Updates rationale, authorization, conditions, and protocols for ILL Dept of Insurance to conduct nonfinancial market conduct examinations, actions, analysis, and surveillance.
May be conducted based on filed schedules, surveys, reports, data calls, other sources.
Allows exam or action based on data collected during consumer complaint process.
Require the examinee to pay for the expenses of the market conduct exam or action.
Provides that costs and fees incurred in market conduct examination shall be itemized.
Bills provided to examinee on monthly basis for review prior to payment submission.
Provides any failure to respond to information request in a market conduct action or violation of specified provisions may carry fine up to $1k/day, up to $50k maximum.
Authorizes Director to order a penalty of up $2,000 (rather than $3,000) for violations.
Made other changes related to market conduct and nonfinancial actions and exams.
Legislative History
On Feb. 7, 2023, bill introduced in the Senate; on May 9, 2024, bill passed in Senate.
On May 13, 2024, bill was introduced in House; on May 23, 2024, bill passed House.
Effectiveness
If enacted, effective Jan. 1, 2025.
Aug. 2024 ILL LEG Governor Approval
On Aug. 9, 2024, ILL LEG reported bill signed by governor; enacted Pub Act 103-0897.
