Sen. William R. Haine
Filed: 3/13/2013
| |||||||
| |||||||
| |||||||
1 | AMENDMENT TO SENATE BILL 1412
| ||||||
2 | AMENDMENT NO. ______. Amend Senate Bill 1412 by replacing | ||||||
3 | everything after the enacting clause with the following:
| ||||||
4 | "Section 5. If and only if House Bill 2290 becomes law, the | ||||||
5 | Freedom of Information Act is amended by changing Section 7.5 | ||||||
6 | as follows: | ||||||
7 | (5 ILCS 140/7.5) | ||||||
8 | Sec. 7.5. Statutory Exemptions. To the extent provided for | ||||||
9 | by the statutes referenced below, the following shall be exempt | ||||||
10 | from inspection and copying: | ||||||
11 | (a) All information determined to be confidential under | ||||||
12 | Section 4002 of the Technology Advancement and Development Act. | ||||||
13 | (b) Library circulation and order records identifying | ||||||
14 | library users with specific materials under the Library Records | ||||||
15 | Confidentiality Act. | ||||||
16 | (c) Applications, related documents, and medical records |
| |||||||
| |||||||
1 | received by the Experimental Organ Transplantation Procedures | ||||||
2 | Board and any and all documents or other records prepared by | ||||||
3 | the Experimental Organ Transplantation Procedures Board or its | ||||||
4 | staff relating to applications it has received. | ||||||
5 | (d) Information and records held by the Department of | ||||||
6 | Public Health and its authorized representatives relating to | ||||||
7 | known or suspected cases of sexually transmissible disease or | ||||||
8 | any information the disclosure of which is restricted under the | ||||||
9 | Illinois Sexually Transmissible Disease Control Act. | ||||||
10 | (e) Information the disclosure of which is exempted under | ||||||
11 | Section 30 of the Radon Industry Licensing Act. | ||||||
12 | (f) Firm performance evaluations under Section 55 of the | ||||||
13 | Architectural, Engineering, and Land Surveying Qualifications | ||||||
14 | Based Selection Act. | ||||||
15 | (g) Information the disclosure of which is restricted and | ||||||
16 | exempted under Section 50 of the Illinois Prepaid Tuition Act. | ||||||
17 | (h) Information the disclosure of which is exempted under | ||||||
18 | the State Officials and Employees Ethics Act, and records of | ||||||
19 | any lawfully created State or local inspector general's office | ||||||
20 | that would be exempt if created or obtained by an Executive | ||||||
21 | Inspector General's office under that Act. | ||||||
22 | (i) Information contained in a local emergency energy plan | ||||||
23 | submitted to a municipality in accordance with a local | ||||||
24 | emergency energy plan ordinance that is adopted under Section | ||||||
25 | 11-21.5-5 of the Illinois Municipal Code. | ||||||
26 | (j) Information and data concerning the distribution of |
| |||||||
| |||||||
1 | surcharge moneys collected and remitted by wireless carriers | ||||||
2 | under the Wireless Emergency Telephone Safety Act. | ||||||
3 | (k) Law enforcement officer identification information or | ||||||
4 | driver identification information compiled by a law | ||||||
5 | enforcement agency or the Department of Transportation under | ||||||
6 | Section 11-212 of the Illinois Vehicle Code. | ||||||
7 | (l) Records and information provided to a residential | ||||||
8 | health care facility resident sexual assault and death review | ||||||
9 | team or the Executive Council under the Abuse Prevention Review | ||||||
10 | Team Act. | ||||||
11 | (m) Information provided to the predatory lending database | ||||||
12 | created pursuant to Article 3 of the Residential Real Property | ||||||
13 | Disclosure Act, except to the extent authorized under that | ||||||
14 | Article. | ||||||
15 | (n) Defense budgets and petitions for certification of | ||||||
16 | compensation and expenses for court appointed trial counsel as | ||||||
17 | provided under Sections 10 and 15 of the Capital Crimes | ||||||
18 | Litigation Act. This subsection (n) shall apply until the | ||||||
