SB3447

Illinois SB3447 amends financial regulation fees for insurance companies.

Illinois SB3447 amends the Illinois Insurance Code to change the financial regulation fees charged to insurance companies. The bill modifies the annual financial regulation fee for domestic and foreign companies, excluding fraternal benefit societies. It raises the aggregate fee limit for affiliated groups from $250,000 to $500,000. The bill also allows the Department of Insurance to adjust these fees by rule. The changes aim to better align fees with the financial condition and size of the companies, ensuring adequate funding for the Interstate Insurance Receivership Commission.