Insurance Dept. Plans Large-Deductible Rules this Spring

The Illinois Insurance Department plans to draft regulations to implement legislation that establishes new financial controls on large-deductible workers' compensation policies by this spring, according to a notice published in the Jan. 15 edition of the state Register. Gov. Bruce Rauner on Aug. 14 signed Senate Bill 1805 by Sen. Bill Haine, D-Alton. The bill created Insurance Code Section 155.44 to require insurance companies that are rated below A- and do not have at least $200 million in surplus to require policyholders to post collateral if they purchase a workers' compensation in...