HB2670 Summary

• Appropriates $52,212,700 total for Department of Insurance operations for fiscal year beginning July 1, 2021, consisting of $51,928,500 from Other State Funds and $284,200 from Federal Funds

• Allocates $19,689,400 from Insurance Producer Administration Fund for producer administration including personal services ($7,797,200), retirement contributions ($4,379,700), and electronic data processing ($2,597,500)

• Allocates $22,261,900 from Insurance Financial Regulation Fund for financial regulation operations including personal services ($10,005,400), retirement contributions ($5,620,000), and contractual services ($1,700,000)

• Appropriates $1,727,200 from Public Pension Regulation Fund for pension division operations and $2,600,000 from Illinois Workers' Compensation Commission Operations Fund for insurance fraud division administration

• Provides additional funding for Get Covered Illinois ($1,800,000), George Bailey Memorial Program ($100,000), federal health insurance market reforms ($284,200), and parity compliance initiatives ($2,000,000)