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| Public Act 097-1004 | ||||
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AN ACT concerning insurance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Insurance Code is amended by | ||||
changing Section 404 as follows:
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(215 ILCS 5/404) (from Ch. 73, par. 1016)
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Sec. 404.
Office of Director; A public office; destruction | ||||
or
disposal of records, papers, documents, and memoranda.
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(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
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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.
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(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
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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.
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(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.
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(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
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examination by the Department, so that in such | ||
circumstances only current
working papers of that last | ||
examination may be retained by the Department.
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(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.
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(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.
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(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.
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(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
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reports, and all similar records, papers, documents and | ||
memoranda in the
possession of the Director.
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(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
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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.
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(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.
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(Source: P.A. 89-97, eff. 7-7-95.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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