19 | conclusion of the trial of the case, even if the prosecution | ||||||
20 | chooses not to pursue the death penalty prior to trial or | ||||||
21 | sentencing. | ||||||
22 | (o) Information that is prohibited from being disclosed | ||||||
23 | under Section 4 of the Illinois Health and Hazardous Substances | ||||||
24 | Registry Act. | ||||||
25 | (p) Security portions of system safety program plans, | ||||||
26 | investigation reports, surveys, schedules, lists, data, or |
| |||||||
| |||||||
1 | information compiled, collected, or prepared by or for the | ||||||
2 | Regional Transportation Authority under Section 2.11 of the | ||||||
3 | Regional Transportation Authority Act or the St. Clair County | ||||||
4 | Transit District under the Bi-State Transit Safety Act. | ||||||
5 | (q) Information prohibited from being disclosed by the | ||||||
6 | Personnel Records Review Act. | ||||||
7 | (r) Information prohibited from being disclosed by the | ||||||
8 | Illinois School Student Records Act. | ||||||
9 | (s) Information the disclosure of which is restricted under | ||||||
10 | Section 5-108 of the Public Utilities Act.
| ||||||
11 | (t) All identified or deidentified health information in | ||||||
12 | the form of health data or medical records contained in, stored | ||||||
13 | in, submitted to, transferred by, or released from the Illinois | ||||||
14 | Health Information Exchange, and identified or deidentified | ||||||
15 | health information in the form of health data and medical | ||||||
16 | records of the Illinois Health Information Exchange in the | ||||||
17 | possession of the Illinois Health Information Exchange | ||||||
18 | Authority due to its administration of the Illinois Health | ||||||
19 | Information Exchange. The terms "identified" and | ||||||
20 | "deidentified" shall be given the same meaning as in the Health | ||||||
21 | Insurance Accountability and Portability Act of 1996, Public | ||||||
22 | Law 104-191, or any subsequent amendments thereto, and any | ||||||
23 | regulations promulgated thereunder. | ||||||
24 | (u) Records and information provided to an independent team | ||||||
25 | of experts under Brian's Law. | ||||||
26 | (v) Names and information of people who have applied for or |
| |||||||
| |||||||
1 | received Firearm Owner's Identification Cards under the | ||||||
2 | Firearm Owners Identification Card Act. | ||||||
3 | (w) Personally identifiable information which is exempted | ||||||
4 | from disclosure under subsection (g) of Section 19.1 of the | ||||||
5 | Toll Highway Act. | ||||||
6 | (x) Information which is exempted from disclosure under | ||||||
7 | Section 5-1014.3 of the Counties Code or Section 8-11-21 of the | ||||||
8 | Illinois Municipal Code. | ||||||
9 | (y) Information that is exempted from disclosure under | ||||||
10 | Section 129.8 of the Illinois Insurance Code. | ||||||
11 | (Source: P.A. 96-542, eff. 1-1-10; 96-1235, eff. 1-1-11; | ||||||
12 | 96-1331, eff. 7-27-10; 97-80, eff. 7-5-11; 97-333, eff. | ||||||
13 | 8-12-11; 97-342, eff. 8-12-11; 97-813, eff. 7-13-12; 97-976, | ||||||
14 | eff. 1-1-13.) | ||||||
15 | Section 10. If and only if House Bill 2290 becomes law, the | ||||||
16 | Illinois Insurance Code is amended by adding Article VIII 1/4 | ||||||
17 | as follows: | ||||||
18 | (215 ILCS 5/Art. VIII 1/4 heading new) | ||||||
19 | ARTICLE VIII 1/4. RISK MANAGEMENT AND | ||||||
20 | OWN RISK AND SOLVENCY ASSESSMENT | ||||||
21 | (215 ILCS 5/129 new) | ||||||
22 | Sec. 129. Short title. This Article may be cited as the | ||||||
23 | Risk Management and Own Risk and Solvency Assessment Law. |
| |||||||
| |||||||
1 | (215 ILCS 5/129.1 new) | ||||||
2 | Sec. 129.1. Purpose and scope. The purpose of this Article | ||||||
3 | is to provide the requirements for maintaining a risk | ||||||
4 | management framework and completing an own risk and solvency | ||||||
5 | assessment (ORSA) and provide guidance and instructions for | ||||||
6 | filing an ORSA summary report with the Director. | ||||||
7 | The requirements of this Article shall apply to all | ||||||
