HB3325 103RD GENERAL ASSEMBLY

LRB103 29348 BMS 55735 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3325

Introduced 2/17/2023, by Rep. Thaddeus Jones

SYNOPSIS AS INTRODUCED:

20 ILCS 1405/1405-50 new

Amends the Department of Insurance Law of the Civil Administrative Code of Illinois. Provides that the Department of Insurance shall file any market conduct studies seeking to levy fines against an insurance company with the General Assembly before each legislative session and the General Assembly must approve before any fines are leveled. Provides that the Department of Insurance shall conduct a hearing with the House Insurance Committee and Senate Insurance Committee before any further proceedings occur. Provides that before the release of announcements of the fines to the public, there shall be an appeal process scheduled within 30 days after the committee hearings.

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Department of Insurance Law of the Civil Administrative Code of Illinois is amended by adding Section 1405-50 as follows:

(20 ILCS 1405/1405-50 new)

Sec. 1405-50. Market conduct studies and hearings. The Department of Insurance shall file any market conduct studies seeking to levy fines against an insurance company with the General Assembly before each legislative session and the General Assembly must approve before any fines are levied. The Department of Insurance shall conduct a hearing with the House Insurance Committee and Senate Insurance Committee before any further proceedings occur. Before the release of announcements of the fines to the public, there shall be an appeal process scheduled within 30 days after the committee hearings.