Summary as Introduced
Amends the Illinois Insurance Code. Authorizes the Illinois Insurance Guaranty Fund, at the direction of its board of directors and subject to the approval of the Director of Insurance, to form and own a not-for-profit corporation to which the Fund may delegate certain of its powers and duties provided by the Code. Allows the not-for-profit corporation to contract to provide services to the Office of Special Deputy Receiver or any other person or organization authorized by law to carry out the duties of the Director in the capacity of receiver under specified provisions of the Code, the Illinois Life and Health Insurance Guaranty Association, an organizations in another state similar to the Illinois Insurance Guaranty Fund or the Illinois Life and Health Insurance Guaranty Association. Effective immediately.
Staff Analysis
SB 2408 seeks to decarbonize the Illinois energy sector by closing private coal plants by 2030. Municipally-owned plants must close by 2045. The Prairie State Energy Campus in the Metro East and Springfield’s CWLP coal plants must also reduce 45% of the carbon emissions by 2035. If this goal is not achieved, the plants have until 2038 to reach the target, or they must retire one of their generating towers. Both plants would face a definitive closure date of 2045. The bill includes a $40 million grant program to help mitigate the impacts of closing nuclear and fossil fuel plants. Exelon would receive a $694 million bailout to keep the nuclear fleet running for another five years. The bill does not preempt local authority over the siting of wind or solar facilities.