8 | insurers domiciled in this State unless exempt pursuant to | ||||||
9 | Section 129.7. | ||||||
10 | The General Assembly finds and declares that an ORSA | ||||||
11 | summary report will contain confidential and sensitive | ||||||
12 | information related to an insurer or insurance group's | ||||||
13 | identification of risks material and relevant to the insurer or | ||||||
14 | insurance group filing the report. This information will | ||||||
15 | include proprietary and trade secret information that has the | ||||||
16 | potential for harm and competitive disadvantage to the insurer | ||||||
17 | or insurance group if the information is made public. It is the | ||||||
18 | intent of this General Assembly that the ORSA summary report | ||||||
19 | shall be a confidential document filed with the Director, that | ||||||
20 | the ORSA summary report shall be shared only as stated herein | ||||||
21 | and to assist the Director in the performance of his or her | ||||||
22 | duties, and that in no event shall an ORSA summary report be | ||||||
23 | subject to public disclosure. | ||||||
24 | (215 ILCS 5/129.2 new) |
| |||||||
| |||||||
1 | Sec. 129.2. Definitions. In this Article: | ||||||
2 | "Insurance group", for the purpose of conducting an ORSA, | ||||||
3 | means those insurers and affiliates included within an | ||||||
4 | insurance holding company system as defined in Section 131.1 of | ||||||
5 | this Code. | ||||||
6 | "Insurer" has the same meaning as set forth in Section 2 of | ||||||
7 | this Code, except that it shall not include agencies, | ||||||
8 | authorities, or instrumentalities of the United States or its | ||||||
9 | possessions or territories, the Commonwealth of Puerto Rico, | ||||||
10 | the District of Columbia, or a state or political subdivision | ||||||
11 | of a state. | ||||||
12 | "Own risk and solvency assessment" or "ORSA" means a | ||||||
13 | confidential internal assessment, appropriate to the nature, | ||||||
14 | scale, and complexity of an insurer or insurance group, | ||||||
15 | conducted by that insurer or insurance group of the material | ||||||
16 | and relevant risks associated with the insurer or insurance | ||||||
17 | group's current business plan, and the sufficiency of capital | ||||||
18 | resources to support those risks. | ||||||
19 | "ORSA Guidance Manual" means the current version of the Own | ||||||
20 | Risk and Solvency Assessment Guidance Manual developed and | ||||||
21 | adopted by the National Association of Insurance Commissioners | ||||||
22 | (NAIC) and as amended from time to time. A change in the ORSA | ||||||
23 | Guidance Manual shall be effective on the January 1 following | ||||||
24 | the calendar year in which the changes have been adopted by the | ||||||
25 | NAIC. | ||||||
26 | "ORSA summary report" means a confidential high-level |
| |||||||
| |||||||
1 | summary of an insurer or insurance group's ORSA. | ||||||
2 | (215 ILCS 5/129.3 new) | ||||||
3 | Sec. 129.3. Risk management framework. An insurer shall | ||||||
4 | maintain a risk management framework to assist the insurer with | ||||||
5 | identifying, assessing, monitoring, managing, and reporting on | ||||||
6 | its material and relevant risks. The requirement of this | ||||||
7 | Section may be satisfied if the insurance group of which the | ||||||
8 | insurer is a member maintains a risk management framework | ||||||
9 | applicable to the operations of the insurer. | ||||||
10 | (215 ILCS 5/129.4 new) | ||||||
11 | Sec. 129.4. ORSA requirement. Subject to Section 129.7 of | ||||||
12 | this Code, an insurer, or the insurance group of which the | ||||||
13 | insurer is a member, shall regularly conduct an ORSA consistent | ||||||
14 | with a process comparable to the ORSA Guidance Manual. The ORSA | ||||||
15 | shall be conducted no less than annually but also at any time | ||||||
16 | when there are significant changes to the risk profile of the | ||||||
17 | insurer or the insurance group of which the insurer is a | ||||||
