Illinois HB3341 mandates the Department of Insurance to file market conduct studies with the General Assembly before levying fines against insurance.
Illinois HB3341 amends the Department of Insurance Law to require the Department to submit any market conduct studies aiming to impose fines on insurance companies to the General Assembly before each legislative session. The General Assembly must approve these studies before any fines can be imposed. Additionally, the Department must hold a hearing with the House Insurance Committee and Senate Insurance Committee prior to any further actions. An appeal process must be established within 30 days after these committee hearings before the fines are publicly announced.
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