Illinois General Assembly - Bill Status for HB2622

Amends the Illinois Insurance Code. In the provision concerning the Illinois Workers' Compensation Commission Operations Fund surcharge, provides that after the effective date of the amendatory Act, the Director of Insurance shall make one or more loans to the Illinois Employers Mutual Insurance Company (the Company) in an amount not to exceed an aggregate amount of $10,000,000 from the Illinois Workers' Compensation Commission Operations Fund for the start-up funding and initial capitalization of the Company. Creates the Illinois Employers Mutual Insurance Company Article in the Code and establishes the Company as a nonprofit, independent public corporation. Provides that the Company (1) shall be operated as a domestic mutual insurance company, subject to all applicable provisions of the Code, (2) shall issue insurance for workers' compensation and occupational disease and shall not provide any other type of insurance, (3) shall not be considered a State agency or instrumentality of the State for any purpose, and (4) shall not receive any State appropriations or funds, except for an initial loan or loans. Sets forth provisions concerning a board of directors, ratemaking, the Illinois Insurance Guaranty Fund, a chief executive officer, liability, a workplace safety plan, investments, dividends, the sale of policies, auditing requirements, and an annual report. Effective immediately.

In provisions concerning the Illinois Workers' Compensation Commission Operations Fund surcharge, provides that after the effective date of the amendatory Act, the Director of Insurance shall make a loan of $10,000,000 (rather than make one or more loans in an amount not to exceed an aggregate amount of $10,000,000) to the Illinois Employers Mutual Insurance Company from the Illinois Workers' Compensation Commission Operations Fund for the start-up funding and initial capitalization of the Company. Makes changes to the term years for members of the Board of directors. Makes changes to the qualifications for the Board director. Provides that the Board shall reflect the ethnic, cultural, and geographical diversity of the State. Removes language prohibiting policies of the Company to be sold by any insurance agent or broker licensed to sell workers' compensation insurance in the State. Makes changes to the dates that reports shall be submitted to the Governor and certain members of the General Assembly.

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