Chapter 215, INSURANCE

(215 ILCS 5/224.1) (from Ch. 73, par. 836.1) Sec. 224.1. Employer insurable interest. Notwithstanding any other Section of this Code, an employer or an employer sponsored trust for the benefit of its employees has an insurable interest in the lives of the employer's directors, of…

(215 ILCS 134/225) Sec. 225. (Amendatory provisions; text omitted.) (Source: P.A. 91-617, eff. 1-1-00; text omitted.)

(215 ILCS 5/225) (from Ch. 73, par. 837) Sec. 225. Prohibited Provisions for Life Policies. (1) After the effective date of this Code no policy of life insurance may be issued or delivered in this State if it includes any of the following provisions: (a) A provision limiting the …

(215 ILCS 5/226) (from Ch. 73, par. 838) Sec. 226. Standard provisions for annuities and pure endowment contracts. (1) After the effective date of this Section and any amendments thereto no annuity or pure endowment contract, except in case of reversionary annuities, survivorship…

(215 ILCS 5/226.1) (from Ch. 73, par. 838.1) Sec. 226.1. Entitled annuity payment options. Annuity contracts and funding agreements may be issued without a life contingency annuity payment option in the following circumstances: (1) to fund benefits under an employee benefit plan …

(215 ILCS 5/227) (from Ch. 73, par. 839) Sec. 227. Standard provisions for reversionary or survivorship annuity contracts. (1) After the effective date of this Code no contract for a reversionary annuity or survivorship annuity shall be issued or delivered in this State unless it…

(215 ILCS 5/228) (from Ch. 73, par. 840) Sec. 228. Industrial Life Insurance Defined. As used in this Code "industrial life insurance" means either that form of life insurance under which the premiums are payable monthly or more often if the face amount of insurance provided in t…

(215 ILCS 5/229) (from Ch. 73, par. 841) Sec. 229. Standard Provisions for Industrial Life Insurance. (1) After the effective date of this Section and any amendments thereto, no policy of industrial life insurance shall be issued or delivered in this State, unless the same shall …

(215 ILCS 5/229.1) (from Ch. 73, par. 841.1) Sec. 229.1. Non-forfeiture benefits and cash surrender values in policies issued prior to the operative date of section 229.2. (1) This subsection shall apply only to policies of life insurance (other than Industrial life insurance) is…

(215 ILCS 5/229.2) (from Ch. 73, par. 841.2) Sec. 229.2. Standard Non-forfeiture Law for Life Insurance. (1) No policy of life insurance, except as stated in subsection (8), shall be delivered or issued for delivery in this State unless it contains in substance the following prov…

(215 ILCS 5/229.3) (from Ch. 73, par. 841.3) Sec. 229.3. Loan provisions in policies. In the case of those policies issued prior to the operative date of Section 229.2 (the Standard Non-forfeiture Law) the loan value referred to in clause (f) of section 224 shall be the reserve a…

(215 ILCS 5/229.4a) Sec. 229.4a. Standard Nonforfeiture Law for Individual Deferred Annuities. (1) Title. This Section shall be known as the Standard Nonforfeiture Law for Individual Deferred Annuities. (2) Applicability. (A) This Section shall not apply to any reinsurance, group…

(215 ILCS 5/229.5) (from Ch. 73, par. 841.5) Sec. 229.5. Policy loan interest rates. (a) As used in this Section, unless the context requires otherwise: (1) "Policy" includes certificates issued by a fraternal benefit society and annuity contracts which provide for policy loans. …

(215 ILCS 106/23) Sec. 23. Care coordination. (a) At least 50% of recipients eligible for comprehensive medical benefits in all medical assistance programs or other health benefit programs administered by the Department, including the Children's Health Insurance Program Act and t…

(215 ILCS 110/23) (from Ch. 32, par. 690.23) Sec. 23. After the issuance of a charter, the Director, as he deems in the public interest, may authorize a dental service plan corporation to solicit and fulfill contracts, or require a dental service plan corporation to charge rates …

(215 ILCS 155/23) (from Ch. 73, par. 1423) Sec. 23. Violation; penalties. (a) Any violation of any of the provisions of this Act and, beginning January 1, 2013, any violation of any of the provisions of Article 3 of the Residential Real Property Disclosure Act shall constitute a …

(215 ILCS 150/23) (from Ch. 148, par. 223) Sec. 23. The Director of Insurance shall charge, collect and give proper acquittances for the payment of fees and charges as set forth in Section 408 of the Illinois Insurance Code. (Source: P.A. 87-757.)

