Full Text of SB0670 101st General Assembly
SB0670enr 101ST GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Freedom of Information Act is amended by | 5 | | changing Section 7.5 as follows: | 6 | | (5 ILCS 140/7.5) | 7 | | Sec. 7.5. Statutory exemptions. To the extent provided for | 8 | | by the statutes referenced below, the following shall be exempt | 9 | | from inspection and copying: | 10 | | (a) All information determined to be confidential | 11 | | under Section 4002 of the Technology Advancement and | 12 | | Development Act. | 13 | | (b) Library circulation and order records identifying | 14 | | library users with specific materials under the Library | 15 | | Records Confidentiality Act. | 16 | | (c) Applications, related documents, and medical | 17 | | records received by the Experimental Organ Transplantation | 18 | | Procedures Board and any and all documents or other records | 19 | | prepared by the Experimental Organ Transplantation | 20 | | Procedures Board or its staff relating to applications it | 21 | | has received. | 22 | | (d) Information and records held by the Department of | 23 | | Public Health and its authorized representatives relating |
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| 1 | | to known or suspected cases of sexually transmissible | 2 | | disease or any information the disclosure of which is | 3 | | restricted under the Illinois Sexually Transmissible | 4 | | Disease Control Act. | 5 | | (e) Information the disclosure of which is exempted | 6 | | under Section 30 of the Radon Industry Licensing Act. | 7 | | (f) Firm performance evaluations under Section 55 of | 8 | | the Architectural, Engineering, and Land Surveying | 9 | | Qualifications Based Selection Act. | 10 | | (g) Information the disclosure of which is restricted | 11 | | and exempted under Section 50 of the Illinois Prepaid | 12 | | Tuition Act. | 13 | | (h) Information the disclosure of which is exempted | 14 | | under the State Officials and Employees Ethics Act, and | 15 | | records of any lawfully created State or local inspector | 16 | | general's office that would be exempt if created or | 17 | | obtained by an Executive Inspector General's office under | 18 | | that Act. | 19 | | (i) Information contained in a local emergency energy | 20 | | plan submitted to a municipality in accordance with a local | 21 | | emergency energy plan ordinance that is adopted under | 22 | | Section 11-21.5-5 of the Illinois Municipal Code. | 23 | | (j) Information and data concerning the distribution | 24 | | of surcharge moneys collected and remitted by carriers | 25 | | under the Emergency Telephone System Act. | 26 | | (k) Law enforcement officer identification information |
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| 1 | | or driver identification information compiled by a law | 2 | | enforcement agency or the Department of Transportation | 3 | | under Section 11-212 of the Illinois Vehicle Code. | 4 | | (l) Records and information provided to a residential | 5 | | health care facility resident sexual assault and death | 6 | | review team or the Executive Council under the Abuse | 7 | | Prevention Review Team Act. | 8 | | (m) Information provided to the predatory lending | 9 | | database created pursuant to Article 3 of the Residential | 10 | | Real Property Disclosure Act, except to the extent | 11 | | authorized under that Article. | 12 | | (n) Defense budgets and petitions for certification of | 13 | | compensation and expenses for court appointed trial | 14 | | counsel as provided under Sections 10 and 15 of the Capital | 15 | | Crimes Litigation Act. This subsection (n) shall apply | 16 | | until the conclusion of the trial of the case, even if the | 17 | | prosecution chooses not to pursue the death penalty prior | 18 | | to trial or sentencing. | 19 | | (o) Information that is prohibited from being | 20 | | disclosed under Section 4 of the Illinois Health and | 21 | | Hazardous Substances Registry Act. | 22 | | (p) Security portions of system safety program plans, | 23 | | investigation reports, surveys, schedules, lists, data, or | 24 | | information compiled, collected, or prepared by or for the | 25 | | Regional Transportation Authority under Section 2.11 of | 26 | | the Regional Transportation Authority Act or the St. Clair |
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| 1 | | County Transit District under the Bi-State Transit Safety | 2 | | Act. | 3 | | (q) Information prohibited from being disclosed by the | 4 | | Personnel Record Review Act. | 5 | | (r) Information prohibited from being disclosed by the | 6 | | Illinois School Student Records Act. | 7 | | (s) Information the disclosure of which is restricted | 8 | | under Section 5-108 of the Public Utilities Act.
