Bill Status of SB3202 102nd General Assembly
Short Description: INS-CONFIDENTIAL DISCLOSURE
Sen. Napoleon Harris, III
| 1/14/2022||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Insurance Code. In provisions concerning confidential treatment of documents, materials, or other information in the possession or control of the Department of Insurance and provisions concerning confidential treatment of information obtained in the course of an examination, provides that the Director of Insurance may only share confidential and privileged documents, material, or information with the Illinois Insurance Guaranty Fund regarding any member company if the Director determines that the member company may be subject to a future delinquency proceeding. Provides that the Director may disclose the information so long as the Fund agrees in writing to hold that information confidential and uses that information to prepare for the possible liquidation of the member company. Provides that access to the information disclosed by the Director to the Fund shall be limited to the Fund's staff and its counsel. Provides that the board of directors of the Fund may have access to the information disclosed by the Director to the Fund once the member company is subject to a delinquency proceeding subject to any terms and conditions established by the Director. In provisions concerning prevention of insolvencies, provides that the Director may disclose specified information to the Fund and the Fund may use that information to prepare for the possible liquidation of a member company subject to specified requirements and restrictions. Effective immediately.