Illinois Administrative Code

Section 907.30 Applicability This Part shall apply to the sale of shares of all domestic stock companies. (Source: Amended at 14 Ill. Reg. 16920, effective October 2, 1990)

Section 907.40 Exempt Transactions The transactions enumerated in Sections 907.50, 907.60 and 907.70 of this Part are hereby declared exempt from the provisions of Section 147.1 of the Illinois Insurance Code.

Section 907.50 Private Sale Solicitations of purchases in Illinois to not more than 70 persons and actual sales in Illinois to not more than 35 of such persons of shares of an issuer for the direct or indirect benefit of the issuer or a controlling person within any period of twe…

Section 907.60 Dealer Trading a) The sale by a dealer, either as principal or agent, of any such shares at a price reasonably related to the current market price of such shares shall be exempt. b) The exemption provided in this Section shall apply only if the sale is made in good…

Section 907.70 Approved Stock Option Plans Offers or grants of stock options under plans approved by the Director of Insurance shall be exempt.

Section 908.10 Application and Effective Date This Part applies to all domestic companies transacting any kind or kinds of business specified under Classes 2 and 3 of Section 4 of the Illinois Insurance Code.

Section 908.20 Recording of Premiums Collected a) From and after the effective date of this Part, all receipts from premium collections entered on each company's records must be identifiable to a definite individual policy, endorsement, rider or other amendment, to indicate the a…

Section 908.30 "Gross Premiums" Defined For the purpose of computing or calculating the unearned premium reserve under section 393.1 of the Illinois Insurance Code, the term "Gross Premium" in any particular case is defined as the total amount charged the insured, excluding only …

Section 909.10 Authority This Part is issued by the Director of Insurance pursuant to Sections 401 and 500-145 of the Illinois Insurance Code [215 ILCS 5/401 and 500-145], which empower the Director to make reasonable rules and regulations as may be necessary for making effective…

Section 909.100 Noncompliance Violation of the requirements of this Part shall be an unfair trade practice, and evidence of incompetence or untrustworthiness in the conduct of business under Section 500-70(a)(7) and (8) of the Code. (Source: Amended at 31 Ill. Reg. 12732, effecti…

Section 909.110 Conflict with Other Rules It is not intended that this Part conflict with or supersede any rules currently in force or subsequently adopted in this State governing specific aspects of the sale or replacement of life insurance including, but not limited to, rules d…

Section 909.120 Severability Provision If any Section or portion of a Section of this Part, or the applicability thereof to any person or circumstance, is held invalid by a court, the remainder of the Part, or the applicability of such provision or circumstances, shall not be aff…

Section 909.20 Definitions For the purpose of this Part: "Advertisement" does not include: Communications or materials used within an insurer's own organization and not intended for dissemination to the public; Communications with policyholders other than material urging policyho…

Section 909.30 Applicability a) This Part shall apply to any life insurance or annuity advertisement intended for dissemination in this State. b) Every insurer shall establish and at all times maintain a system of control over the content, form and method of dissemination of its …

Section 909.40 Form and Content of Advertisements a) Advertisements shall be truthful and not misleading in fact or by implication. The form and content of an advertisement shall be sufficiently complete and clear so as to avoid deception. It shall not have the capacity or tenden…

Section 909.50 Disclosure Requirements a) The information required to be disclosed by this Part shall not be minimized, rendered obscure or presented in an ambiguous fashion or intermingled with the text of the advertisement so as to be confusing or misleading. b) No advertisemen…

Section 909.60 Identity of Insurer a) The name of the insurer shall be clearly identified, and if any specific individual policy is advertised it shall be identified either by form number or other appropriate description. An advertisement shall not use a trade name, any insurance…

Section 909.70 Jurisdictional Licensing and Status of Insurer a) An advertisement which is intended to be seen or heard beyond the limits of the jurisdiction in which the insurer is licensed shall not imply licensing beyond such limits. b) An advertisement may state that an insur…

Section 909.80 Statements about an Insurer An advertisement shall not contain statements, pictures, or illustrations which are false or misleading, in fact or by implication, with respect to the assets, liabilities, insurance in force, corporate structure, financial condition, ag…

Section 909.85 Advertising and Marketing of Annuities and Variable Life Contracts With respect to annuities and variable life contracts, any advertisement or other device designed to produce leads based on a response from a potential insured that is directed toward persons age 65…

Section 909.90 Advertising Records and Certificate a) Each insurer shall maintain at its home or principal office a complete file containing a specimen copy of every printed, published or prepared advertisement hereafter disseminated in this State, with a notation indicating the …

Section 910.10 Purpose This Part implements and clarifies the requirements for risk-bearing entities authorized to do business or accredited by this State to file public reports on whether and how they operate any supplier diversity program as part of their procurement program. N…

Section 910.20 Applicability a) Except as provided in subsection (b), this Part applies to every domestic, foreign, and alien risk-bearing entity with a certificate of authority or accreditation from the Director. b) This Part does not apply to any qualified group workers compens…

Section 910.30 Definitions The following definitions apply to this Part: "Accredited reinsurer" has the meaning ascribed in Section 173.1(1)(B) of the Code. "Admitted assets" has the meaning ascribed in Section 3.1 of the Code. "Affiliate" or "affiliated" has the meaning ascribed…

