HB 4141

Abstract

Amends the Illinois Insurance Code to set forth provisions concerning insurance consulting. Provides that the relationship between an insurance consultant and the person or public entity that retains the insurance consultant is a fiduciary relationship. Provides that an insurance producer, limited lines producer, or temporary insurance producer shall be prohibited from selling, soliciting, or negotiating insurance or limited lines insurance if the producer, an employee or contractor of the producer, or the producer's employer has been an insurance consultant for the purchaser or prospective purchaser within the previous 5 years concerning the insurance or limited lines insurance being sold, solicited, or negotiated. Sets forth provisions concerning violations. Provides that any knowing violation of the provisions concerning insurance consulting constitutes a violation of the Consumer Fraud and Deceptive Business Practices Act and amends that Act to make a corresponding change. Amends the Illinois Health Benefits Exchange Law. Sets forth definitions. Establishes the Illinois Health Benefits Exchange as a political subdivision, body politic, and corporate and not as a State agency. Makes changes to the provision concerning Exchange functions. Sets forth provisions concerning the Health Benefits Exchange Board's powers and authorities, Exchange governance, the Exchange Legislative Oversight Committee, and enrollment through brokers and agents and producer compensation. Establishes the Illinois Health Benefit Exchange Fund as a special fund outside of the State treasury and amends the State Finance Act to create the Fund. Repeals provisions concerning the Illinois Health Benefits Exchange Legislative Study Committee and the Committee's study. Contains a severability provision. Effective immediately.