(215 ILCS 5/23) (from Ch. 73, par. 635) (Section scheduled to be repealed on January 1, 2037) Sec. 23. Deposit of proceeds of shares - When subscribers deemed shareholders. (1) The cash or securities received by the company upon subscriptions for shares shall be placed in the ban…

(215 ILCS 165/23) (from Ch. 32, par. 617) Sec. 23. To the extent that the same are applicable and not inconsistent with the provisions of this Act, all proceedings for the rehabilitation, liquidation, conservation or dissolution of health services plan corporations shall be subje…

(215 ILCS 134/230) Sec. 230. (Amendatory provisions; text omitted). (Source: P.A. 91-617, eff. 1-1-00; text omitted.)

(215 ILCS 5/230.1) (from Ch. 73, par. 842.1) Sec. 230.1. Group Insurance Definition. Except as provided in Section 230.2, no policy of group life insurance shall be delivered in this State unless it conforms to one of the following descriptions: (A) A policy issued to an employer…

(215 ILCS 5/230.2) (from Ch. 73, par. 842.2) Sec. 230.2. Limits of Group Life Insurance. Group life insurance offered to a resident of this State under a group life insurance policy issued to a group other than one described in Section 230.1 shall be subject to the following requ…

(215 ILCS 5/230.3) (from Ch. 73, par. 842.3) Sec. 230.3. Dependent Group Life Insurance. Except for a policy issued under subsection (B) of Section 230.1, a group life insurance policy may be extended to insure the employees or members against loss due to the death of their spous…

(215 ILCS 5/231.1) (from Ch. 73, par. 843.1) Sec. 231.1. Group Life Insurance Standard Provision. No policy of group life insurance shall be delivered in this State unless it contains in substance the following provisions, or provisions which in the opinion of the Director are mo…

(215 ILCS 5/232) (from Ch. 73, par. 844) Sec. 232. Extension of time and modification of standard provisions. (1) Any company authorized to transact business in this State on the effective date of this Code may continue to issue policies and contracts of the kind or kinds it was …

(215 ILCS 5/233) (from Ch. 73, par. 845) Sec. 233. Participating and non-participating policies. After the calendar year during which this Code becomes effective, no life company authorized to do business in this State shall issue both participating and non-participating policies…

(215 ILCS 5/234) (from Ch. 73, par. 846) Sec. 234. Notice of premium required. (1) No life company doing business in this State shall declare any policy forfeited or lapsed within six months after default in payment of any premium installment or interest or any portion thereof, n…

(215 ILCS 5/234.1) (from Ch. 73, par. 846.1) Sec. 234.1. (Notice of the Enactment of a Non-Forfeiture Option.) No life company doing business in this State may enact a non-forfeiture option, unless a notice is given to the policyowner which explains this action and refers the pol…

(215 ILCS 5/235) (from Ch. 73, par. 847) Sec. 235. Extension of time for payment of life premium. A life company may enter into subsequent agreements in writing with the insured, which need not be attached to the policy, to extend the time for the payment of any premium or part t…

(215 ILCS 134/235) Sec. 235. (Amendatory provisions; text omitted). (Source: P.A. 91-617, eff. 1-1-00; text omitted.)

(215 ILCS 5/235.1) Sec. 235.1. Notice of cancellation; secondary addressee. (a) A life company issuing an individual life insurance contract on or after January 1, 2022 shall notify an applicant, in writing on a form prescribed by the company at the time of application for the po…

(215 ILCS 5/236) (from Ch. 73, par. 848) Sec. 236. Discrimination prohibited. (a) No life company doing business in this State shall make or permit any distinction or discrimination in favor of individuals among insured persons of the same class and equal expectation of life in t…

(215 ILCS 5/237) (from Ch. 73, par. 849) Sec. 237. Illegal inducements - Penalty. No life company authorized to do business in this State shall issue or deliver in this State or permit its agents, officers or employees to issue or deliver in this State as an inducement to insuran…

