Illinois Administrative Code

Section 654.ILLUSTRATION A Form D-1 FORM D-1 GENERAL INSTRUCTIONS A. Signature and Certification For purposes of filing the Form D-1, the signature and certification required by this Part shall be signed by an executive officer of the insurer requesting the Director's approval. B…

Section 655.10 Purpose The purpose of this Part is to describe that information which shall be provided to the Director by a domestic company in order: a) to notify the Director of all dividends and distributions pursuant to Section 131.16 of the Illinois Insurance Code [215 ILCS…

Section 655.20 Definitions Terms found in this Part, other than those defined in this Section, have the meanings ascribed in Section 131.1 of the Insurance Code. "Code" means the Illinois Insurance Code [215 ILCS 5]. "Department" means the Illinois Department of Insurance. "Direc…

Section 655.30 Prior Notification of Dividends and Other Distributions a) Notice 1) Ordinary Dividends. Any domestic company required, pursuant to Code Section 131.16, to notify the Director of a dividend or other distribution to its shareholders shall notify the Director of the …

Section 655.40 Penalties Failure of a company to timely file the report required by this Part and Section 131.16 or 131.20a of the Illinois Insurance Code shall subject the company to the provisions of Section 131.16, 131.24 and 403A of the Illinois Insurance Code [215 ILCS 5/131…

Section 655.50 Severability Provision If any Section or portion of a Section of this Part or the applicability of that Section or portion of a Section to any person or circumstance is held invalid by a court, the remainder of the Part or the applicability of the provision to othe…

Section 655.ILLUSTRATION A Form D-2 FORM D-2 GENERAL INSTRUCTIONS Signature and Certification. For purposes of filing the Form D-2, the signature and certification required by this Part shall be signed by an executive officer of the insurer. PRIOR NOTICE OF DIVIDENDS ON COMMON ST…

Section 751.10 Preamble The purpose of the regulations under this Part is to interpret and effect the purpose and provisions of the new Article VII-A and to set forth the responsibilities of advisory organizations and companies in the compilation and distribution of insurance sta…

Section 751.20 Definitions a) The term "compiles insurance statistics" as used in Article VII-A includes but is not limited to: 1) Classifying risks for statistical purposes; 2) Obtaining statistical data from members, subscribers, service purchasers or any source; 3) Combining, …

Section 752.10 License a) All advisory organizations conducting activities defined in Article VIIA and in the regulations issued to effect Article VIIA must apply to and be licensed by the Department of Insurance. b) Every application for a license must include: 1) Copies certifi…

Section 752.20 Documents-Joint Underwriting and Joint Reinsurance (Repealed) (Source: Repealed at 42 Ill. Reg. 20093, effective October 29, 2018)

Section 752.30 Submission of Application All applications, information documents and fees required under Section 752.10 must be received by: Illinois Department of Insurance Corporate Regulatory Section 320 West Washington St. Springfield, Illinois 62767 (Source: Amended at 42 Il…

Section 752.40 Examinations a) Every advisory organization and its members, subscribers and service purchasers; and every formal group, association or organization of admitted companies engaging in joint underwriting and joint reinsurance and their member companies shall maintain…

Section 753.10 Companies Must File a) All companies writing any of the kinds of business enumerated in Class 2, except clauses (a) (accident and health), (d) (workers' compensation) and (g) (fidelity and surety), of Section 4 of the Illinois Insurance Code (Code) [215 ILCS 5], an…

Section 753.20 Form and Content of Filings a) There must be printed at the head of the policy the name of the insurer or insurers issuing the policy, the location of the Home Office of the insurer or insurers; a statement of whether the insurer is a stock, mutual, reciprocal, Llo…

Section 753.30 Submission of Filing All filings required in Section 753.10 must be received in SERFF or in an electronic format approved by the Director no later than their effective date of use. Filings will only be considered received during the regular business hours from 8:00…

Section 753.EXHIBIT A Authorization to Accept Filings by Reference (Form RF-1) (Repealed) (Source: Repealed at 39 Ill. Reg. 4061, effective March 9, 2015)

Section 754.10 Companies Must File a) All companies are subject to this filing requirement that write any of the following kinds of insurance: 1) Motor Vehicle, as used in this Section, includes only Private Passenger Automobiles, Taxicabs and Motorcycles; 2) Homeowners, includin…

Section 754.20 Other Company Filings (Repealed) (Source: Repealed at 39 Ill. Reg. 8266, effective May 26, 2015)

Section 754.30 Documentation – Individual Risks a) A company is not required to file under Section 754.10 for individual risks in this State that cannot be rated in the normal course of business rating because of special or unusual characteristics and that must be rated on the ba…

Section 754.40 Submission of Filings a) All rule and rate filings required in Sections 754.10 and 754.30 must be received no later than 10 days after their stated effective date or the stated effective date of the rule or rate filing to which the information or authorization rela…

Section 754.50 Prohibited Acts and Practices a) The purpose of Article XXVI of the Illinois Insurance Code, entitled "Unfair Methods of Competition and Unfair and Deceptive Acts and Practices", according to Section 421 of the Code, is to regulate trade practices in the business o…

Section 754.EXHIBIT B Automobile Annual Premium Comparison (Form RF-4) (Repealed) (Source: Repealed at 39 Ill. Reg. 8266, effective May 26, 2015)

Section 806.10 Purpose The purpose of this Part is to set standards for the prudent use of derivative instruments in accordance with Article VIII of the Illinois Insurance Code [215 ILCS 5.126.1 through 126.32] (see P.A. 90-418, effective August 15, 1997).

