Illinois Administrative Code

Section 932.10 Authority This Part 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 932.20 Definitions Anti-Theft Mechanism means any passive or active anti-theft system and passive or active anti-theft devices permanently installed, either as original equipment from the manufacturer or as after market equipment on the vehicle, that is designed to inhibi…

Section 932.30 Scope This Part applies to all private passenger motor vehicles and to pick-up trucks rated as private passenger automobiles, and policies of automobile insurance as described in Section 143.13(a) of the Illinois Insurance Code [215 ILCS 5/143.13(a)]. (Source: Amen…

Section 932.40 Discounts to Qualified Motor Vehicles All insurance companies issuing policies of automobile insurance, as defined in Section 143.13(a) of the Illinois Insurance Code [215 ILCS 5/143.13(a)], that insure automobiles that are equipped with anti-theft mechanisms shall…

Section 932.50 General Rules Applicable To All Anti-Theft Mechanisms a) Unless otherwise specified, if two or more anti-theft mechanisms are installed to the same vehicle, the total discounts shall be that applicable to the anti-theft mechanism for the highest discount. b) Insure…

Section 932.60 Types of Anti-Theft Devices Qualifying for Discounts (Repealed) (Source: Repealed at 28 Ill. Reg. 4207, effective February 23, 2004)

Section 932.70 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 to other persons or circumstances shal…

Section 934.10 Authority This Part is promulgated by the Director of Insurance pursuant to Sections 223, 229.2 and 401 of the Illinois Insurance Code (Ill. Rev. Stat. 1983 and 1984 Supp., ch. 73, pars. 835, 841.2 and 1013).

Section 934.20 Purpose The purpose of the Part is to permit the use of mortality tables that reflect differences in mortality between smokers and nonsmokers in determining minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits …

Section 934.30 Definitions a) "1980 CSO Table, with or without Ten-Year Select Mortality Factor" means that mortality table, consisting of separate rates of mortality for male and female lives, developed by the Society of Actuaries Committee to Recommend New Mortality Tables for …

Section 934.40 Utilization of the 1958 CSO and CET Smoker and Nonsmoker Mortality Tables a) In determining minimum reserve liabilities, minimum cash surrender values and amounts of paid-up nonforfeiture benefits the 1958 CSO and CET Smoker and Nonsmoker Mortality Tables may only …

Section 934.50 Utilization of the 1980 CSO and CET Smoker and Nonsmoker Mortality Tables a) In determining minimum reserve liabilities, minimum cash surrender values and amounts of paid-up nonforfeiture benefits the 1980 CSO and CET Smoker and Nonsmoker Mortality Tables may only …

Section 934.60 Conditions For each plan of insurance with separate rates for smokers and nonsmokers, an insurance company may: a) use composite mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefit…

Section 934.70 Severability 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 circumstance, shall not be affected thereb…

Section 935.10 Authority This Part is promulgated by the Director of Insurance pursuant to Sections 223 and 401 of the Illinois Insurance Code [215 ILCS 5/223 and 401]. (Source: Amended at 22 Ill. Reg. 16473, effective January 1, 1999)

Section 935.20 Purpose The purpose of this Part is to recognize the following mortality tables for use in determining the minimum standard of valuation of annuity and pure endowment contracts: the 1983 Table "a", the 1983 Group Annuity Mortality (1983 GAM) Table, the Annuity 2000…

Section 935.30 Definitions "1983 Table "a"" means that mortality table developed by the Society of Actuaries Committee to Recommend a New Mortality Basis for Individual Annuity Valuation and adopted as a recognized mortality table for annuities in June 1982 by the National Associ…

Section 935.40 Individual Annuity or Pure Endowment Contracts a) Except as provided in subsections (b), (c), (d) and (e), the 1983 Table "a" is recognized and approved as an individual annuity mortality table for valuation and, at the option of the company, may be used for purpos…

Section 935.45 Application of the 2012 IAR Mortality Table a) In using the 2012 IAR Mortality Table, the mortality rate for a person age x in year (2012 + n) is calculated as follows: b) The resulting shall be rounded to three decimal places per 1,000, e.g., 0.741 deaths per 1,00…

Section 935.50 Group Annuity and Pure Endowment Contracts a) Except as provided in subsections (b) and (c), the 1983 GAM Table, the 1983 Table "a" and the 1994 GAR Table are recognized and approved as group annuity mortality tables for determining the minimum standards of valuati…

Section 935.55 Application of the 1994 GAR Table In using the 1994 GAR Table, the mortality rate for a person age x in year (1994 + n) is calculated as follows: qx1994 + n = qx1994(1-AAx)n where the qx1994 and AAx are as specified in the 1994 GAR Table. (Source: Added at 22 Ill. …

Section 935.60 Severability (Repealed) (Source: Repealed at 22 Ill. Reg. 16473, effective January 1, 1999)

Section 935.70 Effective Date (Repealed) (Source: Repealed at 22 Ill. Reg. 16473, effective January 1, 1999)

Section 935.ILLUSTRATION B 2012 IAM Period Table, Male, Age Nearest Birthday 2012 IAM Period Table Male, Age Nearest Birthday AGE AGE AGE AGE 0 1.605 30 0.741 60 5.096 90 109.993 1 0.401 31 0.751 61 5.614 91 123.119 2 0.275 32 0.754 62 6.169 92 137.168 3 0.229 33 0.756 63 6.759 9…

Section 936.10 Purpose The purpose of this Part is to establish notification procedures and supplemental reporting requirements for property and casualty insurance companies.

Section 936.20 Applicability This Part shall apply to all companies authorized to transact the classes of business as set forth in Class 2 or Class 3 of Section 4 of the Illinois Insurance Code [215 ILCS 5/4].

