HB 2296

Abstract

Amends the Regulatory Sunset Act. Provides for the repeal of the Illinois Public Accounting Act on January 1, 2029 (rather than January 1, 2024). Amends the Illinois Public Accounting Act. Provides that all applicants and registrants shall: (1) provide a valid address and email address to the Department of Financial and Professional Regulation, which shall serve as the address of record and email address of record, respectively, at the time of application for registration or renewal of a registration and (2) inform the Department of any change of address of record or email address of record within 14 days after such change either through the Department's website or by contacting the Department's licensure maintenance unit. Provides that a license application shall have an applicant's federal individual taxpayer identification number. Provides that all CPA firms or sole practitioners required to undergo a peer review shall submit to the Department peer review reports; letters of response, if applicable; acceptance letters; letters signed by the reviewed CPA firm accepting the peer review documents with the understanding that the CPA firm agrees to take certain actions, if applicable; and letters notifying the reviewed CPA firm that certain required actions have been completed, if applicable. Provides that the Secretary of Financial and Professional Regulation shall appoint a full-time CPA Coordinator. Provides that the hearing officer shall report the hearing officer's findings of fact, conclusions of law, and recommendations to the Committee (rather than to the Committee and the Secretary). Removes a provision providing that exhibits shall be certified without cost. Makes corresponding and other changes. Specifies that the changes made to the Regulatory Sunset Act take effect immediately. House Floor Amendment No. 1 Changes references from "federal individual taxpayer identification number" to "individual taxpayer identification number". Senate Committee Amendment No. 1 In provisions concerning the service of notice for an administrative proceeding, provides that written notice and any notice in the subsequent proceeding may be served by registered or certified mail (rather than regular mail) to the licensee's address of record. Provides that, if in the course of the administrative proceeding the party has previously designated a specific email address at which to accept electronic service for that specific proceeding, notice may be served by sending a copy by email to an email address on record. Senate Floor Amendment No. 2 Deletes reference to: 5 ILCS 80/4.34 5 ILCS 80/4.39 225 ILCS 450/0.02 from Ch. 111, par. 5500.02 225 ILCS 450/0.03 from Ch. 111, par. 5500.03 225 ILCS 450/0.04 new 225 ILCS 450/1 from Ch. 111, par. 5501 225 ILCS 450/2 from Ch. 111, par. 5502 225 ILCS 450/2.05 225 ILCS 450/2.1 from Ch. 111, par. 5503 225 ILCS 450/3 from Ch. 111, par. 5504 225 ILCS 450/4 from Ch. 111, par. 5505 225 ILCS 450/5.2 225 ILCS 450/6.1 225 ILCS 450/8 from Ch. 111, par. 5509 225 ILCS 450/9.3 225 ILCS 450/13 from Ch. 111, par. 5514 225 ILCS 450/13.5 225 ILCS 450/14.2 225 ILCS 450/14.5 225 ILCS 450/17 from Ch. 111, par. 5518 225 ILCS 450/17.1 from Ch. 111, par. 5518.1 225 ILCS 450/17.2 from Ch. 111, par. 5518.2 225 ILCS 450/20.01 from Ch. 111, par. 5521.01 225 ILCS 450/20.1 from Ch. 111, par. 5522 225 ILCS 450/20.2 from Ch. 111, par. 5523 225 ILCS 450/20.6 from Ch. 111, par. 5526.6 225 ILCS 450/20.7 225 ILCS 450/21 from Ch. 111, par. 5527 225 ILCS 450/27 from Ch. 111, par. 5533 225 ILCS 450/30 from Ch. 111, par. 5535 225 ILCS 450/16 from Ch. 111, par. 5517 Adds reference to: 20 ILCS 1405/1405-50 new 215 ILCS 5/355 from Ch. 73, par. 967 215 ILCS 125/4-12 from Ch. 111 1/2, par. 1409.5 215 ILCS 130/3006 from Ch. 73, par. 1503-6 Replaces everything after the enacting clause. Amends the Department of Insurance Law. Provides that beginning before or on May 1, 2026, and each May 1 thereafter, the Department of Insurance shall report to the Governor and the General Assembly on health insurance coverage, affordability, and cost trends. Amends the Illinois Insurance Code. Provides that any forms and rates filed for large employer group accident and health insurance shall be automatically deemed approved after 90 days after filing. Provides that beginning plan year 2026, rate increases for all individual and small group accident and health insurance policies must be filed with the Department for approval. Provides that unreasonable rate increases or inadequate rates shall be modified or disapproved. Provides that beginning plan year 2025, the Department shall post all insurers' rate filings and summaries on the Department's website. Provides that the Department shall open a 30-day public comment period on the date that a rate filing is posted on the website. Provides that after the close of the public comment period, the Department shall issue a decision to approve, disapprove, or modify a rate filing within 60 days, and post the decision on the Department's website. Provides that the Department shall adopt rules implementing specified procedures. Defines terms. Makes conforming changes in the Health Maintenance Organization Act and the Limited Health Service Organization Act.