Full Text of HB5478 97th General Assembly
HB5478enr 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning insurance.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Insurance Code is amended by | 5 | | changing Section 404 as follows:
| 6 | | (215 ILCS 5/404) (from Ch. 73, par. 1016)
| 7 | | Sec. 404.
Office of Director; A public office; destruction | 8 | | or
disposal of records, papers, documents, and memoranda.
| 9 | | (1) (a) The office of the Director shall be a public office | 10 | | and the
records,
books, and papers thereof on file
therein, | 11 | | except those records
or documents containing or disclosing any | 12 | | analysis, opinion, calculation,
ratio, recommendation, advice, | 13 | | viewpoint, or estimation by any Department staff
regarding the | 14 | | financial or market condition of an insurer not otherwise made
| 15 | | part of the public record by the Director,
shall be accessible | 16 | | to the
inspection of the public, except as the Director, for | 17 | | good reason, may
decide otherwise, or except as may be | 18 | | otherwise provided in this Code or as otherwise provided in | 19 | | Section 7 of the Freedom of Information Act .
| 20 | | (b) Except where another provision of this Code expressly | 21 | | prohibits a
disclosure of confidential information to the | 22 | | specific officials or
organizations described in this | 23 | | subsection, the Director may disclose or share
any confidential |
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| 1 | | records or information in his custody and control with any
| 2 | | insurance regulatory officials of any state or country, with | 3 | | the law
enforcement officials of this State, any other state, | 4 | | or the federal
government, or with the National Association of | 5 | | Insurance Commissioners, upon
the written agreement of the | 6 | | official or organization receiving the information
to hold the | 7 | | information or records confidential and in a manner consistent | 8 | | with
this Code.
| 9 | | (c) The Director shall maintain as confidential any records | 10 | | or
information received from the National Association of | 11 | | Insurance Commissioners
or insurance regulatory officials of | 12 | | other states which is confidential in that
other jurisdiction.
| 13 | | (2) Upon the filing of the examination to which they | 14 | | relate, the Director
is authorized to destroy or otherwise | 15 | | dispose of all working papers relative
to any company which | 16 | | has been examined at any time prior to that last
| 17 | | examination by the Department, so that in such | 18 | | circumstances only current
working papers of that last | 19 | | examination may be retained by the Department.
| 20 | | (3) Five years after the conclusion of the transactions | 21 | | to
which they relate, the Director is authorized to destroy | 22 | | or otherwise
dispose of all books, records, papers, | 23 | | memoranda and correspondence
directly related to consumer | 24 | | complaints or inquiries.
| 25 | | (4) Two years after the conclusion of the transactions | 26 | | to which they
relate, the Director is authorized to destroy |
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| 1 | | or otherwise dispose of all
books, records, papers, | 2 | | memoranda, and correspondence directly related to
all | 3 | | void, obsolete, or superseded rate filings and schedules | 4 | | required to be
filed by statute; and all individual company | 5 | | rating experience data and all
records, papers, documents | 6 | | and memoranda in the possession of the Director
relating | 7 | | thereto.
| 8 | | (5) Five years after the conclusion of the transactions | 9 | | to which
they relate, the Director is authorized to destroy | 10 | | or otherwise dispose
of all examination reports of | 11 | | companies made by the insurance supervisory
officials of | 12 | | states other than Illinois; applications, requisitions, | 13 | | and
requests for licenses; all records of hearings; and all | 14 | | similar records,
papers, documents, and memoranda in the | 15 | | possession of the Director.
| 16 | | (6) Ten years after the conclusion of the transactions | 17 | | to which they
relate, the Director is authorized to destroy | 18 | | or otherwise dispose of all
official correspondence of | 19 | | foreign and alien companies, all foreign
companies' and | 20 | | alien companies' annual statements, valuation reports, tax
| 21 | | reports, and all similar records, papers, documents and | 22 | | memoranda in the
possession of the Director.
| 23 | | (7) Whenever any records, papers, documents or | 24 | | memoranda are
destroyed or otherwise disposed of pursuant | 25 | | to the provisions of this
section, the Director shall | 26 | | execute and file in a separate, permanent
office file a |
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| 1 | | certificate listing and setting forth by summary
| 2 | | description the records, papers, documents or memoranda so | 3 | | destroyed or
otherwise disposed of, and the Director may, | 4 | | in his discretion, preserve
copies of any such records, | 5 | | papers, documents or memoranda by means of
microfilming or | 6 | | photographing the same.
| 7 | | (8) This Section shall apply to records, papers, | 8 | | documents, and
memoranda presently in the possession of the | 9 | | Director as well as to
records, papers, documents, and | 10 | | memoranda hereafter coming into his
possession.
| 11 | | (Source: P.A. 89-97, eff. 7-7-95.)
| 12 | | Section 99. Effective date. This Act takes effect upon | 13 | | becoming law.
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