SB2381 Summary

• Insurance companies authorized or accredited in Illinois with assets of at least $50,000,000 must submit annual 2-page voluntary supplier diversity program reports to the Department of Insurance by November 15 each year, starting November 15, 2023.

• Each report must include the supplier diversity program contact information, local and state certifications accepted for minority-owned/women-owned/veteran-owned businesses, and a narrative explaining results and tactics to achieve diversity goals.

• The Department of Insurance must publish all submitted reports on its website for 5 years after submission, and is not responsible for collecting reports or their content.

• The Department shall hold an annual insurance company supplier diversity workshop in February starting in 2024 to discuss reports with company representatives and vendors.

• The Department must prepare a one-page template (excluding the narrative section) for companies to use when submitting voluntary supplier diversity reports.