Bill Title: Amends the Illinois Insurance Code. In provisions requiring the Director of Insurance to approve specified acquisitions of control, provides that the Director shall deny the acquisition if the competence, experience, and integrity of those persons who would control the operation are such that it would not (rather than would) be in the best interests of specified individuals. Provides specified procedures by which the Director may designate a group-wide supervisor of an internationally active insurance group and supervise internationally active insurance groups. In provisions concerning confidential treatment of certain information, excludes information submitted pursuant to specified provisions concerning mergers and acquisitions that is not personal financial information. Provides that the Director may share confidential and privileged documents, materials, or other information with third-party consultants to assist in the performance of the Director's duties. Makes other changes. Defines "group-wide supervisor", "internationally active insurance group", "NAIC", and "securityholder". Repeals certain provisions concerning exemptions and provisions concerning confidentiality of documents, materials, and other information. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2021-04-23 - Rule 3-9(a) / Re-referred to Assignments [SB2409 Detail]

Text: Latest bill text (Introduced) [HTML]

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