IL SB2973

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

Authorizes the Director of Insurance to loan $10,000,000 from the Illinois Workers' Compensation Commission Operations Fund to the new company for start-up funding and initial capitalization, with repayment required within 5 years plus accrued interest.

Establishes a 7-member Board of Directors appointed by the Governor with Senate consent, with members subject to conflict-of-interest restrictions and residency requirements.

Company shall operate as a domestic mutual insurance company subject to all applicable Illinois Insurance Code provisions, including ratemaking based on independent actuarial analysis and participation in the Illinois Insurance Guaranty Fund.

Requires annual independent audits, an annual report to legislative leaders beginning July 1, 2020, and mandates development of workplace safety plans for policyholders with Company access to premises for safety inspections.