IL SB2869

Creates the Illinois Insurance Advancement Corporation as a nonprofit organization qualifying for federal tax exemption under Section 501(c)(6) of the Internal Revenue Code to receive and disburse public and private funds for retaining Illinois domestic insurance companies and strengthening the insurance marketplace.

Establishes a 9-member Board of Directors led by the Director of Insurance as Chairperson, with 8 members appointed by the Director representing finance/investment banking, mutual insurance companies, insurance producers, small business development, and consumer advocacy backgrounds.

Requires the Corporation to develop an annual insurance advancement strategy by January 1, 2016 and each January 1 thereafter, presenting it to the Governor and legislative leaders by February 1 and making it publicly available.

Creates the Illinois Insurance Advancement Fund outside the state treasury funded by an initial $2,500,000 transfer from the Illinois Insurance Financial and Corporate Regulatory Fund and $2,500,000 from the Illinois Insurance Producer Regulatory Fund to support marketing, recruitment of new insurance companies, and industry development initiatives.

Amends the Open Meetings Act to require that portions of Board meetings addressing utilization of public funding comply with open meetings requirements and be subject to the Freedom of Information Act; requires annual audits by a certified public accountant to be filed with the Auditor General.