SB 2589

Abstract

Amends the Illinois Insurance Code. Requires the Director of Insurance to forward certain information to the National Association of Insurance Commissioners. Establishes new governance standards that must be met by existing risk retention groups within one year after the effective date of the amendatory Act. Establishes governance standards concerning boards of directors, independent directors, service provider contracts, adopting certain written policies, audit committees, disclosure, business conduct and ethics, and reporting noncompliance. Requires risk retention groups to submit copies of material revisions to their plans of operation or feasibility studies within 30 days after the date of the approval of the revisions. Exempts purchasing groups meeting certain federal requirements from additional laws concerning insurance.