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