IL SB2877

Amends the Illinois Insurance Code to comprehensively regulate insurance holding company systems, including definitions of key terms like "affiliate," "control," "enterprise risk," and "non-operating holding company."

Requires domestic insurance companies that are members of holding company systems to register with the Director and file detailed registration statements containing information about capital structure, affiliates, transactions, and financial condition.

Establishes new filing requirements including summary filings of changes to registration statements and annual enterprise risk reports identifying material risks within holding company systems that could adversely affect the company.

Grants the Director broad examination and supervisory powers, including ability to examine affiliates, participate in supervisory colleges with other regulators, and require production of records and information necessary to assess compliance and enterprise risk.

Implements strict confidentiality protections for documents and information obtained during examinations, while allowing the Director to share information with state, federal, and international regulators under written agreements.