HB4493 Summary

• Amends the Illinois Motor Vehicle Theft Prevention and Insurance Verification Act to clarify State Police Motor Vehicle Theft Prevention Trust Fund naming and modifies insurance company payment requirements for law enforcement training from mandatory collection to optional collection with mandatory payment.

• Modifies the Illinois Insurance Code to add new Section 355c requiring qualified health plans sold through the marketplace to make prescription drug formularies and provider directories publicly available with specific information about costs and network details.

• Updates certificate of division procedures for domestic stock companies, adding a new item requiring notice to reinsurers and renumbering subsequent items accordingly.

• Changes policy form filing fees under Section 408 to establish different rates for informational/advertising filings ($25) versus standard filings ($50) and adds new fees for plan divisions ($10,000) and certified reinsurer filings.

• Modifies the Illinois Health Insurance Portability and Accountability Act to completely prohibit preexisting condition exclusions in health insurance coverage rather than merely limiting their duration, effective upon the act becoming law.