Illinois SB3448 limits not-for-profit health insurance reserves to 125% of minimum solvency standards.
Illinois SB3448, the Not-for-Profit Health Insurance Reserve Cap Act, restricts not-for-profit health insurance companies from holding reserves above 125% of the minimum solvency standards set by the Department of Insurance. These companies must submit annual financial reports detailing their reserve levels. Any excess reserves must be used for market-level compensation for healthcare providers, expanding access for underserved populations, and reducing premiums for policyholders.
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