Chapter 215, INSURANCE

(215 ILCS 5/357.16) (from Ch. 73, par. 969.16) Sec. 357.16. "MISSTATEMENT OF AGE: If the age of the insured has been misstated, all amounts payable under this policy shall be such as the premium paid would have purchased at the correct age." (Source: Laws 1967, p. 1735.)

(215 ILCS 5/357.17) (from Ch. 73, par. 969.17) Sec. 357.17. "OTHER INSURANCE IN THIS COMPANY: If an accident or health or accident and health policy or policies previously issued by the company to the insured be in force concurrently herewith, making the aggregate indemnity for .…

(215 ILCS 5/357.18) (from Ch. 73, par. 969.18) Sec. 357.18. "INSURANCE WITH OTHER COMPANIES: If there be other valid coverage, not with this company, providing benefits for the same loss on a provision of service basis or on an expense incurred basis and of which this company has…

(215 ILCS 5/357.19) (from Ch. 73, par. 969.19) Sec. 357.19. "INSURANCE WITH OTHER COMPANIES: If there be other valid coverage, not with this company, providing benefits for the same loss on other than an expense incurred basis and of which this company has not been given written …

(215 ILCS 5/357.2) (from Ch. 73, par. 969.2) Sec. 357.2. "ENTIRE CONTRACT; CHANGES: This policy, including the endorsements and the attached papers, if any, constitutes the entire contract of insurance. No change in this policy shall be valid until approved by an executive office…

(215 ILCS 5/357.20) (from Ch. 73, par. 969.20) Sec. 357.20. "RELATION OF EARNINGS TO INSURANCE: If the total monthly amount of loss of time benefits promised for the same loss under all valid loss of time coverage upon the insured, whether payable on a weekly or monthly basis, sh…

(215 ILCS 5/357.21) (from Ch. 73, par. 969.21) Sec. 357.21. "UNPAID PREMIUM: Upon the payment of a claim under this policy, any premium then due and unpaid or covered by any note or written order may be deducted therefrom." (Source: Laws 1967, p. 1735.)

(215 ILCS 5/357.22) (from Ch. 73, par. 969.22) Sec. 357.22. "CANCELLATION: The company may cancel this policy at any time by written notice delivered to the insured, or mailed to his last address as shown by the records of the company, stating when, not less than 30 days thereaft…

(215 ILCS 5/357.23) (from Ch. 73, par. 969.23) Sec. 357.23. "CONFORMITY WITH STATE STATUTES: Any provision of this policy which, on its effective date, is in conflict with the statutes of the state in which the insured resides on such date is hereby amended to conform to the mini…

(215 ILCS 5/357.24) (from Ch. 73, par. 969.24) Sec. 357.24. "ILLEGAL OCCUPATION: The company shall not be liable for any loss to which a contributing cause was the insured's commission of or attempt to commit a felony or to which a contributing cause was the insured's being engag…

(215 ILCS 5/357.26) (from Ch. 73, par. 969.26) Sec. 357.26. If any provision of the preceding sections is in whole or in part inapplicable to or inconsistent with the coverage provided by a particular form of policy the company, with the approval of the Director, shall omit from …

(215 ILCS 5/357.27) (from Ch. 73, par. 969.27) Sec. 357.27. The provisions which are the subject of Sections 357.2 through 357.25, or any corresponding provisions which are used in lieu thereof in accordance with such sections, shall be printed in the consecutive order of the pro…

(215 ILCS 5/357.28) (from Ch. 73, par. 969.28) Sec. 357.28. The word "insured", as used in this article, shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or f…

(215 ILCS 5/357.29) (from Ch. 73, par. 969.29) Sec. 357.29. Any policy of a foreign or alien company, when delivered or issued for delivery to any person in this State, may contain any provision which is not less favorable to the insured or the beneficiary than the provisions of …

(215 ILCS 5/357.3) (from Ch. 73, par. 969.3) Sec. 357.3. "TIME LIMIT ON CERTAIN DEFENSES: (1) After 2 years from the date of issue of this policy no misstatements, except fraudulent misstatements, made by the applicant in the application for such policy shall be used to void the …

(215 ILCS 5/357.30) (from Ch. 73, par. 969.30) Sec. 357.30. The Director may make such reasonable rules and regulations concerning the procedure for the filing or submission of policies subject to this article as are necessary, proper or advisable to the administration of this ar…

