SPRINGFIELD – State Senator Patrick Joyce supported a new law signed Friday that will strengthen regulations for farm mutual insurance companies.
“Our farm mutual insurance companies need to have access to reinsurance in order to keep them up and running effectively,” said Joyce (D-Essex). “This new law takes policyholders into consideration because they could also be at risk if catastrophe strikes.”
Prior to this new law, the Illinois Department of Insurance required unlimited catastrophic aggregate reinsurance coverage. Currently, only one company offers contracts that meet the DOI’s requirements, and as a result, many farm mutual insurance companies struggle to find reinsurance coverage.
Farm mutual insurance companies will now be required to have and maintain adequate catastrophic reinsurance rather than unlimited catastrophic reinsurance. This change ensures farm mutual insurance companies and their policyholders can continue to be protected from financial losses in the event of a natural disaster or other costly incident.
“This legislation strikes the right balance between protecting policyholders and ensuring the financial health of farm mutual companies,” said Joyce.
Senate Bill 765 was signed Friday and takes effect immediately.
SPRINGFIELD – State Senator Patrick Joyce supported a measure that will enable the state to explore new clean energy options and create jobs in the energy industry.
“When the moratorium is lifted, the state will be able to explore new nuclear technology, which will create new jobs,” said Joyce (D-Essex). “This is another testament to our state’s goal to be a leader in energy production.”
Under current law, there is a nuclear moratorium in place that prohibits construction of a new nuclear plant in Illinois and bars the Illinois Commerce Commission from issuing a certificate of public convenience and necessity for a new nuclear facility.
Earlier this year, Joyce supported a nearly identical measure — Senate Bill 76 — which was later vetoed by the governor due to concerns that the bill would open the door to costly large-scale plants that could result in state bailouts to remain in operation. After weeks of negotiations between environmental and labor groups, the new measure, House Bill 2473, would still lift the nuclear moratorium, but it clarifies it will only be for small modular nuclear reactors.
“As legislators, we need to make sure Illinois evolves and is a leader in clean energy,” said Joyce. “If we are going to achieve this goal, it is necessary to modernize our policies.”
House Bill 2473 passed the Senate Wednesday and heads to the House for further consideration.
SPRINGFIELD – A measure sponsored by State Senator Patrick Joyce passed the Senate Wednesday that would keep a law on the books to hold repeat gun offenders accountable.
“This is an extension of a law that has been in the books since 2018 to help crack down on gun violence in the state,” said Joyce (D-Essex). “The extension will continue to hold repeat gun offenders accountable for their actions.”
House Bill 1440 would extend sentencing for individuals with prior felony firearm related offenses through 2025.
The original measure – which has been in place since 2017 and was set to end this year – was first passed in an effort to keep communities safe from reoccurring gun violence.
“While we look further into the law, our state’s attorneys and judges should have it at their disposal,” said Joyce “What we should be focusing on is the potential impact this could have on public safety and our justice system. We want to keep our residents and communities safe.”
House Bill 1440 passed the Senate Wednesday afternoon.
KANKAKEE – Two schools in the 40th District are set to receive funding to strengthen mental health services for youth, thanks to support from State Senator Patrick Joyce.
“Many children have struggled with their mental health in recent years,” said Joyce (D-Essex). “As legislators, it is important we are providing the help and support that children need.”
The funding is being offered to help schools and local agencies improve student care through workforce enhancements, developing frameworks to prevent adverse childhood experiences, interventions to assist children suffering from trauma and training for medical and school staff to expand adolescent mental health resources.
Read more: Joyce announces funding for two local schools for increased mental health services
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