IL HB1552

Removes requirement for Department of Insurance to mail quarterly invoices to insurance companies for filing fees under Section 408 for both life/accident/health insurance and casualty/fire/marine insurance policy forms.

Permits electronic filing of insurance policy forms, certificates, endorsements, riders, and application blanks through the System for Electronic Rate and Form Filing (SERFF) or other Director-prescribed methods for life, accident, and health insurance companies.

Modifies dependent coverage provisions to eliminate requirement for semi-annual notice to insureds regarding dependent coverage eligibility, leaving notice requirements at application/enrollment and in coverage certificates only.

Changes annual report deadline for the Director of Insurance from April 15 to July 1 each year, regarding findings and recommendations on insurance premiums, costs, expenses, and cost containment systems.