Illinois Administrative Code

Section 3501.EXHIBIT A Bond Amounts For Amount of Assets (Repealed) (Source: Repealed at 43 Ill. Reg. 7245, effective June 13, 2019)

Section 3502.10 Written Application (Repealed) (Source: Repealed at 47 Ill. Reg. 16470, effective November 1, 2023)

Section 3502.20 Affidavit For Permission to Destroy Records (Repealed) (Source: Repealed at 47 Ill. Reg. 16470, effective November 1, 2023)

Section 3502.25 Definitions "Non-Record" means: Material not filed as evidence of the company's administrative or business activities or for the informational content of the activities; Extra copies of documents or reproductions of documents maintained for convenience or referenc…

Section 3502.30 Disposal and Destruction of Records a) 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: 1) in the transaction of cu…

Section 3502.40 Officially Filed Examination or Brief Explanation of Reasons For Destruction (Repealed) (Source: Repealed at 47 Ill. Reg. 16470, effective November 1, 2023)

Section 3502.5 Authority (Repealed) (Source: Repealed at 47 Ill. Reg. 16470, effective November 1, 2023)

Section 3601.10 Authority and Scope This Part is promulgated by the Director of Insurance pursuant to Section 20 of the Religious and Charitable Risk Pooling Trust Act [215 ILCS 150/20], hereinafter the Act, which empowers the Director to make reasonable rules and regulations as …

Section 3601.100 Pooling Among Several Trusts a) No trust established and approved pursuant to the provisions of this Act shall enter into any written agreements with any other trust fund for the pooling and sharing of risks unless such other trust funds have been established and…

Section 3601.110 Administrators a) Each trust approved pursuant to the Act may engage an administrator for the purpose of administrating and operating the trust fund. Such administrator shall be a resident of the State of Illinois with its principal office located within the Stat…

Section 3601.120 Severability If any provision of this Rule or the application thereof to any person or circumstance is held invalid, the invalidity shall not effect other provisions or applications of this Act which can be given affect without the invalid provision or applicatio…

Section 3601.130 Effective Date This Rule shall be effective on the 26th day of March, 1978.

Section 3601.20 Applications for Approval a) Any person filing a trust instrument for approval of the Director of Insurance pursuant to the Act shall file duplicate originals containing the following: 1) the trust instrument together with all necessary exhibits. 2) a proposed ben…

Section 3601.30 Examinations All trusts established and approved pursuant to the Act shall be subject to financial and/or performance examinations conducted by the Director of Insurance as often as he shall deem necessary. The examinations shall be conducted in accordance with th…

Section 3601.40 Benefit Schedules a) Each trust established and approved pursuant to the Act shall establish benefit schedules for each type of protection against the risk of financial loss available to each beneficiary. Each benefit schedule shall clearly indicate that evaluatio…

Section 3601.50 Solicitation and Advertising Each trust approved pursuant to the Act shall solicit beneficiaries in accordance with the following standards: a) No solicitation or advertising material may contain any indication that the trust program or benefit schedule is endorse…

Section 3601.60 Investments Each trust approved pursuant to the Act shall invest its funds only in securities permitted by the law of this State for the investment of assets by insurance companies. All such investments shall be subject to valuation in accordance with Section 124.…

Section 3601.70 Financial Statements a) Each trust approved pursuant to the Act shall file audited financial statements in accordance with the requirements of Section 14 of the Act containing or accompanied by the following information: 1) A balance sheet listing all assets and l…

Section 3601.75 Loss Reserve Discounting a) A trust may discount its reserves for incurred and unpaid losses and loss adjustment expenses, for the purpose of: 1) Reporting under Section 14 of the Act and Section 3601.70 of this Part, and 2) Demonstrating its net worth and adheren…

Section 3601.80 Liquidation Each trust is required to adhere to reasonable standards of financial solvency. Should the Director, within his discretion and based upon examination or investigation, determine that any trust is no longer adhering to reasonable standards of financial …

Section 3601.90 Amendments to the Trust Instrument a) All amendments or modifications to the originally approved trust instrument shall be made in writing and filed in duplicate with the Director of Insurance and approved by the Director of Insurance to their taking effect. b) Al…

Section 3701.10 Purpose The purpose of this Part is to implement the Viatical Settlements Act of 2009, which, in part, establishes registration requirements for viatical settlement providers and viatical settlement brokers and requires the Director to prescribe reporting requirem…

Section 3701.100 Reporting Requirements a) On or before March 1 of each year, viatical settlement providers must file the following reports listed as Exhibits to this Part: 1) Viatical Settlement Provider Report − All States and Territories (Form VSP-001) (Exhibit A); 2) Viatical…

Section 3701.20 Definitions "Act" means the Viatical Settlements Act of 2009 [215 ILCS 159]. "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. "Insu…

Section 3701.30 Filing Procedures for Viatical Settlement Providers a) Forms Review. Each viatical settlement provider shall file with the Director for approval each new viatical settlement provider form before it is issued or delivered. Each filing shall be submitted directly th…

Section 3701.40 Filing Procedures for Viatical Settlement Brokers a) Forms Review. Each viatical settlement broker shall file with the Director for approval each new viatical settlement broker form before it is issued or delivered. Each filing shall be submitted directly through …

Section 3701.50 Standards for Evaluation of Reasonable Payments for Terminally or Chronically Ill Insureds a) In order to assure that viators receive a reasonable return for viaticating an insurance policy, the return for viaticating a policy shall be no less than the following p…

