SB2876 Summary

• Amends the Illinois Insurance Code to establish exemptions for religious organizations that facilitate sharing of medical expenses among members, provided they meet 12 specified criteria including tax-exempt status under Section 501(c)(3) and continuous operation since December 31, 1999.

• Requires religious organizations to provide monthly written statements to members listing qualified medical expenses submitted for sharing and amounts actually shared, and to conduct annual independent audits available to the public.

• Mandates that religious organizations include specific written notices on all applications and communications stating that the arrangement is not insurance, participation is voluntary, and members remain personally responsible for their own medical bills.

• Establishes that funds for medical expense sharing cannot be held in offshore accounts and must be facilitated through direct payments between participants rather than accumulated reserves.

• Applies only if House Bill 3443 of the 97th General Assembly becomes law in its original form.