IL SB3707

Requires vision benefit managers to register with the Illinois Department of Insurance beginning July 1, 2027, with registration fees not exceeding $500 and certificates valid for 2 years

Creates the Low-Income Student Vision Examination Fund, funded by $15 per covered individual annually from vision benefit managers, to provide grants for vision exams for low-income students

Mandates Department of Insurance examination of the 3 largest vision benefit managers at least once every 5 years, with authority to examine all lines of business including government programs

Renames the Vision Care Plan Regulation Act to the Vision Benefit Manager Regulation Act and expands definitions to cover vision benefit discount plans and third-party administrators

Establishes patient choice protections ensuring enrollees can select among in-network eye care providers without interference from financial incentives, penalties, or differential reimbursements