18 | member. | ||||||
19 | (215 ILCS 5/129.5 new) | ||||||
20 | Sec. 129.5. ORSA summary report. | ||||||
21 | (a) Upon the Director's request, and no more than once each | ||||||
22 | year, an insurer shall submit to the Director an ORSA summary | ||||||
23 | report or any combination of reports that together contain the |
| |||||||
| |||||||
1 | information described in the ORSA Guidance Manual, applicable | ||||||
2 | to the insurer and the insurance group of which it is a member. | ||||||
3 | Notwithstanding any request from the Director, if the insurer | ||||||
4 | is a member of an insurance group, the insurer shall submit the | ||||||
5 | report or reports required by this subsection (a) if the | ||||||
6 | Director is the lead state commissioner of the insurance group | ||||||
7 | as determined by the procedures within the Financial Analysis | ||||||
8 | Handbook adopted by the National Association of Insurance | ||||||
9 | Commissioners. | ||||||
10 | (b) The report or reports shall include a signature of the | ||||||
11 | insurer or insurance group's chief risk officer or other | ||||||
12 | executive having responsibility for the oversight of the | ||||||
13 | insurer's enterprise risk management process attesting to the | ||||||
14 | best of his or her belief and knowledge that the insurer | ||||||
15 | applies the enterprise risk management process described in the | ||||||
16 | ORSA summary report and that a copy of the report has been | ||||||
17 | provided to the insurer's board of directors or the appropriate | ||||||
18 | committee thereof. | ||||||
19 | (c) An insurer may comply with subsection (a) of this | ||||||
20 | Section by providing the most recent and substantially similar | ||||||
21 | report or reports provided by the insurer or another member of | ||||||
22 | an insurance group of which the insurer is a member to the | ||||||
23 | commissioner of another state or to a supervisor or regulator | ||||||
24 | of a foreign jurisdiction, if that report provides information | ||||||
25 | that is comparable to the information described in the ORSA | ||||||
26 | Guidance Manual. Any such report in a language other than |
| |||||||
| |||||||
1 | English must be accompanied by a translation of that report | ||||||
2 | into the English language. | ||||||
3 | (d) The first filing of the ORSA summary report shall be in | ||||||
4 | 2015. | ||||||
5 | (215 ILCS 5/129.6 new) | ||||||
6 | Sec. 129.6. Contents of ORSA summary report. | ||||||
7 | (a) The ORSA summary report shall be prepared consistent | ||||||
8 | with the ORSA Guidance Manual, subject to the requirements of | ||||||
9 | subsection (b) of this Section. Documentation and supporting | ||||||
10 | information shall be maintained and made available upon | ||||||
11 | examination or upon the request of the Director. | ||||||
12 | (b) The review of the ORSA summary report, and any | ||||||
13 | additional requests for information, shall be made using | ||||||
14 | similar procedures currently used in the analysis and | ||||||
15 | examination of multi-state or global insurers and insurance | ||||||
16 | groups. | ||||||
17 | (215 ILCS 5/129.7 new) | ||||||
18 | Sec. 129.7. Exemption. | ||||||
19 | (a) An insurer shall be exempt from the requirements of | ||||||
20 | this Article if: | ||||||
21 | (1) the insurer has annual direct written and | ||||||
22 | unaffiliated assumed premium, including international | ||||||
23 | direct and assumed premium, but excluding premiums | ||||||
24 | reinsured with the Federal Crop Insurance Corporation and |
| |||||||
| |||||||
1 | Federal Flood Program, less than $500,000,000; and | ||||||
2 | (2) the insurance group of which the insurer is a | ||||||
3 | member has annual direct written and unaffiliated assumed | ||||||
4 | premium, including international direct and assumed | ||||||
5 | premium, but excluding premiums reinsured with the Federal | ||||||
6 | Crop Insurance Corporation and Federal Flood Program, less | ||||||
7 | than $1,000,000,000. | ||||||