| 9 | | (t) All identified or deidentified health information | 10 | | in the form of health data or medical records contained in, | 11 | | stored in, submitted to, transferred by, or released from | 12 | | the Illinois Health Information Exchange, and identified | 13 | | or deidentified health information in the form of health | 14 | | data and medical records of the Illinois Health Information | 15 | | Exchange in the possession of the Illinois Health | 16 | | Information Exchange Authority due to its administration | 17 | | of the Illinois Health Information Exchange. The terms | 18 | | "identified" and "deidentified" shall be given the same | 19 | | meaning as in the Health Insurance Portability and | 20 | | Accountability Act of 1996, Public Law 104-191, or any | 21 | | subsequent amendments thereto, and any regulations | 22 | | promulgated thereunder. | 23 | | (u) Records and information provided to an independent | 24 | | team of experts under the Developmental Disability and | 25 | | Mental Health Safety Act (also known as Brian's Law). | 26 | | (v) Names and information of people who have applied |
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| 1 | | for or received Firearm Owner's Identification Cards under | 2 | | the Firearm Owners Identification Card Act or applied for | 3 | | or received a concealed carry license under the Firearm | 4 | | Concealed Carry Act, unless otherwise authorized by the | 5 | | Firearm Concealed Carry Act; and databases under the | 6 | | Firearm Concealed Carry Act, records of the Concealed Carry | 7 | | Licensing Review Board under the Firearm Concealed Carry | 8 | | Act, and law enforcement agency objections under the | 9 | | Firearm Concealed Carry Act. | 10 | | (w) Personally identifiable information which is | 11 | | exempted from disclosure under subsection (g) of Section | 12 | | 19.1 of the Toll Highway Act. | 13 | | (x) Information which is exempted from disclosure | 14 | | under Section 5-1014.3 of the Counties Code or Section | 15 | | 8-11-21 of the Illinois Municipal Code. | 16 | | (y) Confidential information under the Adult | 17 | | Protective Services Act and its predecessor enabling | 18 | | statute, the Elder Abuse and Neglect Act, including | 19 | | information about the identity and administrative finding | 20 | | against any caregiver of a verified and substantiated | 21 | | decision of abuse, neglect, or financial exploitation of an | 22 | | eligible adult maintained in the Registry established | 23 | | under Section 7.5 of the Adult Protective Services Act. | 24 | | (z) Records and information provided to a fatality | 25 | | review team or the Illinois Fatality Review Team Advisory | 26 | | Council under Section 15 of the Adult Protective Services |
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| 1 | | Act. | 2 | | (aa) Information which is exempted from disclosure | 3 | | under Section 2.37 of the Wildlife Code. | 4 | | (bb) Information which is or was prohibited from | 5 | | disclosure by the Juvenile Court Act of 1987. | 6 | | (cc) Recordings made under the Law Enforcement | 7 | | Officer-Worn Body Camera Act, except to the extent | 8 | | authorized under that Act. | 9 | | (dd) Information that is prohibited from being | 10 | | disclosed under Section 45 of the Condominium and Common | 11 | | Interest Community Ombudsperson Act. | 12 | | (ee) Information that is exempted from disclosure | 13 | | under Section 30.1 of the Pharmacy Practice Act. | 14 | | (ff) Information that is exempted from disclosure | 15 | | under the Revised Uniform Unclaimed Property Act. | 16 | | (gg) Information that is prohibited from being | 17 | | disclosed under Section 7-603.5 of the Illinois Vehicle | 18 | | Code. | 19 | | (hh) Records that are exempt from disclosure under | 20 | | Section 1A-16.7 of the Election Code. | 21 | | (ii) Information which is exempted from disclosure | 22 | | under Section 2505-800 of the Department of Revenue Law of | 23 | | the Civil Administrative Code of Illinois. | 24 | | (jj) Information and reports that are required to be | 25 | | submitted to the Department of Labor by registering day and | 26 | | temporary labor service agencies but are exempt from |
