HB4313 Summary

• Amends the Illinois Insurance Code to recognize examination reports and related documents as proprietary information containing trade secrets, strengthening confidentiality protections for insurance company information held by the Department of Insurance.

• Authorizes the Director to share confidential examination reports and documents with the Illinois Insurance Guaranty Fund regarding member companies experiencing an "authorized control level event" to prepare for possible liquidation proceedings.

• Limits access to information disclosed to the Guaranty Fund to the Fund's staff, counsel, and board of directors (board access only after delinquency proceedings begin), with all information to be held confidential consistent with the Illinois Insurance Code.

• Requires written agreements between the Director and the NAIC or third-party consultants to specify confidentiality procedures, ownership of shared information, notice requirements for subpoenas, and prohibitions on permanent data storage (with limited exception for certain reports).

• Takes effect upon becoming law.