8 | (b) If an insurer qualifies for exemption pursuant to item | ||||||
9 | (1) of subsection (a) of this Section, but the insurance group | ||||||
10 | of which the insurer is a member does not qualify for exemption | ||||||
11 | pursuant to item (2) of subsection (a) of this Section, then | ||||||
12 | the ORSA summary report that may be required pursuant to | ||||||
13 | Section 129.5 of this Code shall include every insurer within | ||||||
14 | the insurance group. This requirement may be satisfied by the | ||||||
15 | submission of more than one ORSA summary report for any | ||||||
16 | combination of insurers, provided any combination of reports | ||||||
17 | includes every insurer within the insurance group. | ||||||
18 | (c) If an insurer does not qualify for exemption pursuant | ||||||
19 | to item (1) of subsection (a) of this Section, but the | ||||||
20 | insurance group of which it is a member qualifies for exemption | ||||||
21 | pursuant to item (2) of subsection (a) of this Section, then | ||||||
22 | the only ORSA summary report that may be required pursuant to | ||||||
23 | Section 129.5 shall be the report applicable to that insurer. | ||||||
24 | (d) An insurer that does not qualify for exemption pursuant | ||||||
25 | to subsection (a) of this Section may apply to the Director for | ||||||
26 | a waiver from the requirements of this Article based upon |
| |||||||
| |||||||
1 | unique circumstances. In deciding whether to grant the | ||||||
2 | insurer's request for waiver, the Director may consider the | ||||||
3 | type and volume of business written, ownership and | ||||||
4 | organizational structure, and any other factor the Director | ||||||
5 | considers relevant to the insurer or insurance group of which | ||||||
6 | the insurer is a member. If the insurer is part of an insurance | ||||||
7 | group with insurers domiciled in more than one state, the | ||||||
8 | Director shall coordinate with the lead state commissioner and | ||||||
9 | with the other domiciliary commissioners in considering | ||||||
10 | whether to grant the insurer's request for a waiver. | ||||||
11 | (e) Notwithstanding the exemptions stated in this Section,
| ||||||
12 | the following provisions shall apply: | ||||||
13 | (1) The Director may require that an insurer maintain a | ||||||
14 | risk management framework, conduct an ORSA, and file an | ||||||
15 | ORSA summary report based on unique circumstances, | ||||||
16 | including, but not limited to, the type and volume of | ||||||
17 | business written, ownership and organizational structure, | ||||||
18 | federal agency requests, and international supervisor | ||||||
19 | requests. | ||||||
20 | (2) The Director may require that an insurer maintain a | ||||||
21 | risk management framework, conduct an ORSA, and file an | ||||||
22 | ORSA summary report if the insurer has risk-based capital | ||||||
23 | for a company action level event as set forth in Section | ||||||
24 | 35A-15 of this Code, meets one or more of the standards of | ||||||
25 | an insurer deemed to be in hazardous financial condition as | ||||||
26 | defined in Section 186.1 of this Code, or otherwise |
| |||||||
| |||||||
1 | exhibits qualities of a troubled insurer as determined by | ||||||
2 | the Director. | ||||||
3 | (f) If an insurer that qualifies for an exemption pursuant | ||||||
4 | to subsection (a) of this Section subsequently no longer | ||||||
5 | qualifies for that exemption due to changes in premium as | ||||||
6 | reflected in the insurer's most recent annual statement or in | ||||||
7 | the most recent annual statements of the insurers within the | ||||||
8 | insurance group of which the insurer is a member, the insurer | ||||||
9 | shall have one year following the year the threshold is | ||||||
10 | exceeded to comply with the requirements of this Article. | ||||||
11 | (215 ILCS 5/129.8 new) | ||||||
12 | Sec. 129.8. Confidentiality. | ||||||
13 | (a) Documents, materials, or other information, including | ||||||
14 | the ORSA summary report, in the possession or control of the | ||||||