(215 ILCS 5/238) (from Ch. 73, par. 850) Sec. 238. Exemption. (a) All proceeds payable because of the death of the insured and the aggregate net cash value of any or all life and endowment policies and annuity contracts payable to a wife or husband of the insured, or to a child, …

(215 ILCS 5/238.1) Sec. 238.1. Data exchanges; administrative liens. (a) Any insurance company doing business in the State and governed by this Code shall enter into an agreement for data exchanges with the Department of Healthcare and Family Services for the purpose of locating …

(215 ILCS 5/239) (from Ch. 73, par. 851) Sec. 239. Misrepresentations-Penalty. No agent, examining physician, or other person shall knowingly or wilfully make any false or fraudulent statement or representation in, or with reference, to any application for life insurance, or shal…

(215 ILCS 150/24) (from Ch. 148, par. 224) Sec. 24. This Act shall apply regardless of any contrary provisions of any instrument. (Source: P.A. 80-530.)

(215 ILCS 5/24) (from Ch. 73, par. 636) (Section scheduled to be repealed on January 1, 2037) Sec. 24. Certificate of authority to do an insurance business. When the Director has been notified that the capital required by the articles of incorporation has been fully subscribed, a…

(215 ILCS 155/24) (from Ch. 73, par. 1424) Sec. 24. Referral fee; penalty. Except as permitted by this Act or by federal law, regulations or opinion letters, no person shall pay or accept, directly or indirectly, any commission, discount, referral fee or other consideration as in…

(215 ILCS 110/24) (from Ch. 32, par. 690.24) Sec. 24. The Director may revoke or amend, after reasonable notice and hearing, any charter, certificate, order, authority or consent made by him to a dental service plan corporation on being satisfied (1) that the further solicitation…

(215 ILCS 165/24) (from Ch. 32, par. 618) Sec. 24. Every health services plan corporation shall pay to the Director the fees and charges set forth in Sections 408 and 408.2 of the Illinois Insurance Code. (Source: P.A. 84-989.)

(215 ILCS 155/24.5) Sec. 24.5. Non-English language transactions. A title insurance company, title insurance agent, or independent escrowee may conduct transactions in a language other than English through an employee or agent acting as interpreter or through an interpreter provi…

(215 ILCS 5/240) (from Ch. 73, par. 852) Sec. 240. Premium deposit reserve. A life company may contract for or accept premium deposits, other than premiums stated in the policy. The unused accumulation from such shall be held and accounted for as a premium deposit reserve, and in…

(215 ILCS 134/240) Sec. 240. (Amendatory provisions; text omitted). (Source: P.A. 91-617, eff. 1-1-00; text omitted.)

(215 ILCS 5/241) (from Ch. 73, par. 853) Sec. 241. Trust settlements. Any domestic life company shall have the power to hold the proceeds of any policy issued by it under a trust or other agreement upon such terms and restrictions as to revocation by the policyholder and control …

(215 ILCS 5/242) (from Ch. 73, par. 854) Sec. 242. Rights of minors. Any minor of the age of fifteen years or more may, notwithstanding such minority, contract for life, health and accident insurance on his own life for his own benefit or for the benefit of his father, mother, hu…

(215 ILCS 5/243) (from Ch. 73, par. 855) Sec. 243. Contingency reserves. (1) Any domestic life company may accumulate and maintain in addition to an amount equal to the net value of its participating policies computed according to the standard adopted by it under section 223, a c…

(215 ILCS 5/244) (from Ch. 73, par. 856) Sec. 244. Limitation of expenses for life companies. (1) No life company authorized to do business in this State shall make or incur acquisition expenses in any calendar year after the calendar year during which this Code becomes effective…

(215 ILCS 5/244.1) (from Ch. 73, par. 856.1) Sec. 244.1. Whenever the financial condition of any company transacting the kinds of business authorized in Class 1 of Section 4, when reviewed in conjunction with the kinds and nature of risks insured, the loss experience and ownershi…

(215 ILCS 134/245) Sec. 245. (Amendatory provisions; text omitted). (Source: P.A. 91-617, eff. 1-1-00; text omitted.)