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| 1 | | disclosure under subsection (a-1) of Section 45 of the Day | 2 | | and Temporary Labor Services Act. | 3 | | (kk) Information prohibited from disclosure under the | 4 | | Seizure and Forfeiture Reporting Act. | 5 | | (ll) Information the disclosure of which is restricted | 6 | | and exempted under Section 5-30.8 of the Illinois Public | 7 | | Aid Code. | 8 | | (mm) Records that are exempt from disclosure under | 9 | | Section 4.2 of the Crime Victims Compensation Act. | 10 | | (nn) Information that is exempt from disclosure under | 11 | | Section 70 of the Higher Education Student Assistance Act. | 12 | | (oo) Communications, notes, records, and reports | 13 | | arising out of a peer support counseling session prohibited | 14 | | from disclosure under the First Responders Suicide | 15 | | Prevention Act. | 16 | | (pp) Names and all identifying information relating to | 17 | | an employee of an emergency services provider or law | 18 | | enforcement agency under the First Responders Suicide | 19 | | Prevention Act. | 20 | | (qq) (oo) Information and records held by the | 21 | | Department of Public Health and its authorized | 22 | | representatives collected under the Reproductive Health | 23 | | Act. | 24 | | (rr) (oo) Information that is exempt from disclosure | 25 | | under the Cannabis Regulation and Tax Act. | 26 | | (ss) (oo) Data reported by an employer to the |
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| 1 | | Department of Human Rights pursuant to Section 2-108 of the | 2 | | Illinois Human Rights Act. | 3 | | (tt) (oo) Recordings made under the Children's | 4 | | Advocacy Center Act, except to the extent authorized under | 5 | | that Act. | 6 | | (uu) (oo) Information that is exempt from disclosure | 7 | | under Section 50 of the Sexual Assault Evidence Submission | 8 | | Act. | 9 | | (vv) (oo) Information that is exempt from disclosure | 10 | | under subsections (f) and (j) of Section 5-36 of the | 11 | | Illinois Public Aid Code. | 12 | | (ww) (oo) Information that is exempt from disclosure | 13 | | under Section 16.8 of the State Treasurer Act. | 14 | | (xx) Information that is exempt from disclosure or | 15 | | information that shall not be made public under the | 16 | | Illinois Insurance Code. | 17 | | (Source: P.A. 100-20, eff. 7-1-17; 100-22, eff. 1-1-18; | 18 | | 100-201, eff. 8-18-17; 100-373, eff. 1-1-18; 100-464, eff. | 19 | | 8-28-17; 100-465, eff. 8-31-17; 100-512, eff. 7-1-18; 100-517, | 20 | | eff. 6-1-18; 100-646, eff. 7-27-18; 100-690, eff. 1-1-19; | 21 | | 100-863, eff. 8-14-18; 100-887, eff. 8-14-18; 101-13, eff. | 22 | | 6-12-19; 101-27, eff. 6-25-19; 101-81, eff. 7-12-19; 101-221, | 23 | | eff. 1-1-20; 101-236, eff. 1-1-20; 101-375, eff. 8-16-19; | 24 | | 101-377, eff. 8-16-19; 101-452, eff. 1-1-20; 101-466, eff. | 25 | | 1-1-20; revised 9-25-19.) |
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| 1 | | Section 10. The Illinois Insurance Code is amended by | 2 | | adding Article VIII.33 as follows: | 3 | | (215 ILCS 5/Art. VIII.33 heading new) | 4 | | ARTICLE VIII 1/3. Corporate Governance Annual Disclosure Law | 5 | | (215 ILCS 5/130.1 new) | 6 | | Sec. 130.1. Short title. This Article may be cited as the | 7 | | Corporate Governance Annual Disclosure Law. | 8 | | (215 ILCS 5/130.2 new) | 9 | | Sec. 130.2. Purpose and scope. The purpose of this Article | 10 | | is to: | 11 | | (1) provide the Director a summary of an insurer's or | 12 | | insurance group's corporate governance structure, | 13 | | policies, and practices to permit the Director to gain and | 14 | | maintain an understanding of the insurer's corporate | 15 | | governance framework; | 16 | | (2) outline the requirements for completing a | 17 | | corporate governance annual disclosure with the Director; | 18 | | (3) provide for the confidential treatment of the | 19 | | corporate governance annual disclosure and related | 20 | | information that will contain confidential and sensitive | 21 | | information related to an insurer's or insurance group's | 22 | | internal operations and proprietary and trade-secret | 23 | | information that, if made public, could potentially cause |
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| 1 | | the insurer or insurance group competitive harm or | 2 | | disadvantage. | 3 | | Nothing in this Article shall be construed to prescribe or | 4 | | impose corporate governance standards and internal procedures | 5 | | beyond that which is required under applicable State corporate | 6 | | law. Notwithstanding the foregoing, nothing in this Article | 7 | | shall be construed to limit the Director's authority or the | 8 | | rights or obligations of third parties under Sections 131.21, | 9 | | 132 through 132.7, and 401 through 403.
