Bill Title: Amends the Intergovernmental Cooperation Act. Requires joint insurance pools to annually file with the Director of Insurance a certification by an independent actuary that the pool's reserves are in accordance with sound loss-reserving standards and adequate for the payment of claims. Authorizes the Director to adopt, by administrative rule, appropriate penalties for joint insurance pools that fail to comply with certain auditing, reporting, and certification requirements. Authorizes the Director, or his or her designees, to examine the affairs, transactions, accounts, records, and assets and liabilities of each joint insurance pool as often as the Director deems advisable. Requires the joint insurance pools to cooperate fully with the Director's representatives in all evaluations and audits and to resolve issues raised in those evaluations and audits. Provides that the failure to resolve those issues shall constitute a violation of the Act and may, after notice and an opportunity to be heard, result in the imposition of penalties established by the Director by administrative rule. Provides that if a joint insurance pool requires a member to submit written notice in order for the member to withdraw from a qualified pool, then the period in which the member must provide the written notice cannot, except in certain circumstances, be greater than 90 days.

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Passed) 2013-08-16 - Public Act . . . . . . . . . 98-0504 [SB2339 Detail]

Text: Latest bill text (Chaptered) [HTML]

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