HB 5138

Amends the Illinois Insurance Code. Requires the Director of Insurance to examine and investigate the affairs of any company to determine whether the company has been or is engaged in any rate setting that is excessive, inadequate, or unfairly discriminatory regarding affordable housing developments. Requires the Director to submit a report concerning aggregated housing insurance market statistics for the prior calendar year on or before October 1 of each year to the Governor and the General Assembly that shall be posted on the publicly accessible websites of both the Governor and the General Assembly. Provides that submissions that constitute trade secrets or sensitive commercial information are confidential under the Freedom of Information Act. Requires the Department of Insurance to consult with excess line and Illinois property insurance underwriting associations regarding reporting formats that capture excess-line placements and assigned-risk activity without identifying individual insureds. Grants the Department authority to adopt rules or circular letters, harmonize data standards with the National Association of Insurance Commissioners and other states, limit the burden on small insurers, and ensure data quality. Effective immediately.