WORK COMP-STATE LICENSURE
What changed between versions
The primary law being amended was changed from the Workers' Compensation Act to the Illinois Insurance Code, and the specific section number was updated from Section 4 to Section 416.
All text regarding employer self-insurance applications, financial statements, and the requirement to furnish security or bonds was removed.
A new surcharge system was added, requiring licensed insurance companies to pay a fee based on their direct written premiums to fund the Commission's operations.
Specific dates were established for the surcharge, starting July 30, 2004, with a rate increase to 1.092% effective July 1, 2024, and a new additional amount calculation beginning in 2026.
New definitions were added for 'Annual funding target,' 'Statewide underwriting gain,' and 'Underwriting gain' to calculate the additional surcharge amount.
An exemption was added stating that self-insured employers do not pay the surcharge if they have paid the required fee under Section 4d of the Workers' Compensation Act.