The requirements of | 10 | | this Article apply to all insurers domiciled in this State. | 11 | | (215 ILCS 5/130.3 new) | 12 | | Sec. 130.3. Definitions. As used in this Article: | 13 | | "Director" means the Director of Insurance. | 14 | | "Corporate governance annual disclosure" means a | 15 | | confidential report filed by the insurer or insurance group | 16 | | made in accordance with the requirements of this Article. | 17 | | "Insurance group" means those insurers and affiliates | 18 | | included within an insurance holding company system as defined | 19 | | in Section 131.1. | 20 | | "Insurer" has the same meaning given to "company" in | 21 | | Section 2, except that it does not include agencies, | 22 | | authorities, or instrumentalities of the United States, its | 23 | | possessions and territories, the Commonwealth of Puerto Rico, | 24 | | the District of Columbia, or a state or political subdivision | 25 | | of a state. |
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| 1 | | "ORSA summary report" means the own risk and solvency | 2 | | assessment report filed in accordance with Article VIII 1/4. | 3 | | (215 ILCS 5/130.4 new) | 4 | | Sec. 130.4. Disclosure requirement. | 5 | | (a) An insurer, or the insurance group of which the insurer | 6 | | is a member, shall, no later than June 1 of each calendar year, | 7 | | submit to the Director a corporate governance annual disclosure | 8 | | that contains the information described in subsection (b) of | 9 | | Section 130.5. Notwithstanding any request from the Director | 10 | | made pursuant to subsection (c), if the insurer is a member of | 11 | | an insurance group, the insurer shall submit the report | 12 | | required by this Section to the Director of the lead state for | 13 | | the insurance group, in accordance with the laws of the lead | 14 | | state, as determined by the procedures outlined in the most | 15 | | recent Financial Analysis Handbook adopted by the National | 16 | | Association of Insurance Commissioners. | 17 | | (b) The corporate governance annual disclosure must | 18 | | include a signature of the insurer's or insurance group's chief | 19 | | executive officer or corporate secretary attesting to the best | 20 | | of that individual's belief and knowledge that the insurer has | 21 | | implemented the corporate governance practices required by | 22 | | this Section and that a copy of the disclosure has been | 23 | | provided to the insurer's board of directors or the appropriate | 24 | | committee thereof. | 25 | | (c) An insurer not required to submit a corporate |
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| 1 | | governance annual disclosure under this Section shall do so | 2 | | upon the Director's request. | 3 | | (d) For purposes of completing the corporate governance | 4 | | annual disclosure, the insurer or insurance group may provide | 5 | | information regarding corporate governance at the ultimate | 6 | | controlling parent level, an intermediate holding company | 7 | | level, or the individual legal entity level, depending upon how | 8 | | the insurer or insurance group has structured its system of | 9 | | corporate governance. The insurer or insurance group is | 10 | | encouraged to make the corporate governance annual disclosure | 11 | | at the level at which the insurer's or insurance group's risk | 12 | | appetite is determined, the level at which the earnings, | 13 | | capital, liquidity, operations, and reputation of the insurer | 14 | | are overseen collectively and at which the supervision of those | 15 | | factors is coordinated and exercised, or the level at which | 16 | | legal liability for failure of general corporate governance | 17 | | duties would be placed. If the insurer or insurance group | 18 | | determines the level of reporting based on these criteria, it | 19 | | shall indicate which of the 3 criteria was used to determine | 20 | | the level of reporting and explain any subsequent changes in | 21 | | the level of reporting. | 22 | | (e) The review of the corporate governance annual | 23 | | disclosure and any additional requests for information shall be | 24 | | made through the lead state as determined by the procedures | 25 | | within the most recent Financial Analysis Handbook adopted by | 26 | | the National Association of Insurance Commissioners. |
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| 1 | | (f) Insurers providing information substantially similar | 2 | | to the information required by this Article in other documents | 3 | | provided to the Director, including proxy statements filed in | 4 | | conjunction with the requirements of Section 131.13 or other | 5 | | State or federal filings provided to the Department, are not | 6 | | required to duplicate that information in the corporate | 7 | | governance annual disclosure but are only required to | 8 | | cross-reference the document in which the information is | 9 | | included. | 10 | | (215 ILCS 5/130.5 new) | 11 | | Sec. 130.5. Contents of corporate governance annual | 12 | | disclosure. | 13 | | (a) The insurer or insurance group has discretion over the | 14 | | responses to the corporate governance annual disclosure | 15 | | inquiries if the corporate governance annual disclosure | 16 | | contains the material information necessary to permit the | 17 | | Director to gain an understanding of the insurer's or insurance | 18 | | group's corporate governance structure, policies, and | 19 | | practices. The Director may request additional information | 20 | | that he or she deems material and necessary to provide the | 21 | | Director with a clear understanding of the corporate governance | 22 | | policies, the reporting or information system, or controls | 23 | | implementing those policies. | 24 | | (b) Notwithstanding subsection (a), the corporate | 25 | | governance annual disclosure shall be prepared in a manner |
