SB 2869

Abstract

Creates the Insurance Advancement Corporation Act. Creates the Illinois Insurance Advancement Corporation as a non-profit corporation organized under the General Not For Profit Corporation Act of 1986 and qualifying under the Internal Revenue Code as an organization exempt from taxation. Provides that the Corporation shall be established for the purpose of receiving and disbursing funds from public and private sources to be used to retain Illinois domestic insurance companies and further bolster the overall well-being of the Illinois insurance competitive marketplace. Provides that the Corporation shall collaborate with the Department of Insurance, but the Corporation shall not be considered, in whole or in part, an agency, political subdivision, or instrumentality of the State. Sets forth provisions concerning the governance, operations, duties and responsibilities, and oversight of the Corporation and the Illinois Insurance Advancement Fund. Amends the Open Meetings Act to include in the definition of "meeting" the respective parts or portions of deliberations or meetings of the Board of Directors of the Corporation to the extent that such deliberations or meetings address the utilization of public funding. Effective immediately.