Section 936.30 Definitions Annual Statement means that statement required by Section 136 of the Illinois Insurance Code [215 ILCS 5/136] to be filed annually by the company with the Office of the Director. Direct Premium Income means any written premium shown for a property and c…

Section 936.40 Notification Procedures a) A company having direct premium income for property and casualty business may be notified by the Director that supplemental reporting requirements must be met if the company meets one or more of the following categories: 1) the company ha…

Section 936.50 Reporting Requirements for Notified Property and Casualty Companies Having Direct Premium Income a) The notified company shall file a completed Exhibit A of this Part with: Financial Corporate Regulatory Division, Casualty Actuarial Section, Illinois Department of …

Section 936.60 Penalties Failure of a notified company to file the supplemental reports pursuant to Section 936.50 of this Part shall subject the notified company to the provisions of Section 403A of the Illinois Insurance Code [215 ILCS 5/403A].

Section 936.EXHIBIT A Property and Casualty Reporting Form Cumulative paid loss development history at successive quarterly evaluations for most recent four (4) accident years (Include paid ALAE) Development Quarter (in months) Accident Year 3 6 9 12 15 18 21 24 27 30 33 36 39 42…

Section 939.10 Purpose The purpose of this Part is to implement Section 155.25 of the Illinois Insurance Code (Ill. Rev. Stat. 1991, ch. 73, par. 767.25) [215 ILCS 5/155.25 and 401] by listing that information which upon request of the Director of Insurance shall be filed with th…

Section 939.20 Required Information a) Any insurance company licensed to sell the type of insurance listed in Class 2(c) of Section 4 of the Illinois Insurance Code (Ill. Rev. Stat. 1991, ch. 73, par. 616) [215 ILCS 5/4] and which is writing or has written medical liability insur…

Section 939.30 Penalties Failure of a company to timely file the report which may be required by the Director under this Part and Section 155.25 of the Illinois Insurance Code shall subject the company to the provisions of Section 403A of the Illinois Insurance Code (Ill. Rev. St…

Section 939.ILLUSTRATION A Policies Covering Physicians and Surgeons-Claims Payments Illinois Medical Liability Insurance Loss Report Format – Policies Covering Physicians and Surgeons – Claim Payments Year In Which Losses Were Incurred Loss Payments For Closed Claims As of Diffe…

Section 940.10 Purpose This Part is issued pursuant to Section 401 of the Code in order to implement Section 143.16a(e) of the Code by establishing standards and procedures for the filing and acceptance of certifications of the loss of reinsurance by the Illinois Director of Insu…

Section 940.20 Definitions "Code" means the Illinois Insurance Code [215 ILCS 5]. "Department" means the Illinois Department of Insurance. "Director" means the Illinois Director of Insurance. (Source: Amended at 42 Ill. Reg. 20108, effective October 29, 2018)

Section 940.30 Certification a) No notice of cancellation may be issued by any insurer under authority of Section 143.16a(e) of the Code unless the insurer has filed the certification and documents described by this Section and received notification of its acceptance from the Dir…

Section 941.10 Applicability No misrepresentation or false warranty made by the insured or in the insured's behalf in the negotiation for a policy of insurance, or breach of a condition of the policy, shall defeat or avoid the policy or prevent its attaching unless such misrepres…

Section 941.20 Misrepresentation If the company opts not to obtain readily available information about the named insureds and drivers listed on the application to underwrite the risk prior to issuing the policy, the company shall not defeat, avoid or rescind the policy of insuran…

Section 1051.10 Credit Life Insurance a) Only Decreasing Term Insurance may be written in connection with an indebtedness which is repayable in substantially equal installments. b) Level Term Insurance may be written only in connection with an indebtedness not repayable in substa…

Section 1051.30 Purpose and Scope The purpose of this Part is to establish a procedure and methodology for the review of Credit Life Insurance rates by the Director of Insurance, and to establish standards for the review of such rates. This Part does not apply to Credit Accident …

Section 1051.40 Definitions "Credit life insurance" means insurance as defined in Section 155.52(a) of the Illinois Insurance Code. "Code" means the Illinois Insurance Code [215 ILCS 5]. "Department" means the Department of Insurance of the State of Illinois. "Director" means the…

Section 1051.50 Credit Life Insurance Rates A credit life insurance rate shall be considered prima facie reasonable in relation to the benefits provided if the rate is not greater than that set forth below in subsection (a) for coverage containing no more restrictive exclusions t…

Section 1051.60 Experience Reports and Adjustment of Prima Facie Rates a) Each insurer doing credit insurance business in this state shall annually file with the Director and the National Association of Insurance Commissioners (NAIC) Support & Services Office a report of credit l…

Section 1051.70 Credit Life Rate Adjustments a) No insurance company may charge or collect a credit life insurance premium which would not be considered reasonable under this Part. Unless otherwise approved by the Director pursuant to this Section, no insurance company writing cr…

Section 1051.80 Effective Date Approval of all forms not in compliance with this Part are hereby withdrawn as of 60 days subsequent to the effective date of this Part, and may not be used unless an approved rider has been attached bringing such form into compliance with this Part…

Section 1052.15 Purpose The purpose of this Part is to establish procedures and standards for the review and approval of credit accident and health insurance policy forms. (Source: Added at 20 Ill. Reg. 830, effective January 2, 1996)

Section 1052.20 Definitions "Credit accident and health insurance" means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy [215 ILCS 5/155.52(b)]. (Source: Adde…

Section 1052.30 Credit Accident and Health Insurance Coverage If coverage for credit accident and health insurance is contingent upon the insured working a minimum amount of hours a week, then the application for insurance must contain a question eliciting a response indicating t…