IL SB3322

Amends the Intergovernmental Cooperation Act to require joint insurance pools to file annual audited financial reports with the Director of Insurance within 150 days of fiscal year end and to file annual statements of actuarial opinion prepared by qualified actuaries from the Casualty Actuarial Society or Society of Actuaries.

Establishes that joint insurance pool members may withdraw with no more than 120 days' written notice requirement, applicable only to agreements entered into, modified, or renewed after this act's effective date.

Authorizes the Director of Insurance to assess penalties of up to $500 per day per violation (maximum $10,000 per violation) against joint insurance pools failing to comply with auditing and actuarial opinion requirements, and permits examinations by independent auditors or actuarial firms.

Amends the Illinois Insurance Code Sections 26 and 53 to clarify deposit requirements for insurance companies by removing references to specific authorized investment sections and instead establishing detailed categories of eligible securities including government bonds, municipal bonds, and certificates of deposit.

Repeals Articles V 1/2, XVI, XVIII, and XIXB and Sections 178, 359b, and 359c of the Illinois Insurance Code.