INSURANCE-TECH

Amends the Illinois Insurance Code in the Article concerning workers' compensation and employer's liability insurance rates. Creates the Illinois Compensation Rating Bureau as a quasi-governmental entity. In the provisions concerning rate filings, disapproval of filings, appeal by minority, information that is to be furnished to insureds and hearings and appeals of insureds, and advisory organizations, replaces references of licensed rating organizations with that of the Illinois Compensation Rating Bureau. Provides that the Director of Insurance shall have oversight over the Bureau only as established by law. Provides that every insurer that writes, amends, delivers, issues, or renews any policy of insurance specified under the Article concerning workers' compensation and employer's liability insurance rates has membership in the Bureau. Sets forth the purposes of the Bureau. Provides that the Bureau shall be governed by the Rating Committee. Provides that the Rating Committee shall establish bylaws for the operation of the Bureau which, with amendments thereto, shall be filed with and approved by the Director before they are effective. Deletes certain provisions concerning filings and cooperation among rating organizations and sets forth provisions concerning membership, services, and the furnishing of information.