(215 ILCS 5/357.31) (from Ch. 73, par. 969.31) Sec. 357.31. In the event of the death of a policyholder of an individual accident and health insurance policy, the insurance company, upon receipt of notice of the policyholder's death and a request for a pro-rata refund, supported …

(215 ILCS 5/357.4) (from Ch. 73, par. 969.4) Sec. 357.4. "GRACE PERIOD: A grace period of ....(insert a number not less than "7" for weekly premium policies, "10" for monthly premium policies and "31" for all other policies) days will be granted for the payment of each premium fa…

(215 ILCS 5/357.5) (from Ch. 73, par. 969.5) Sec. 357.5. "REINSTATEMENT: If any renewal premium be not paid within the time granted the insured for payment, a subsequent acceptance of premium by the company or by any agent duly authorized by the company to accept such premium, wi…

(215 ILCS 5/357.6) (from Ch. 73, par. 969.6) Sec. 357.6. "NOTICE OF CLAIM: Written notice of claim must be given to the company within 20 days after the occurrence or commencement of any loss covered by the policy, or as soon thereafter as is reasonably possible. Notice given by …

(215 ILCS 5/357.7) (from Ch. 73, par. 969.7) Sec. 357.7. "CLAIM FORMS: The company, upon receipt of a notice of claim, will furnish to the claimant such forms as are usually furnished by it for filing proofs of loss. If such forms are not furnished within 15 days after the giving…

(215 ILCS 5/357.8) (from Ch. 73, par. 969.8) Sec. 357.8. "PROOFS OF LOSS: Written proof of loss must be furnished to the company at its said office in case of claim for loss for which this policy provides any periodic payment contingent upon continuing loss within 90 days after t…

(215 ILCS 5/357.9) (from Ch. 73, par. 969.9) Sec. 357.9. "TIME OF PAYMENT OF CLAIMS: Indemnities payable under this policy for any loss other than loss for which this policy provides any periodic payment will be paid immediately upon receipt of due written proof of such loss. Sub…

(215 ILCS 5/357.9a) (from Ch. 73, par. 969.9a) Sec. 357.9a. Delay in payment of claims. Periodic payments of accrued indemnities for loss-of-time coverage under accident and health policies shall commence not later than 30 days after the receipt by the company of the required wri…

(215 ILCS 5/358a) (from Ch. 73, par. 970a) Sec. 358a. Conforming to statute. (1) Other Policy Provisions No policy provision which is not subject to section 357a of this act shall make a policy, or any portion thereof, less favorable in any respect to the insured or the beneficia…

(215 ILCS 5/359a) (from Ch. 73, par. 971a) Sec. 359a. Application. (1) No policy of insurance except an Industrial Accident and Health Policy provided for by this article shall be issued, except upon the signed application of the person or persons sought to be insured. Any inform…

(215 ILCS 5/35A-1) Sec. 35A-1. Short title. This Article may be cited as the Risk-Based Capital Law. (Source: P.A. 88-364.)

(215 ILCS 5/35A-10) Sec. 35A-10. RBC Reports. (a) On or before each March 1 (the "filing date"), every domestic insurer shall prepare and submit to the Director a report of its RBC levels as of the end of the previous calendar year in the form and containing the information requi…

(215 ILCS 5/35A-15) Sec. 35A-15. Company action level event. (a) A company action level event means any of the following events: (1) The filing of an RBC Report by an insurer that indicates that: (A) the insurer's total adjusted capital is greater than or equal to its regulatory …

(215 ILCS 5/35A-20) Sec. 35A-20. Regulatory action level event. (a) A regulatory action level event means any of the following events: (1) The filing of an RBC Report by the insurer that indicates that the insurer's total adjusted capital is greater than or equal to its authorize…

(215 ILCS 5/35A-25) Sec. 35A-25. Authorized control event. (a) An authorized control event means any of the following events: (1) The filing of an RBC Report by the insurer that indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control …

(215 ILCS 5/35A-30) Sec. 35A-30. Mandatory control level event. (a) A mandatory control level event means any of the following events: (1) The filing of an RBC Report that indicates that the insurer's total adjusted capital is less than its mandatory control level RBC. (2) The no…

