Public Act 097-1004
 
HB5478 EnrolledLRB097 17798 RPM 63014 b


  
    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 
changing Section 404 as follows:
 



    (215 ILCS 5/404)  (from Ch. 73, par. 1016)



    Sec. 404. 
Office of Director; A public office; destruction 
or
disposal of records, papers, documents, and memoranda.

    (1) (a)  The office of the Director shall be a public office 
and the
records,
books, and papers thereof on file
therein, 
except those records
or documents containing or disclosing any 
analysis, opinion, calculation,
ratio, recommendation, advice, 
viewpoint, or estimation by any Department staff
regarding the 
financial or market condition of an insurer not otherwise made

part of the public record by the Director,
shall be accessible 
to the
inspection of the public, except as the Director, for 
good reason, may
decide otherwise, or except as may be 
otherwise provided in this Code or as otherwise provided in 
Section 7 of the Freedom of Information Act.

    (b) Except where another provision of this Code expressly 
prohibits a
disclosure of confidential information to the 
specific officials or
organizations described in this 
subsection, the Director may disclose or share
any confidential 
records or information in his custody and control with any

insurance regulatory officials of any state or country, with 
the law
enforcement officials of this State, any other state, 
or the federal
government, or with the National Association of 
Insurance Commissioners, upon
the written agreement of the 
official or organization receiving the information
to hold the 
information or records confidential and in a manner consistent 
with
this Code.

    (c) The Director shall maintain as confidential any records 
or
information received from the National Association of 
Insurance Commissioners
or insurance regulatory officials of 
other states which is confidential in that
other jurisdiction.


        (2) Upon the filing of the examination to which they 
    relate, the Director
is authorized to destroy or otherwise 
    dispose of all working papers relative
to any company which 
    has been examined at any time prior to that last

    examination by the Department, so that in such 
    circumstances only current
working papers of that last 
    examination may be retained by the Department.


        (3) Five years after the conclusion of the transactions 
    to
which they relate, the Director is authorized to destroy 
    or otherwise
dispose of all books, records, papers, 
    memoranda and correspondence
directly related to consumer 
    complaints or inquiries.


        (4) Two years after the conclusion of the transactions 
    to which they
relate, the Director is authorized to destroy 
    or otherwise dispose of all
books, records, papers, 
    memoranda, and correspondence directly related to
all 
    void, obsolete, or superseded rate filings and schedules 
    required to be
filed by statute; and all individual company 
    rating experience data and all
records, papers, documents 
    and memoranda in the possession of the Director
relating 
    thereto.


        (5) Five years after the conclusion of the transactions 
    to which
they relate, the Director is authorized to destroy 
    or otherwise dispose
of all examination reports of 
    companies made by the insurance supervisory
officials of 
    states other than Illinois; applications, requisitions, 
    and
requests for licenses; all records of hearings; and all 
    similar records,
papers, documents, and memoranda in the 
    possession of the Director.


        (6) Ten years after the conclusion of the transactions 
    to which they
relate, the Director is authorized to destroy 
    or otherwise dispose of all
official correspondence of 
    foreign and alien companies, all foreign
companies' and 
    alien companies' annual statements, valuation reports, tax

    reports, and all similar records, papers, documents and 
    memoranda in the
possession of the Director.


        (7) Whenever any records, papers, documents or 
    memoranda are
destroyed or otherwise disposed of pursuant 
    to the provisions of this
section, the Director shall 
    execute and file in a separate, permanent
office file a 
    certificate listing and setting forth by summary

    description the records, papers, documents or memoranda so 
    destroyed or
otherwise disposed of, and the Director may, 
    in his discretion, preserve
copies of any such records, 
    papers, documents or memoranda by means of
microfilming or 
    photographing the same.


        (8) This Section shall apply to records, papers, 
    documents, and
memoranda presently in the possession of the 
    Director as well as to
records, papers, documents, and 
    memoranda hereafter coming into his
possession.

(Source: P.A. 89-97, eff. 7-7-95.)

 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law. 
  


Effective Date:  8/17/2012