Illinois 2023-2024 Regular Session

Illinois Senate Bill SB2381

Introduced
2/10/23  
Refer
2/10/23  
Refer
2/28/23  
Report Pass
3/8/23  

Caption

INS-SUPPLIER DIVERSITY REPORT

Impact

The implementation of SB2381 could significantly impact how insurance companies approach their supplier diversity efforts. By requiring that these companies document and report their activities, the bill incentivizes them to engage more actively with diverse suppliers. This could help level the playing field for businesses owned by underrepresented groups, fostering a more inclusive business environment and promoting equity within the state’s economic landscape. Furthermore, the results of each report will be published on the Department’s website for five years, ensuring public accessibility to these efforts.

Summary

SB2381 amends the Illinois Insurance Code by introducing a new requirement for insurance companies with assets exceeding $50 million. The bill mandates these companies to submit an annual two-page report detailing their voluntary supplier diversity programs to the Department of Insurance. The report will include the contact information for suppliers, accepted local and state certifications, and a narrative on the objectives and outcomes of their diversity initiatives. This requirement aims to enhance transparency and accountability regarding the participation of minority-owned, women-owned, and veteran-owned businesses in procurement opportunities within the insurance sector.

Contention

While the bill is poised to create positive change, it may also lead to challenges in compliance, particularly for smaller insurance firms that might struggle with the reporting requirements. Additionally, discussions around the effectiveness and the actual impact of such diversity programs could arise. Some stakeholders might question whether the mandated reporting translates into real benefits for the communities that these initiatives aim to support. Others may express concerns regarding the administrative burden this could place on insurance companies, particularly those operating on a smaller scale.

Companion Bills

No companion bills found.

Similar Bills

CA AB532

Water rate assistance program.

CA AB1323

Sustainable water use and demand reduction: stakeholder workgroup.

IL HB2088

INS-SUPPLIER DIVERSITY REPORT

OH SB174

Allow retail natural gas service supplier to offer carbon offsets

OH SB151

Allow certain natural gas suppliers to offer carbon offsets

WV HB2284

Creating a state-administered wholesale drug importation program

IN HB1504

Enforcement of deceptive consumer sales act.

CA SB552

Drought planning: small water suppliers: nontransient noncommunity water systems.