IL HB2088

Insurance companies authorized to do business in Illinois with at least $50,000,000 in assets must submit annual 2-page supplier diversity reports to the Department by April 1, 2024 and every April 1 thereafter.

Reports must include point of contact information for the supplier diversity program, local and state certifications accepted for minority-owned, women-owned, LGBT-owned, and veteran-owned businesses, and voluntary goals for the calendar year.

The Department shall publish submitted reports on its website for 5 years after submission and hold an annual supplier diversity workshop in July each year to discuss reports with company representatives and vendors.

The Department must prepare a one-page template for the supplier diversity reports and may adopt rules necessary to implement the new reporting requirements.

The new reporting requirement applies to dental service plan corporations, health maintenance organizations, and limited health service organizations through amendments to their respective governing statutes.