HB5251 Summary

• Merges the Illinois Health Maintenance Organization Guaranty Association into the Illinois Life and Health Insurance Guaranty Association, creating a single unified entity.

• Expands coverage to include health maintenance organization (HMO) subscriber contracts and certificates, and adds long-term care insurance riders to the guaranty association's protection.

• Includes health maintenance organizations as "member insurers" subject to the guaranty association's assessment and regulatory requirements.

• Clarifies coverage limitations for various policy types, including exclusions for Medicare Part C & D and Medicaid, and limits on interest-rate indexed policies.

• Allows the guaranty association to file for actuarially justified rate increases on policies and contracts for which it provides coverage.