SB0240 - Medical Sharing Trust Act

• Establishes a new regulatory framework for Medical Sharing Trusts, which are organizations that facilitate voluntary payments between participants to cover medical expenses.

• Medical Sharing Trusts are exempt from the Illinois Insurance Code provided they comply with this Act and the Illinois Charitable Trust Act, except when offering services that fall under Insurance Code regulations.

• Requires Medical Sharing Trusts to register with the Illinois Attorney General and submit the organization's name, executive officer information, service agent details, membership application forms, Certificate of Authority, and proof of member-elected board governance.

• Prohibits Medical Sharing Trusts from assuming liability or guaranteeing payment of medical expenses, and requires all participants to sign a release stating that no other participant or the trust has legal obligation to pay medical bills.

• Mandates that Medical Sharing Trusts provide participants with a specific written warning disclaimer stating the organization is not insurance, that member contributions are voluntary and non-compulsory, and that participants remain personally responsible for their own medical bills.