IL SB1349

Creates the Illinois Employers Mutual Insurance Company as a nonprofit, independent public corporation to provide workers' compensation and occupational disease insurance as a domestic mutual insurer.

Authorizes the Director of Insurance to make loans up to $10,000,000 from the Illinois Workers' Compensation Commission Operations Fund for the Company's start-up funding and initial capitalization, to be repaid within 5 years plus interest.

Establishes a 7-member board of directors appointed by the Governor with Senate consent, with members subject to conflict-of-interest restrictions prohibiting affiliations with other workers' compensation insurers.

Requires the Company to establish actuarially sound rates, maintain workplace safety plans for policyholders, undergo annual independent audits, and submit annual reports to the Governor and legislative leaders.

Mandates that policies be sold directly through the Company's internet platform without involvement of licensed insurance agents or brokers, and prohibits the Company from receiving state appropriations or funds beyond the initial loan.