Section 910.40 Supplier Diversity Report Requirements By April 1 of every year, every risk-bearing entity authorized to do business in this State or accredited by this State with total net admitted assets of at least $50,000,000 for the current year as reflected on the Assets pag…

Section 913.10 Authority (Repealed) (Source: Repealed at 46 Ill. Reg. 12023, effective June 30, 2022)

Section 913.100 Documents to be Filed with the Director In addition to all other documents required to be filed with the Director pursuant to Section 147.1(4) of the Code, an issuer, underwriter, dealer or controlling person making application to the Director for a permit to sell…

Section 913.110 Severability Provision If any section or portion of a section of this rule, or the applicability thereof to any person or circumstances is held invalid by a court, the remainder of the rule, or the applicability to other persons or circumstances, shall not be effe…

Section 913.20 Purpose and Scope This Part applies to the sale of shares of: a) All foreign or alien stock insurance companies that have been continuously in business as such for more than ten years and are authorized to transact their business in this State, and b) All domestic …

Section 913.30 Definitions "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. "Shares" means securities issued by and representing an interest in an…

Section 913.40 Filing Requirement Pursuant to Section 147.1 of the Code and the provisions of this Part, a formal application must be submitted to obtain a permit from the Director to sell shares. Any domestic company seeking a permit to solicit subscriptions and issue shares und…

Section 913.50 The Prospectus a) Any prospectus required to be filed with and approved for use by the Director shall contain the following information: 1) The date and form of organization of the issuer; 2) A description of the business done and intended to be done by the issuer;…

Section 913.60 Alternate Prospectus In those instances in which the proposed offering is being registered under the Federal Securities Act of 1933 (17 U.S.C. 77 et seq.) the applicant in lieu of filing a prospectus as described in Section 913.50 shall file two copies of the prosp…

Section 913.70 Equity Interest of Certain Persons The incorporators, organizers, promoters or other persons similarly situated of any domestic company organized after May 11, 1964 shall, prior to the issuance of a permit for a public sale by the Director pursuant to Section 20 of…

Section 913.80 Escrow Requirements If application is made to the Director for a Permit authorizing the applicant to sell to the public shares of stock of an issue subject to this Part, and it shall appear to the Director that shares of stock of the issuer have, within the five (5…

Section 913.90 Stock Option Plans The Director shall be guided in the granting of a permit to issue shares to implement stock option plans by the following: a) Any stock option or purchase plan which meets the requirements of Sections 422, 423 or 424 of the Internal Revenue Code …

Section 913.EXHIBIT C Statement of Education, Prior Occupation, Business Experience and Supplementary Information (Repealed) (Source: Repealed at 7 Ill. Reg. 6946, effective May 18, 1983)

Section 913.ILLUSTRATION A Biographical Affidavit (Repealed) (Source: Repealed at 46 Ill. Reg. 12023, effective June 30, 2022)

Section 915.10 Authority (Repealed) (Source: Repealed at 46 Ill. Reg. 12035, effective June 30, 2022)

Section 915.20 Purpose and Scope The purpose of this Part is to set forth requirements that the Director deems necessary to carry out the provisions of Section 155.04 of the Illinois Insurance Code. The information called for by this Part is hereby declared to be necessary and ap…

Section 915.30 Definitions "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. "Domestic, foreign or alien company" means the same as defined in Sect…

Section 915.40 Biographical Affidavits a) Biographical affidavits must be furnished to the Director by all companies and persons subject to this Part pursuant to Section 915.20. Affidavits of persons specified in Section 915.20(a) and (b) must be filed along with the other papers…

Section 915.5 Authority (Repealed) (Source: Repealed at 7 Ill. Reg. 6939, effective May 18, 1983)

Section 915.50 Change in Status Domestic companies must file with the Director notice of any change in executive officer status of any person required to file a biographical affidavit under Section 915.40 of this Rule. Notice must be filed within 30 days of such change. (Source: …

Section 915.60 Additional Information The Director may request additional information such as depositions, transcripts, reinsurance agreements, examination reports, management and service contracts, or financial statements as necessary to carry out the purposes of Section 155.04 …

Section 915.70 Severability Provision If any section or portion of a section of this rule, or the applicability thereof to any person or circumstance is held invalid by a court, the remainder of the rule, or the applicability to other persons or circumstances, shall not be affect…

Section 915.EXHIBIT A Company Officer Appointment Form (Repealed) (Source: Repealed at 7 Ill. Reg. 6939, effective May 18, 1983)

Section 916.10 Authority This Part is promulgated by the Director of Insurance pursuant to authority contained in Section 401 of the Illinois Insurance Code [215 ILCS 5/401] which empowers the Director to make reasonable rules and regulations as may be necessary for making effect…

Section 916.20 Purpose and Scope The purpose of this Part is to establish a uniform, expeditious and required method and procedure under which all companies, defined under Section 916.30, shall file with and secure approval of the Director of Insurance of all life insurance, annu…

Section 916.30 Definitions "Certificate of Compliance" means a document as described in Section 916.50, an example of which is included in Exhibit A, which certifies that the filing complies with Illinois applicable provisions. The Certification must include a readable, authentic…