Section 806.20 Applicability This Part shall be applicable to investments and investment practices of all domestic insurers and United States branches of alien insurers entered through this State.

Section 806.30 Definitions Unless the context requires otherwise, terms used in this Part have the meaning ascribed in Section 126.2 of the Code. "Code" means the Illinois Insurance Code [215 ILCS 5]. "Director" means the Director of the Illinois Department of Insurance. "Departm…

Section 806.40 Guidelines and Internal Control Procedures a) Before engaging in a derivative transaction, an insurer shall establish written guidelines that shall be used for effecting and maintaining the transactions. The guidelines shall: 1) Address investment or, if applicable…

Section 806.50 Documentation Requirements An insurer shall maintain documentation and records relating to each derivative transaction, including, but not limited to: a) The purpose or purposes of the transaction; b) The assets or liabilities to which the transaction relates; c) T…

Section 806.60 Trading Requirements Each derivative instrument shall be: a) Traded on a qualified exchange; b) Entered into with, or guaranteed by, a business entity; c) Issued or written by, or entered into with, the issuer of the underlying interest on which the derivative inst…

Section 807.10 Purpose The purpose of this Part is to set standards for the requirements of custodians of securities in accordance with Article IX of the Illinois Insurance Code [215 ILCS 5/Art. IX].

Section 807.20 Applicability This Part shall be applicable to custodial arrangements of all domestic insurers and United States branches of alien insurers entered through this State.

Section 807.30 Definitions Agent means a national bank, state bank or trust company that maintains an account in its name in a clearing corporation or that is a member of the Federal Reserve System and through which a custodian participates in a clearing corporation, including th…

Section 807.40 Custody Agreement Requirements a) Every domestic company may, by written agreement with a custodian qualified to administer trusts in this State under the Corporate Fiduciary Act [205 ILCS 620], and that has an office in this State at which the account is maintaine…

Section 901.10 Definitions "Non-Record" material means: Material not filed as evidence of the company's administrative or business activities or for the informational content thereof; Extra copies of documents or reproductions of documents maintained for convenience or reference;…

Section 901.20 Disposal and Destruction of Records The company is authorized to dispose of or destroy records in its custody that do not have sufficient administrative, legal or fiscal value to warrant their further preservation and are not needed: a) in the transaction of curren…

Section 901.5 Introduction No domestic company shall destroy any books, records, documents, accounts or vouchers, hereafter referred to as "records", except in conformity with the requirements of this Part.

Section 902.10 Authority This Part is promulgated by the Director of the Department of Insurance under Section 401 of the Illinois Insurance Code [215 ILCS 5/401] that empowers the Director to make reasonable rules and regulations as may be necessary for making effective the insu…

Section 902.20 Purpose and Applicability The purpose of this Part is to establish standards for products and/or services regulated by the Payday Loan Reform Act [815 ILCS 122] when offered by insurance companies. This Part applies to insurance companies, as that term is defined i…

Section 902.30 Definitions Act means the Payday Loan Reform Act [815 ILCS 122]. Code means the Illinois Insurance Code [215 ILCS 5]. Department means the Illinois Department of Insurance. Director means the Director of the Illinois Department of Insurance. Insurance Company means…

Section 902.40 Insurance Companies Originating Payday Loans All insurance companies offering payday loans, as that term is defined in Section 902.30 of this Part, including any insurance products and/or services that constitute a payday loan, as defined in Section 902.30 of this …

Section 902.50 Enforcement The Director may take any appropriate regulatory action authorized by Article XXIV of the Code [215 ILCS 5/Art. XXIV] or any other provision of the Code or rule against any insurance company whose products and/or services are inconsistent with the Act o…

Section 904.10 Registration of Securities All securities, whether negotiable or not, belonging to or in the possession, custody or control of any company shall be registered, issued to, and carried in the name of the company except: a) Securities pledged or hypothecated with the …

Section 904.20 Custody, Care and Disposition of Securities a) Transfer, sale, assignment or disposition of any security belonging to any company, other than upon the surrender of the security for payment at maturity or under an option of the maker of the security to repay the sec…

Section 904.30 Controls on the Disbursement of Checks a) A company shall have policies, procedures and controls in place regarding disbursements of checks. As part of the policies, procedures and controls, the company must: 1) Prepare a list by name or job classification of offic…

Section 904.40 Bank Balance Verification Verification of bank account balances and reconciliation of bank account statements shall be made by an officer or employee not empowered or authorized to approve payment of drafts or to make withdrawals from or charges against the account…

Section 904.5 Authority and Purpose a) This Part is promulgated and adopted pursuant to and in accordance with the provisions of Section 401 of the Code. b) All companies are directed and required, by resolution of their Board of Directors or other appropriate action, to conform …

Section 904.50 Bond Requirements a) All companies shall procure and maintain in force surety bonds on employees, officers or positions outlined in this Part and in accordance with an amount not less than the minimum amount shown as guidance provided in the National Association of…

Section 904.7 Definitions "Code" means the Illinois Insurance Code [215 ILCS 5]. "Company" means any domestic company as defined in Section 2(f) of the Code, any health maintenance organization as defined in Section 1-2(9) of the Health Maintenance Organization Act [215 ILCS 125]…

Section 907.10 Authority This Rule is issued by the Director of Insurance pursuant to Section 401 of the Illinois Insurance Code, which empowers the Director to make reasonable rules and regulations as may be necessary for making effective the insurance laws of this State. This P…

Section 907.20 Definition of Shares The word shares, as used in this Part, shall include securities issued by and representing an interest in any insurance company. However, the word shares shall not include rights to shares (as distinguished from the shares proper) under stock o…