HB5478 EnrolledLRB097 17798 RPM 63014 b

1    AN ACT concerning insurance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Insurance Code is amended by
5changing Section 404 as follows:
 
6    (215 ILCS 5/404)  (from Ch. 73, par. 1016)
7    Sec. 404. Office of Director; A public office; destruction
8or disposal of records, papers, documents, and memoranda.
9    (1) (a) The office of the Director shall be a public office
10and the records, books, and papers thereof on file therein,
11except those records or documents containing or disclosing any
12analysis, opinion, calculation, ratio, recommendation, advice,
13viewpoint, or estimation by any Department staff regarding the
14financial or market condition of an insurer not otherwise made
15part of the public record by the Director, shall be accessible
16to the inspection of the public, except as the Director, for
17good reason, may decide otherwise, or except as may be
18otherwise provided in this Code or as otherwise provided in
19Section 7 of the Freedom of Information Act.
20    (b) Except where another provision of this Code expressly
21prohibits a disclosure of confidential information to the
22specific officials or organizations described in this
23subsection, the Director may disclose or share any confidential

 

 

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1records or information in his custody and control with any
2insurance regulatory officials of any state or country, with
3the law enforcement officials of this State, any other state,
4or the federal government, or with the National Association of
5Insurance Commissioners, upon the written agreement of the
6official or organization receiving the information to hold the
7information or records confidential and in a manner consistent
8with this Code.
9    (c) The Director shall maintain as confidential any records
10or information received from the National Association of
11Insurance Commissioners or insurance regulatory officials of
12other states which is confidential in that other jurisdiction.
13        (2) Upon the filing of the examination to which they
14    relate, the Director is authorized to destroy or otherwise
15    dispose of all working papers relative to any company which
16    has been examined at any time prior to that last
17    examination by the Department, so that in such
18    circumstances only current working papers of that last
19    examination may be retained by the Department.
20        (3) Five years after the conclusion of the transactions
21    to which they relate, the Director is authorized to destroy
22    or otherwise dispose of all books, records, papers,
23    memoranda and correspondence directly related to consumer
24    complaints or inquiries.
25        (4) Two years after the conclusion of the transactions
26    to which they relate, the Director is authorized to destroy

 

 

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1    or otherwise dispose of all books, records, papers,
2    memoranda, and correspondence directly related to all
3    void, obsolete, or superseded rate filings and schedules
4    required to be filed by statute; and all individual company
5    rating experience data and all records, papers, documents
6    and memoranda in the possession of the Director relating
7    thereto.
8        (5) Five years after the conclusion of the transactions
9    to which they relate, the Director is authorized to destroy
10    or otherwise dispose of all examination reports of
11    companies made by the insurance supervisory officials of
12    states other than Illinois; applications, requisitions,
13    and requests for licenses; all records of hearings; and all
14    similar records, papers, documents, and memoranda in the
15    possession of the Director.
16        (6) Ten years after the conclusion of the transactions
17    to which they relate, the Director is authorized to destroy
18    or otherwise dispose of all official correspondence of
19    foreign and alien companies, all foreign companies' and
20    alien companies' annual statements, valuation reports, tax
21    reports, and all similar records, papers, documents and
22    memoranda in the possession of the Director.
23        (7) Whenever any records, papers, documents or
24    memoranda are destroyed or otherwise disposed of pursuant
25    to the provisions of this section, the Director shall
26    execute and file in a separate, permanent office file a

 

 

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1    certificate listing and setting forth by summary
2    description the records, papers, documents or memoranda so
3    destroyed or otherwise disposed of, and the Director may,
4    in his discretion, preserve copies of any such records,
5    papers, documents or memoranda by means of microfilming or
6    photographing the same.
7        (8) This Section shall apply to records, papers,
8    documents, and memoranda presently in the possession of the
9    Director as well as to records, papers, documents, and
10    memoranda hereafter coming into his possession.
11(Source: P.A. 89-97, eff. 7-7-95.)
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.