IL SB2944

Adds health organizations to the definition of "company action level event" in Illinois Insurance Code Section 35A-15, allowing the Director to monitor their capital adequacy using the same trend test standards applied to property and casualty insurers.

Requires health organizations with total adjusted capital between their company action level RBC and three times their authorized control level RBC to submit an RBC Plan if they trigger the trend test calculation included in Health RBC Instructions.

Maintains existing RBC Plan requirements including identification of contributing conditions, proposed corrective actions, four-year financial projections, key assumptions, and business quality assessment.

Allows health organizations to propose parental guarantees or letters of credit as part of corrective actions, subject to Director approval at their discretion.

Preserves filing deadlines of 45 days for RBC Plan submission and 60 days for Director review, with provisions for revised plans if initial submission is deemed unsatisfactory.