HB 5102 — INS CD-ANNUAL STATEMENTS

*LRB09519518KBJ45827b* HB5102 95THEngrossed GENERALLRB095 ASSEMBLY19518 StateKBJ of45827 Illinoisb andAN 2008ACT HB5102concerning byregulation. Rep.

Dan Brady SYNOPSIS AS INTRODUCED:

ILCS 5/136 from Ch.

73, par.

748 Amends the Illinois Insurance Code.

Provides that every property and casualty insurance company doing business in this State, unless otherwise exempted by the Director of Insurance, shall annually submit the opinion of an appointed actuary entitled "Statement of Actuarial Opinion".

Provides that the opinion shall be filed in accordance with the appropriate National Association of Insurance Commissioners Property and Casualty Annual Statement Instructions.

Provides that every property and casualty insurance company domiciled in this State that is required to submit a Statement of Actuarial Opinion shall annually submit an Actuarial Opinion Summary, written by the company’s appointed actuary.

Provides that an Actuarial Report and underlying workpapers as required by the appropriate National Association of Insurance Commissioners Property and Casualty Annual Statement Instructions shall be prepared to support each Actuarial Opinion.

Provides that the appointed actuary shall not be liable for damages to any person (other than the insurance company and the Director) for any act, error, omission, decision, or conduct with respect to the actuary’s opinion, except in cases of fraud or willful misconduct on the part of the appointed actuary.

Makes other changes.

Effective immediately.

LRB095 19518 KBJ 45827 b FISCAL NOTE ACT MAY APPLY A BILL FOR HB5102 LRB095 19518 KBJ 45827 b AN ACT concerning regulation.

In HB5102 Engrossed - 2 - LRB095 19518 KBJ 45827 b every statement the admitted assets shall be shown at the actual values as of the last day of the preceding year, in accordance with Section 126.7.

(3) For the information of the public generally the Director shall cause an abstract of the information contained HB5102 Engrossed - 3 - LRB095 19518 KBJ 45827 b in the annual statement to be made available to the public as soon as practicable after filing with the Department, by printing those abstracts in pamphlet tabular form for free general distribution by the Department, or by such other publication in the city of Springfield or in the city of Chicago as may be reasonably necessary more fully to inform the public of the financial condition of companies transacting business in this State.

Each company shall also file with the National Association of Insurance Commissioners annual and quarterly financial statement information in computer readable format as required by the HB5102 Engrossed - 4 - LRB095 19518 KBJ 45827 b Insurance Regulatory Information System.

Each foreign and alien HB5102 Engrossed - 5 - LRB095 19518 KBJ 45827 b property and casualty company authorized to do business in this State shall provide the Actuarial Opinion Summary upon request.

(c)The(c) The appointed actuary shall not be liable for damages to any person (other than the insurance company and the Director) for any act, error, omission, decision, or conduct with respect to the actuary’s opinion, except in cases of fraud or willful misconduct on the part of the appointed actuary.

(d) The Statement of Actuarial Opinion shall be provided with the Annual Statement in accordance with the appropriate National Association of Insurance Commissioners Property and Casualty Annual Statement HB5102 Engrossed - 6 - LRB095 19518 KBJ 45827 b Instructions and shall be treated as a public document.

Neither the Director nor any person who received documents, materials, or other information while acting under the authority of the Director shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to this HB5102 Engrossed - 7 - LRB095 19518 KBJ 45827 b subsection (6).

and HB5102 Engrossed - 8 - LRB095 19518 KBJ 45827 b (iii) enter into agreements governing sharing and use of information consistent with paragraph (d).

Notwithstanding any other rulemaking authority that may exist, neither the Governor nor any agency or agency head under the jurisdiction of the Governor has any authority to make or promulgate rules to implement or enforce the provisions of this amendatory Act of the 95th General Assembly.

If, however, the Governor believes that rules are necessary to implement or enforce the provisions of this amendatory Act of the 95th General Assembly, the Governor may suggest rules to the General Assembly by filing them with the Clerk of the House and the Secretary of the Senate and by requesting that the General Assembly authorize such rulemaking by law, enact those suggested rules into law, or take any other appropriate action in the General Assembly’s discretion.

Nothing contained in this amendatory Act of the 95th General Assembly shall be interpreted to grant rulemaking authority under any other HB5102 Engrossed - 9 - LRB095 19518 KBJ 45827 b Illinois statute where such authority is not otherwise explicitly given.

For the purposes of this amendatory Act of the 95th General Assembly, "rules" is given the meaning contained in Section 1-70 of the Illinois Administrative Procedure Act, and "agency" and "agency head" are given the meanings contained in Sections 1-20 and 1-25 of the Illinois Administrative Procedure Act to the extent that such definitions apply to agencies or agency heads under the jurisdiction of the Governor.