HB3401 95TH GENERAL ASSEMBLY

LRB095 11427 KBJ 32289 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB3401

Introduced 2/27/2007, by Rep. JoAnn D. Osmond

SYNOPSIS AS INTRODUCED:

215 ILCS 5/462c new

Amends the Illinois Insurance Code. Provides that if an employer fails to provide the insurance carrier or self-insurer in which it has its workers' compensation insurance policy with reasonable access to payroll records for a payroll verification audit when requested by the insurance carrier or self-insurer, the employer shall pay a premium to the insurance carrier or self-insurer not to exceed 3 times the most recent estimated annual premium owed to the insurance carrier or self-insurer.

A BILL FOR

AN ACT concerning insurance.

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

Section 5. The Illinois Insurance Code is amended by adding Section 462c as follows:

(215 ILCS 5/462c new)

Sec. 462c. Workers' compensation; payroll verification; premiums. If an employer fails to provide the insurance carrier or self-insurer in which it has its workers' compensation insurance policy with reasonable access to payroll records for a payroll verification audit when requested by the insurance carrier or self-insurer, the employer shall pay a premium to the insurance carrier or self-insurer not to exceed 3 times the most recent estimated annual premium owed to the insurance carrier or self-insurer.