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Synopsis As Introduced Amends the Co-operative Act. Provides that health benefit purchasing cooperatives may be organized by one or more persons in geographic areas designated by the Director of the Department of Insurance. Provides guidance for the design of a health benefit purchasing cooperative. Provides guidance for establishing member criteria and requires a cooperative to file the criteria and other reports with the Director of the Department of Insurance. Provides that each health benefit purchasing cooperative shall be organized on a membership basis with no capital stock. Provides that the contract between the health benefit purchasing cooperative and an insurer shall be for a term of 3 years. Effective immediately.
Replaces everything after the enacting clause. Amends the Illinois Insurance Code. Provides that in addition to all other provisions of the Article of the Code concerning domestic mutual companies, a company seeking to organize as a health care cooperative shall meet certain requirements. Sets forth provisions concerning (1) the naming of companies seeking to organize as health care cooperatives and (2) application requirements to do business as a health care cooperative. Amends the Co-operative Act. Exempts domestic mutual insurance companies licensed as a health care cooperative by the Director of Insurance from the prohibition against using the term "Co-operative" as part of a corporate or other business name or title without complying with the provisions of the Co-operative Act. Provides that health benefit purchasing cooperatives may be organized by one or more persons in geographic areas designated by the Director of the Department of Insurance. Provides guidance for the design of a health benefit purchasing cooperative. Provides guidance for establishing member criteria and requires a cooperative to file the criteria and other reports with the Director of the Department of Insurance. Provides that each health benefit purchasing cooperative shall be organized on a membership basis with no capital stock. Provides that the contract between the health benefit purchasing cooperative and an insurer shall be for a term of 3 years. Effective immediately.
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