15 | Department that are obtained by, created by, or disclosed to | ||||||
16 | the Director or any other person under this Article, is | ||||||
17 | recognized by this State as being proprietary and to contain | ||||||
18 | trade secrets. All such documents, materials, or other | ||||||
19 | information shall be confidential by law and privileged, shall | ||||||
20 | not be subject to the Freedom of Information Act, shall not be | ||||||
21 | subject to subpoena, and shall not be subject to discovery or | ||||||
22 | admissible in evidence in any private civil action. However, | ||||||
23 | the Director is authorized to use the documents, materials, or | ||||||
24 | other information in the furtherance of any regulatory or legal | ||||||
25 | action brought as a part of the Director's official duties. The |
| |||||||
| |||||||
1 | Director shall not otherwise make the documents, materials, or | ||||||
2 | other information public without the prior written consent of | ||||||
3 | the insurer. | ||||||
4 | (b) Neither the Director nor any person who received | ||||||
5 | documents, materials, or other ORSA-related information, | ||||||
6 | through examination or otherwise, while acting under the | ||||||
7 | authority of the Director or with whom such documents, | ||||||
8 | materials, or other information are shared pursuant to this | ||||||
9 | Article shall be permitted or required to testify in any | ||||||
10 | private civil action concerning any confidential documents, | ||||||
11 | materials, or information subject to subsection (a) of this | ||||||
12 | Section. | ||||||
13 | (c) In order to assist in the performance of regulatory | ||||||
14 | duties, the Director may: | ||||||
15 | (1) upon request, share documents, materials, or other | ||||||
16 | ORSA-related information, including the confidential and | ||||||
17 | privileged documents, materials, or information subject to | ||||||
18 | subsection (a) of this Section, including proprietary and | ||||||
19 | trade secret documents and materials with other state, | ||||||
20 | federal, and international financial regulatory agencies, | ||||||
21 | including members of any supervisory college as defined in | ||||||
22 | the Section 131.20c of this Code, with the NAIC, and with | ||||||
23 | any third-party consultants designated by the Director, | ||||||
24 | provided that the recipient agrees in writing to maintain | ||||||
25 | the confidentiality and privileged status of the | ||||||
26 | ORSA-related documents, materials, or other information |
| |||||||
| |||||||
1 | and has verified in writing the legal authority to maintain | ||||||
2 | confidentiality; and | ||||||
3 | (2) receive documents, materials, or other | ||||||
4 | ORSA-related information, including otherwise confidential | ||||||
5 | and privileged documents, materials, or information, | ||||||
6 | including proprietary and trade-secret information or | ||||||
7 | documents, from regulatory officials of other foreign or | ||||||
8 | domestic jurisdictions, including members of any | ||||||
9 | supervisory college as defined in the Section 131.20c of | ||||||
10 | this Code, and from the NAIC, and shall maintain as | ||||||
11 | confidential or privileged any documents, materials, or | ||||||
12 | information received with notice or the understanding that | ||||||
13 | it is confidential or privileged under the laws of the | ||||||
14 | jurisdiction that is the source of the document, material, | ||||||
15 | or information. | ||||||
16 | (d) The Director shall enter into a written agreement with | ||||||
17 | the NAIC or a third-party consultant governing sharing and use | ||||||
18 | of information provided pursuant to this Article, consistent | ||||||
19 | with this Section that shall: | ||||||
20 | (1) specify procedures and protocols regarding the | ||||||
21 | confidentiality and security of information shared with | ||||||
22 | the NAIC or a third-party consultant pursuant to this | ||||||
23 | Article, including procedures and protocols for sharing by | ||||||