Section 3701.60 General Rules a) Payment of the proceeds of a viatical settlement pursuant to Section 45(2)(j) of the Act shall be by means of wire transfer to an account designated by the viator or by certified check or cashier's check. b) Payment of the proceeds to the viator p…

Section 3701.70 Prohibited Practices a) A viatical settlement provider, viatical settlement broker (or viatical settlement investment agent) shall obtain from a person that is provided with patient identifying information a signed affirmation that the person or entity will not fu…

Section 3701.80 Insurance Company Practices a) Life insurance companies authorized to do business in this State shall respond to a request for verification of coverage from a viatical settlement provider or a viatical settlement broker within 30 calendar days after the date a req…

Section 3701.EXHIBIT H Verification of Coverage for Life Insurance Policies VERIFICATION OF COVERAGE FOR LIFE INSURANCE POLICIES SUBMITTED TO: NAIC # Name of Insurance Company POLICY NUMBER: SUBMITTED FROM: Name of Viatical Settlement Broker/Provider ADDRESS: TELEPHONE NUMBER: CO…

Section 3801.10 Purpose The purpose of this Part is to set standards for the filing and contents of a small employer carrier actuarial certification pursuant to Section 30(b) of the Small Employer Health Insurance Rating Act [215 ILCS 93/30(b)].

Section 3801.20 Applicability and Scope This Part shall apply to each health benefit plan for a small employer that is delivered, issued for delivery, renewed or continued in this State after July 1, 2000 that is required to file an annual actuarial certification. For purposes of…

Section 3801.30 Definitions Act means the Small Employer Health Insurance Rating Act [215 ILCS 93]. Actuarial Certification means a written statement that the small employer carrier meets the applicable provisions of the Act and this Part by a member of the American Academy of Ac…

Section 3801.40 Pre-approval of an Individual Who is Not a Member of the American Academy of Actuaries for the purpose of filing an Actuarial Certification The Director may deem an individual who is not a member of the American Academy of Actuaries acceptable for actuarial certif…

Section 3801.50 Small Employer Carrier Rating and Underwriting Record Maintenance A small employer carrier shall maintain and have accessible at its principal place of business for a period of 3 years from the date of actuarial certification the following records and information:…

Section 3801.60 Actuarial Certification and Format An actuarial certification filing, an example of which is set forth in Illustration A of this Part, must contain the following information: a) The full legal name of the small employer carrier for which the certification is being…

Section 3801.ILLUSTRATION A Actuarial Certification The following illustrates an acceptable actuarial certification: I, (name) am an officer/employee of (carrier name) OR am associated with the firm of (employer name) and am a member of the American Academy of Actuaries and meet …

Section 4002.10 Purpose This Part will implement Article XL and Article XXVI of the Illinois Insurance Code [215 ILCS 5/Arts. XL and XXVI] and provides guidance for compliance with Title V of the Gramm-Leach-Bliley Act (15 USC 6801 through 6827) which govern the treatment of pers…

Section 4002.100 Limits on Disclosure of Nonpublic Personal Financial Information to Nonaffiliated Third Parties a) Conditions for disclosure. Except as otherwise authorized in this Part, a licensee may not, directly or through any affiliate, disclose any nonpublic personal finan…

Section 4002.110 Limits on Redisclosure and Reuse of Nonpublic Personal Financial Information a) Information the licensee receives under an exception. If a licensee receives nonpublic personal financial information from a nonaffiliated financial institution under an exception in …

Section 4002.120 Limits on Sharing Account Number Information for Marketing Purposes a) General prohibition on disclosure of account numbers. A licensee shall not, directly or through an affiliate, disclose, other than to a consumer reporting agency, a policy number or similar fo…

Section 4002.130 Exception to Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information for Service Providers and Joint Marketing a) The opt out requirements in Sections 4002.70 and 4002.100 of this Part do not apply when a licensee provides nonpublic person…

Section 4002.140 Exceptions to Notice and Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information for Processing and Servicing Transactions a) Exceptions for processing transactions at consumer's request. The requirements for initial notice in Section 4002…

Section 4002.150 Other Exceptions to Notice and Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information a) Exceptions to opt out requirements. The requirements for initial notice to consumers in Section 4002.40(a)(2) of this Part, the opt out in Sections 4…

Section 4002.20 Applicability a) This Part applies to all licensees, companies, and other persons licensed or required to be licensed, or authorized or required to be authorized, or registered or required to be registered, or domiciled pursuant to the Illinois Insurance Code or a…

Section 4002.200 Nondiscrimination A licensee shall not unfairly discriminate against any consumer or customer because that consumer or customer has opted out from the disclosure of his or her nonpublic personal financial information pursuant to the provisions of this Part.

Section 4002.210 Enforcement This Part, Article XL of the Code [215 ILCS 5/Art. XL], and Title V of the Gramm-Leach-Bliley Act (15 USC 6801 through 6827) shall be enforced by the Director with respect to all licensees.

Section 4002.220 Penalty Failure of a company or person to comply with this Part shall subject the company to the applicable provisions of Section 403A of the Code [215 ILCS 5/403A].

Section 4002.230 Severability If any Section or portion of a Section of this Part or its applicability to any person or circumstance is held invalid by a court, the remainder of this Part or the applicability of the provision to other persons or circumstances shall not be affecte…