IL HB1955

Amends the Illinois Insurance Code to establish requirements for plan of division approval, including Director oversight and standards for protecting policyholders and ensuring resulting companies remain solvent.

Adds definitions to the Insurance Code including "group-wide supervisor," "internationally active insurance group," "NAIC," "securityholder," and other related terms for insurance holding company systems.

Creates new Section 131.20d authorizing the Director to act as group-wide supervisor for internationally active insurance groups meeting specific criteria (premiums in 3+ countries, 10%+ premiums outside U.S., $50 billion+ assets or $10 billion+ premiums over 3-year average).

Expands the Director's authority to assess enterprise risks, request information from group members, coordinate with other regulatory agencies, and enter into agreements with companies and regulators regarding group-wide supervision activities.

Modifies confidentiality provisions in Section 131.22 to allow information sharing with third-party consultants and specifies procedures for NAIC and consultant agreements regarding data security, ownership, and disclosure protocols.