Illinois bill would create state-sponsored insurance company

An Illinois bill that would create a state-sponsored insurance company to provide workers compensation was placed on the calendar for a second reading last Thursday.

H.B. 4595, introduced by state Rep. Laura Fine, D-Glenview, would create the Illinois Employers Mutual Insurance Co. as a nonprofit that issues insurance for workers comp and occupational disease, according to the bill’s latest text.

The company would not be a state agency or receive taxpayer funding. It would be established with a $10 million loan from the Illinois Workers Compensation Commission Operations Fund.

The bill is similar to H.B. 2622, which was vetoed last year by Illinois Gov. Bruce Rauner.

This article was first published by Business Insurance.

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