Illinois SB 3448: NOT-FOR-PROFIT INSURANCE CAP

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 Full Text of SB3448

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB3448

Introduced 2/4/2026, by Sen. David Koehler 

SYNOPSIS AS INTRODUCED:

New Act

 Creates the Not-for-Profit Health Insurance Reserve Cap Act. Prohibits a not-for-profit health insurance company from maintaining reserves in excess of 125% of the minimum solvency standards required by the Department of Insurance by the end of each calendar year. Requires each not-for-profit health insurance company to submit an annual financial report to the Department detailing the company's reserve levels. Provides that any excess reserves shall be utilized for all the specified purposes during the applicable calendar year. Provides that the Department shall monitor and enforce compliance with the Act. 

LRB104 18172 BAB 31611 b

A BILL FOR

SB3448LRB104 18172 BAB 31611 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the 

5Not-for-Profit Health Insurance Reserve Cap Act.

6 Section 5. Purpose. The purpose of this Act is to limit 

7excessive accumulation of reserves by not-for-profit health 

8insurance companies in order to ensure that surplus funds are 

9used to improve health care services in Illinois, fairly 

10compensate Illinois medical providers, and benefit 

11policyholders and the policyholders' employees, retirees, and 

12dependents.

13 Section 10. Definitions. In this Act:

14 "Department" means the Department of Insurance.

15 "Excess reserves" means any amount of reserves maintained 

16by a not-for-profit health insurance company that exceeds 125% 

17of the regulatory minimum solvency requirement established by 

18the Department.