IL SB2623

Insurance companies authorized to do business in Illinois with assets of at least $100,000,000 must submit annual 2-page voluntary supplier diversity reports to the Department of Insurance by November 15 of each year, beginning November 15, 2018.

Reports must include the point of contact for the supplier diversity program, local and state certifications accepted for minority-owned/women-owned/veteran-owned businesses, narrative explaining results and tactics, and voluntary procurement goals by category.

Department of Insurance shall publish submitted reports on its website for 5 years after submission, but is not responsible for collecting reports or verifying their content.

Department must hold an annual insurance company supplier diversity workshop every February beginning in February 2019 to discuss reports with insurance company representatives and vendors.

Department shall prepare a one-page template for companies to use when submitting voluntary supplier diversity reports.