Bill Title: Reinserts the provisions of the introduced bill with the following changes. Further amends the Illinois Insurance Code. Provides that at a pre-examination conference, the Director of Insurance or authorized market conduct surveillance personnel shall disclose the basis of the examination. Provides that the Director may give a company or person an opportunity to resolve matters that are identified as a result of a market analysis to the Director's satisfaction before undertaking a market conduct action against the company or person. Provides that a failure to produce requested books, records, or documents by a deadline shall not be a violation until the later of specified deadlines. Provides that whenever the Department of Insurance has made substantive changes to a previously shared draft report, unless those changes remove part or all of an alleged violation or were proposed by the examinee, the Department shall deliver the revised version to the examinee as a new draft and shall allow the examinee 30 days to respond before the Department issues a final report. Provides that no corrective action shall be ordered with respect to violations in transactions with consumers or other entities that are isolated occurrences or that occur with such low frequency as to fall below a reasonable margin of error. Provides that the Director may make the results of a data call available for public inspection under certain circumstances. Provides that any failure to respond to an information request in a market conduct action or violation of specified provisions may carry a fine of up to $1,000 per day up to a maximum of $50,000. Authorizes the Director to order a penalty of up $2,000 (rather than $3,000) for each violation of any law, rule, or prior lawful order of the Director. Removes language providing that if an examination report finds a violation by the examinee that the report is unable to quantify such as an operational policy or procedure that conflicts with applicable law, then the Director may order a penalty of up to $10,000 for that violation. Provides that fines and penalties shall be consistent, reasonable, and justifiable, and the Director may consider reasonable criteria including, but not limited to, the examinee's size, consumer harm, the intentionality of any violations, or remedial actions already undertaken by the examinee. Provides that the Director shall communicate to the examinee the basis for any assessed fine or penalty. In a provision requiring examinees to pay for the expenses of a market conduct examination, provides that the costs and fees incurred in a market conduct examination shall be itemized and bills shall be provided to the examinee on a monthly basis for review prior to submission for payment. Makes other changes. Effective January 1, 2025 (rather than effective immediately).

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Passed) 2024-08-09 - Public Act . . . . . . . . . 103-0897 [SB1479 Detail]

Text: Latest bill text (Chaptered) [HTML]

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