PUBLIC HEALTH INS OPTION ACT

Creates the Public Health Insurance Option Act. Creates the Health Insurance Connector Authority (the Connector) as a body politic and corporate and a public instrumentality, which shall be an independent public entity not subject to the supervision and control of any other executive office, department, commission, board, bureau, agency, or political subdivision of the State, except as specifically provided in law. Provides that the Health Insurance Connector Authority shall provide for the offering a public health benefits plan (the public option) to eligible individuals and groups, in order to ensure choice, competition, and stability of affordable, high quality coverage throughout the State. Sets forth provisions concerning availability, the executive director of the Connector, reporting, premium rates, payment rates, health care providers, and the creation of the Public Health Insurance Option Trust Fund. Amends the State Finance Act to create the Public Health Insurance Option Trust Fund as a special fund in the State treasury. Amends the Illinois Insurance Code. Authorizes the Director of Insurance to make an assessment against all health plans, health insurers, and health maintenance organizations in the State, as well as the public health insurance option established by the Public Health Insurance Option Act, if the actuarial risk of the enrollees of such plans or coverage for a year is less than the average actuarial risk of all enrollees in all risk-adjusted health plans. Makes other changes.