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| 1 | | consistent with rules adopted by the Director. Documentation | 2 | | and supporting information shall be maintained and made | 3 | | available upon examination or upon the request of the Director. | 4 | | (c) The Director may retain, at the insurer's expense, | 5 | | third-party consultants, including attorneys, actuaries, | 6 | | accountants, and other experts not otherwise a part of the | 7 | | Director's staff, as may be reasonably necessary to assist the | 8 | | Director in reviewing the corporate governance annual | 9 | | disclosure and related information or the insurer's compliance | 10 | | with this Article. Any persons retained shall be under the | 11 | | direction and control of the Director and shall act only in an | 12 | | advisory capacity. | 13 | | (215 ILCS 5/130.6 new) | 14 | | Sec. 130.6. Confidentiality. | 15 | | (a) Documents, materials, or other information, including | 16 | | the corporate governance annual disclosure, in the possession | 17 | | or control of the Department that are obtained by, created by, | 18 | | or disclosed to the Director or any other person under this | 19 | | Article are recognized by this State as being proprietary and | 20 | | to contain trade secrets. All such documents, materials, or | 21 | | other information shall be confidential by law and privileged, | 22 | | shall not be subject to the Freedom of Information Act, shall | 23 | | not be subject to subpoena, and shall not be subject to | 24 | | discovery or admissible in evidence in any private civil | 25 | | action. However, the Director is authorized to use the |
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| 1 | | documents, materials, or other information in furtherance of | 2 | | any regulatory or legal action brought as a part of the | 3 | | Director's official duties. The Director shall not otherwise | 4 | | make the documents, materials, or other information public | 5 | | without the prior written consent of the insurer. | 6 | | (b) Neither the Director nor any person who received | 7 | | documents, materials, or other corporate governance annual | 8 | | disclosure-related information through examination or | 9 | | otherwise, while acting under the authority of the Director or | 10 | | with whom such documents, materials, or other information are | 11 | | shared pursuant to this Article, shall be permitted or required | 12 | | to testify in any private civil action concerning any | 13 | | confidential documents, materials, or information subject to | 14 | | subsection (a). | 15 | | (c) In order to assist in the performance of the Director's | 16 | | regulatory duties, the Director may: | 17 | | (1) upon request, share documents, materials, or other | 18 | | corporate governance annual disclosure-related | 19 | | information, including the confidential and privileged | 20 | | documents, materials, and information subject to | 21 | | subsection (a), including proprietary and trade-secret | 22 | | documents and materials with other state, federal, and | 23 | | international financial regulatory agencies, including | 24 | | members of any supervisory college as defined in subsection | 25 | | (c) of Section 131.20, with the National Association of | 26 | | Insurance Commissioners, and with third-party consultants, |
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| 1 | | if the recipient agrees in writing to maintain the | 2 | | confidentiality and privileged status of the corporate | 3 | | governance annual disclosure-related documents, materials, | 4 | | or other information and has verified in writing the legal | 5 | | authority to maintain confidentiality; and | 6 | | (2) receive documents, materials, or other corporate | 7 | | governance annual disclosure-related information, | 8 | | including otherwise confidential and privileged documents, | 9 | | materials, and information, including proprietary and | 10 | | trade-secret information and documents from regulatory | 11 | | officials of other state, federal, and international | 12 | | financial regulatory agencies, including members of any | 13 | | supervisory college as defined in subsection (c) of Section | 14 | | 131.20, and from the National Association of Insurance | 15 | | Commissioners, and shall maintain as confidential or | 16 | | privileged any documents, materials, or information | 17 | | received with notice or the understanding that it is | 18 | | confidential or privileged under the laws of the | 19 | | jurisdiction that is the source of the document, material, | 20 | | or information. | 21 | | (d) A written agreement with the National Association of | 22 | | Insurance Commissioners or a third-party consultant governing | 23 | | sharing and use of information provided pursuant to this | 24 | | Article shall: | 25 | | (1) include specific procedures and protocols for | 26 | | maintaining the confidentiality and security of corporate |
