurance Bill

To: All NAMIC Members Doing Business in Illinois

Deadline: Wednesday Nov. 15, 2023, 5 p.m. CT

Action: Contact Illinois Governor J.B. Pritzker to Swiftly Sign SB 765

After Senate passage two weeks ago, NAMIC has succeeded in passing SB 765 in the Illinois House, sponsored by Insurance Committee Chairperson Thaddeus Jones and other bipartisan legislators.

SB 765 amends existing law to broaden access to reinsurance products by bringing Illinois coverage requirements into the mainstream with nearly every other state. Illinois is currently one of only five states to require unlimited reinsurance coverage for farm mutuals. By granting increased access to needed reinsurance products, Illinois can help avoid significant disruptions within the mutual insurance community. Without the necessary law change, 51,000 policyholders risk losing their current partnership with their mutual carrier.

NAMIC and a broad coalition of business and agriculture groups have collectively supported the passage of this legislation.

The Illinois House passed the bill on Nov. 8 and it now heads to the Governor’s desk. Once received, the Governor has 60 days to act on the bill.

Tell Illinois Governor to Swiftly Sign SB 765