HB 5516

Abstract

Amends the Illinois Insurance Code to provide that every company authorized to do business in the State or accredited by the State with assets of at least $50,000,000 shall submit a report on its voluntary supplier diversity program, or the company's procurement program if there is no supplier diversity program, to the Department of Insurance. Provides that the voluntary supplier diversity report shall set forth specified information. Provides that each company is required to submit a report to the Department on or before November 15, 2022, and on or before November 15 every year thereafter. Provides that the Department shall publish the results of supplier diversity reports on its Internet website for 5 years after submission. Provides that the Department shall hold an annual insurance company supplier diversity workshop in February of 2023 and every February thereafter to discuss the reports with representatives of the companies and vendors. Provides that the Department shall prepare a one-page template for the voluntary supplier diversity reports. Provides that the Department may adopt rules necessary to implement the provisions. Makes conforming changes in the Dental Service Plan Act, the Health Maintenance Organization Act, and the Limited Health Service Organization Act.