SB3072 Summary

• Amends Section 143 of the Illinois Insurance Code to require life, accident, and health insurance companies to file policy forms electronically through SERFF or other Director-approved systems before issuance.

• Requires endorsements or riders that unilaterally reduce benefits to be filed, reviewed, and formally approved by the Director prior to attachment to policies issued or delivered in Illinois.

• Extends the Director's approval timeline to 60 days after submission, with authority to extend an additional 30 days upon written notice to the insurer.

• Exempts surety contracts, fidelity bonds, policies issued to exempt commercial purchasers or industrial insureds (except workers' compensation), and riders addressing special or unusual conditions for individual risks from filing requirements.

• Takes effect upon becoming law.