(215 ILCS 5/35A-35) Sec. 35A-35. Hearings. (a) An insurer has the right to an administrative hearing with respect to any of the following: (1) The notification by the Director to the insurer of an Adjusted RBC Report. (2) The notification by the Director to the insurer that the i…

(215 ILCS 5/35A-40) Sec. 35A-40. Foreign insurers. (a) Upon the written request of the Director, a foreign insurer shall submit to the Director an RBC Report as of the end of the previous calendar year no later than the later of the date an RBC Report would be required to be file…

(215 ILCS 5/35A-45) Sec. 35A-45. Notices. All notices by the Director to an insurer that may result in regulatory action under this Article are effective upon dispatch if transmitted by registered or certified mail, and are effective upon the insurer's receipt thereof in the case…

(215 ILCS 5/35A-5) Sec. 35A-5. Definitions. As used in this Article, the terms listed in this Section have the meaning given herein. "Adjusted RBC Report" means an RBC Report that has been adjusted by the Director in accordance with subsection (f) of Section 35A-10. "Authorized c…

(215 ILCS 5/35A-50) Sec. 35A-50. Confidentiality and prohibition on announcements. (a) All RBC Reports, to the extent the information therein is not required to be set forth in a publicly available annual statement schedule, and RBC Plans, including the results or report of any e…

(215 ILCS 5/35A-55) Sec. 35A-55. Provisions of Article supplemental; exemptions. (a) The provisions of this Article are supplemental to the provisions of any other laws of this State and do not preclude or limit other powers or duties of the Director under any other laws. (b) The…

(215 ILCS 5/35A-60) Sec. 35A-60. Phase-in of Article. (a) For RBC Reports filed with respect to the December 31, 1993 annual statement, instead of the provisions of Sections 35A-15, 35A-20, 35A-25, and 35A-30, the following provisions apply: (1) In the event of a company action l…

(215 ILCS 5/35A-65) Sec. 35A-65. Liability of Director. There shall be no liability on the part of, and no cause of action shall arise against, the Director or the Department or its employees or agents for any action taken by them in the performance of their powers and duties und…

(215 ILCS 5/35A-70) Sec. 35A-70. Severability. The provisions of this Article are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 89-97, eff. 7-7-95.)

(215 ILCS 5/35B-1) Sec. 35B-1. Short title. This Article may be cited as the Domestic Stock Company Division Law. (Source: P.A. 100-1118, eff. 11-27-18.)

(215 ILCS 5/35B-10) Sec. 35B-10. Definitions. As used in this Article: "Assets" means all assets or property, whether real, personal or mixed, tangible or intangible, and any right or interest therein, including all rights under contracts and other agreements. "Capital" means the…

(215 ILCS 5/35B-15) Sec. 35B-15. Plan of division. (a) A domestic stock company may, in accordance with the requirements of this Article, divide into 2 or more resulting companies pursuant to a plan of division. (b) Each plan of division shall include: (1) the name of the domesti…

(215 ILCS 5/35B-20) Sec. 35B-20. Requirements of a plan of division. (a) A domestic stock company shall not file a plan of division with the Director unless the plan of division has been approved in accordance with: (1) any applicable provisions of its articles of incorporation a…

(215 ILCS 5/35B-25) Sec. 35B-25. Plan of division approval. (a) A division shall not become effective until it is approved by the Director after reasonable notice and a public hearing, if the notice and hearing are deemed by the Director to be in the public interest. Any decision…

(215 ILCS 5/35B-30) Sec. 35B-30. Certificate of division. (a) After a plan of division has been adopted and approved, an officer or duly authorized representative of the dividing company shall sign a certificate of division. (b) The certificate of division shall set forth: (1) th…

(215 ILCS 5/35B-35) Sec. 35B-35. Effects of division. (a) When a division becomes effective pursuant to Section 35B-30: (1) if the dividing company has survived the division: (A) it continues to exist; (B) its articles of incorporation shall be amended, if necessary, as provided …

(215 ILCS 5/35B-40) Sec. 35B-40. Resulting company liabilities. (a) Except as otherwise expressly provided in this Section, when a division becomes effective, each resulting company is responsible, automatically, by operation of law, for: (1) individually, the liabilities, includ…

(215 ILCS 5/35B-45) Sec. 35B-45. Shareholder rights. If the dividing company does not survive the division, an objecting shareholder of a dividing company is entitled to appraisal rights and to obtain payment of the fair value of that shareholder's shares, in the same manner and …