SB2863 Summary

• Amends Illinois Insurance Code Sections 456-458 to modify workers' compensation rate-setting requirements, including removal of language distinguishing between competitive and non-competitive markets for rate review purposes.

• Establishes new Section 462a requiring premiums not be excessive, with authority for the Director of Insurance to review excessive premiums on request and order premium adjustments or refunds.

• Creates Workers' Compensation Premium Rates Task Force with 12 members (legislative, employer, labor, and injured worker representatives) to study premium rate recommendations and feasibility of a nonprofit public insurance corporation, reporting findings by December 31, 2018.

• Requires Department of Insurance to establish fraud detection systems using advanced analytics by January 1, 2012, and maintain minimum 10-person investigator staff by July 1, 2018 for insurance non-compliance and fraud investigations.

• Mandates annual reporting by Department of Insurance and Commission on insurance market conditions, self-insurance data, claims information, and benefit payment trends to be made publicly available online.