HB3408 Summary

• Amends the Workers' Compensation Act to allow bond requirements for judicial review to be satisfied through alternative collateral or guarantees instead of only traditional bonds.

• Permits parties to post collateral including insurance policies, certificates of self-insurance, or funds in escrow accounts to secure payment of awards when seeking judicial review.

• Maintains existing exemptions for the State of Illinois, municipalities, and other public entities from posting bond requirements.

• Effective immediately upon becoming law.