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| 1 | | governance annual disclosure-related information shared | 2 | | with the National Association of Insurance Commissioners | 3 | | or a third-party consultant pursuant to this Article, | 4 | | including procedures and protocols for sharing by the | 5 | | National Association of Insurance Commissioners only with | 6 | | other state regulators from states in which the insurance | 7 | | group has domiciled insurers; the agreement shall provide | 8 | | that the recipient agrees in writing to maintain the | 9 | | confidentiality and privileged status of the corporate | 10 | | governance annual disclosure-related documents, materials, | 11 | | or other information and has verified in writing the legal | 12 | | authority to maintain confidentiality; | 13 | | (2) specify that ownership of the corporate governance | 14 | | annual disclosure-related information shared with the | 15 | | National Association of Insurance Commissioners or a | 16 | | third-party consultant remains with the Director and that | 17 | | the National Association of Insurance Commissioners' or | 18 | | third-party consultant's use of the information is subject | 19 | | to the direction of the Director; | 20 | | (3) prohibit the National Association of Insurance | 21 | | Commissioners or a third-party consultant from storing the | 22 | | information shared pursuant to this Article in a permanent | 23 | | database after the underlying analysis is completed; | 24 | | (4) require the National Association of Insurance | 25 | | Commissioners or a third-party consultant to provide | 26 | | prompt notice to the Director and to the insurer or |
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| 1 | | insurance group regarding any subpoena, request for | 2 | | disclosure, or request for production of the insurer's or | 3 | | insurance group's corporate governance annual | 4 | | disclosure-related information; | 5 | | (5) require the National Association of Insurance | 6 | | Commissioners or a third-party consultant to consent to | 7 | | intervention by an insurer in any judicial or | 8 | | administrative action in which the National Association of | 9 | | Insurance Commissioners or a third-party consultant may be | 10 | | required to disclose confidential information about the | 11 | | insurer shared with the National Association of Insurance | 12 | | Commissioners or a third-party consultant pursuant to this | 13 | | Article; and | 14 | | (6) require the National Association of Insurance | 15 | | Commissioners or a third-party consultant to obtain | 16 | | written consent of the insurer before making any of the | 17 | | insurer's corporate governance annual disclosure-related | 18 | | information public. | 19 | | (e) The sharing of information and documents by the | 20 | | Director pursuant to this Article shall not constitute a | 21 | | delegation of regulatory authority or rulemaking, and the | 22 | | Director is solely responsible for the administration, | 23 | | execution, and enforcement of this Article. | 24 | | (f) No waiver of any applicable privilege or claim of | 25 | | confidentiality in the documents, proprietary and trade-secret | 26 | | materials, or other corporate governance annual |
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| 1 | | disclosure-related information shall occur as a result of | 2 | | disclosure of such information or documents to the Director | 3 | | under this Section or as a result of sharing as authorized in | 4 | | this Article. | 5 | | (g) Documents, materials, or other information in the | 6 | | possession or control of the National Association of Insurance | 7 | | Commissioners or any third-party consultants pursuant to this | 8 | | Article shall be confidential by law and privileged, shall not | 9 | | be subject to the Freedom of Information Act, shall not be | 10 | | subject to subpoena, and shall not be subject to discovery or | 11 | | admissible in evidence in any private civil action. | 12 | | (215 ILCS 5/130.7 new) | 13 | | Sec. 130.7. Sanctions. Any insurer failing, without just | 14 | | cause, to timely file the corporate governance annual | 15 | | disclosure as required in this Article shall be required, after | 16 | | notice and a hearing, to pay a penalty of $200 for each day's | 17 | | delay, to be recovered by the Director. Any penalty recovered | 18 | | shall be paid into the General Revenue Fund. The Director may | 19 | | reduce the penalty if the insurer demonstrates to the Director | 20 | | that the imposition of the penalty would constitute a financial | 21 | | hardship to the insurer.
| 22 | | Section 99. Effective date. This Act takes effect upon | 23 | | becoming law.
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