HB 4313

Abstract

Amends the Illinois Insurance Code. In provisions concerning confidential treatment of documents, materials, or other information in the possession or control of the Department of Insurance and provisions concerning confidential treatment of information obtained in the course of an examination, provides that the Director of Insurance may only share confidential and privileged documents, material, or information with the Illinois Insurance Guaranty Fund regarding any member company if the Director determines that the member company may be subject to a future delinquency proceeding. Provides that the Director may disclose the information so long as the Fund agrees in writing to hold that information confidential and uses that information to prepare for the possible liquidation of the member company. Provides that access to the information disclosed by the Director to the Fund shall be limited to the Fund's staff and its counsel. Provides that the board of directors of the Fund may have access to the information disclosed by the Director to the Fund once the member company is subject to a delinquency proceeding subject to any terms and conditions established by the Director. In provisions concerning prevention of insolvencies, provides that the Director may disclose specified information to the Fund and the Fund may use that information to prepare for the possible liquidation of a member company subject to specified requirements and restrictions. Effective immediately. Senate Committee Amendment No. 1 Provides that the Director of Insurance may only share confidential and privileged documents, material, or information reported pursuant to specified provisions with the Illinois Insurance Guaranty Fund regarding any member company if the member company has an authorized control level event (rather than if the Director determines that the member company may be subject to a future delinquency proceeding). Provides that nothing contained in the Illinois Insurance Code shall prevent or be construed as prohibiting the Director from disclosing specified information to the Illinois Insurance Guaranty Fund regarding any member company if the member company has an authorized control level event (rather than if the Director determines that the member company may be subject to a future delinquency proceeding).