103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3325

 

Introduced 2/17/2023, by Rep. Thaddeus Jones

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 1405/1405-50 new

    Amends the Department of Insurance Law of the Civil Administrative Code of Illinois. Provides that the Department of Insurance shall file any market conduct studies seeking to levy fines against an insurance company with the General Assembly before each legislative session and the General Assembly must approve before any fines are leveled. Provides that the Department of Insurance shall conduct a hearing with the House Insurance Committee and Senate Insurance Committee before any further proceedings occur. Provides that before the release of announcements of the fines to the public, there shall be an appeal process scheduled within 30 days after the committee hearings.


LRB103 29348 BMS 55735 b

 

 

A BILL FOR

 

HB3325LRB103 29348 BMS 55735 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Department of Insurance Law of the Civil
5Administrative Code of Illinois is amended by adding Section
61405-50 as follows:
 
7    (20 ILCS 1405/1405-50 new)
8    Sec. 1405-50. Market conduct studies and hearings. The
9Department of Insurance shall file any market conduct studies
10seeking to levy fines against an insurance company with the
11General Assembly before each legislative session and the
12General Assembly must approve before any fines are levied. The
13Department of Insurance shall conduct a hearing with the House
14Insurance Committee and Senate Insurance Committee before any
15further proceedings occur. Before the release of announcements
16of the fines to the public, there shall be an appeal process
17scheduled within 30 days after the committee hearings.