HB 2089 Summary

• Transfers oversight of Illinois public pension systems from the Department of Financial and Professional Regulation to the Department of Insurance by renaming the "Public Pension Division" and updating all references throughout the Illinois Pension Code.

• Establishes divestment requirements for Illinois retirement systems from companies with business operations in Sudan, defining "forbidden entities" and requiring certifying companies to provide annual certifications that retirement system assets are not invested in Sudan-related entities.

• Requires insurance companies with assets of at least $50,000,000 to submit annual supplier diversity reports describing their voluntary programs for minority-owned, women-owned, LGBT-owned, and veteran-owned businesses.

• Makes technical corrections to insurance tax late fee and penalty provisions, reducing certain penalty amounts and timeframes for industrial insureds and surplus line producers.

• Repeals Section 155.18a of the Illinois Insurance Code and makes Section 15 of the Small Employer Health Insurance Rating Act inapplicable to health benefit plans delivered, issued, or renewed on or after January 1, 2022.