HB 4725

Abstract

Amends the Freedom of Information Act. Exempts from inspection and copying under the Act information that is exempted from disclosure under the provision concerning confidentiality of the Risk Management and Own Risk and Solvency Assessment Law of the Illinois Insurance Code. Amends the Illinois Insurance Code. Creates a new Article which may be cited as the Risk Management and Own Risk and Solvency Assessment Law. Provides that an insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks and that the requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer. Provides that an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an own risk and solvency assessment (ORSA) consistent with a process comparable to the ORSA Guidance Manual. Requires that the ORSA be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member. Provides that upon the Director of Insurance's request, and no more than once each year, an insurer shall submit to the Director an ORSA summary report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the insurer and the insurance group of which it is a member. Sets forth provisions concerning the ORSA summary report and the contents of the ORSA summary report; exemption; confidentiality; and sanctions. Makes other changes. Contains a severability provision. Effective January 1, 2015.