24 | the NAIC with other state regulators from states in which | ||||||
25 | the insurance group has domiciled insurers; the agreement | ||||||
26 | shall provide that the recipient agrees in writing to |
| |||||||
| |||||||
1 | maintain the confidentiality and privileged status of the | ||||||
2 | ORSA-related documents, materials, or other information | ||||||
3 | and has verified in writing the legal authority to maintain | ||||||
4 | confidentiality; | ||||||
5 | (2) specify that ownership of information shared with | ||||||
6 | the NAIC or a third-party consultant pursuant to this | ||||||
7 | Article remains with the Director and the NAIC's or a | ||||||
8 | third-party consultant's use of the information is subject | ||||||
9 | to the direction of the Director; | ||||||
10 | (3) prohibit the NAIC or third-party consultant from | ||||||
11 | storing the information shared pursuant to this Article in | ||||||
12 | a permanent database after the underlying analysis is | ||||||
13 | completed; | ||||||
14 | (4) require prompt notice to be given to an insurer | ||||||
15 | whose confidential information in the possession of the | ||||||
16 | NAIC or a third-party consultant pursuant to this Article | ||||||
17 | is subject to a request or subpoena to the NAIC or a | ||||||
18 | third-party consultant for disclosure or production; | ||||||
19 | (5) require the NAIC or a third-party consultant to | ||||||
20 | consent to intervention by an insurer in any judicial or | ||||||
21 | administrative action in which the NAIC or a third-party | ||||||
22 | consultant may be required to disclose confidential | ||||||
23 | information about the insurer shared with the NAIC or a | ||||||
24 | third-party consultant pursuant to this Article; and | ||||||
25 | (6) in the case of an agreement involving a third-party | ||||||
26 | consultant, provide for the insurer's written consent. |
| |||||||
| |||||||
1 | (e) The sharing of information and documents by the | ||||||
2 | Director pursuant to this Article shall not constitute a | ||||||
3 | delegation of regulatory authority or rulemaking, and the | ||||||
4 | Director is solely responsible for the administration, | ||||||
5 | execution, and enforcement of the provisions of this Article. | ||||||
6 | (f) No waiver of any applicable privilege or claim of | ||||||
7 | confidentiality in the documents, proprietary and trade-secret | ||||||
8 | materials, or other ORSA-related information shall occur as a | ||||||
9 | result of disclosure of such ORSA-related information or | ||||||
10 | documents to the Director under this Section or as a result of | ||||||
11 | sharing as authorized in this Article. | ||||||
12 | (g) Documents, materials, or other information in the | ||||||
13 | possession or control of the NAIC or any third-party | ||||||
14 | consultants pursuant to this Article shall be confidential by | ||||||
15 | law and privileged, shall not be subject to the Freedom of | ||||||
16 | Information Act, shall not be subject to subpoena, and shall | ||||||
17 | not be subject to discovery or admissible in evidence in any | ||||||
18 | private civil action. | ||||||
19 | (215 ILCS 5/129.9 new) | ||||||
20 | Sec. 129.9. Sanctions. Any insurer failing, without just | ||||||
21 | cause, to timely file the ORSA summary report as required in | ||||||
22 | this Article shall be required, after notice and hearing, to | ||||||
23 | pay a penalty of $200 for each day's delay, to be recovered by | ||||||
24 | the Director, and the penalty so recovered shall be paid into | ||||||
25 | the General Revenue Fund of this State. The Director may reduce |
| |||||||
| |||||||
1 | the penalty if the insurer demonstrates to the Director that | ||||||
2 | the imposition of the penalty would constitute a financial | ||||||
3 | hardship to the insurer. | ||||||
4 | Section 97. Severability. The provisions of this Act are | ||||||
5 | severable under Section 1.31 of the Statute on Statutes.
| ||||||
6 | Section 99. Effective date. This Act takes effect January | ||||||
7 | 1, 2015.".
|