IL HB5478

Amends Section 404 of the Illinois Insurance Code to add a reference to Section 7 of the Freedom of Information Act regarding public access to the Director's office records and documents.

Allows the Director to share confidential insurance records with insurance regulators in other states or countries, law enforcement officials, and the National Association of Insurance Commissioners upon written agreement to maintain confidentiality.

Authorizes destruction of working papers from prior company examinations once the most recent examination is filed, allowing retention of only current working papers.

Permits destruction of consumer complaint records 5 years after transaction conclusion and obsolete rate filing records 2 years after conclusion.

Requires the Director to execute and file a certificate describing any destroyed records by summary and allows discretionary preservation of copies through microfilming or photography.