Chapter 215 — INSURANCE

(215 ILCS 5/123B-9) (from Ch. 73, par. 735B-9) (Section scheduled to be repealed on January 1, 2057) Sec. 123B-9. Restrictions on insurance purchased by purchasing groups. A. A purchasing group may not purchase insurance from a risk retention group that is not organized in a stat…

(215 ILCS 5/123C-1) (from Ch. 73, par. 735C-1) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-1. Definitions. As used in this Article: A. "Affiliate" or "Affiliated company" includes a parent entity that controls a captive insurance company and: (1) is an affilia…

(215 ILCS 5/123C-10) (from Ch. 73, par. 735C-10) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-10. Examinations and investigations; fees. A. The provisions of Sections 132 through 132.7 shall apply to captive insurance companies. The expenses and charges of any …

(215 ILCS 5/123C-11) (from Ch. 73, par. 735C-11) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-11. Grounds and procedures for suspension or revocation of certificate of authority. A. The certificate of authority of a captive insurance company to do an insurance …

(215 ILCS 5/123C-12) (from Ch. 73, par. 735C-12) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-12. Legal investments. A. The provisions of Article VIII and of Sections 131.2 and 131.3 shall apply to association captive insurance companies. B. No pure captive ins…

(215 ILCS 5/123C-13) (from Ch. 73, par. 735C-13) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-13. Reinsurance. A. Any captive insurance company may provide reinsurance on risks ceded by any other insurer; provided, however, that the risks so assumed are the sam…

(215 ILCS 5/123C-14) (from Ch. 73, par. 735C-14) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-14. Rating organizations; memberships; rate or policy filing. No captive insurance company shall be required to join a rating organization. No captive insurance compan…

(215 ILCS 5/123C-15) (from Ch. 73, par. 735C-15) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-15. Exemption from compulsory associations. No captive insurance company shall be permitted or required to join or contribute financially to any plan, pool, associatio…

(215 ILCS 5/123C-16) (from Ch. 73, par. 735C-16) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-16. Tax. A. Every captive insurance company organized under the provisions of this Article and doing business in this State shall, for the privilege of doing business …

(215 ILCS 5/123C-17) (from Ch. 73, par. 735C-17) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-17. Fees. A. The Director shall charge, collect, and give proper acquittances for the payment of the following fees and charges with respect to a captive insurance com…

(215 ILCS 5/123C-18) (from Ch. 73, par. 735C-18) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-18. Additional powers, rights, and obligations. In addition to the powers and duties set forth in the other provisions of this Article VIIC and to the extent not incon…

(215 ILCS 5/123C-19) (from Ch. 73, par. 735C-19) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-19. Letters of credit. A. Any letter of credit used to meet the requirements set forth in Sections 123C-3 and 123C-4: (1) (blank); (2) may not be allowed to expire wit…

(215 ILCS 5/123C-2) (from Ch. 73, par. 735C-2) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-2. Authority of captives; restrictions. A. (Blank). A-5. A captive insurance company may not issue: (1) life insurance; (2) annuities; (3) accident and health insurance …

(215 ILCS 5/123C-20) (from Ch. 73, par. 735C-20) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-20. Laws applicable. No provisions of this Code, other than those contained in this Article or contained in specific references contained in this Article, shall apply …

(215 ILCS 5/123C-21) (from Ch. 73, par. 735C-21) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-21. Severability. If any clause, sentence, paragraph, Section or part of this Article or the application thereof to any person or circumstances, shall, for any reason,…

(215 ILCS 5/123C-22) (from Ch. 73, par. 735C-22) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-22. Subordinated indebtedness. A captive insurance company organized under this Article may borrow or assume a liability for the repayment of a sum of money upon a wri…

(215 ILCS 5/123C-23) Sec. 123C-23. Approval of captive reinsurance pools. Before determining whether to approve a captive insurance company's participation in a captive reinsurance pool under Section 123C-13 of this Code, the Director may: (1) require the captive insurance compan…

(215 ILCS 5/123C-24) Sec. 123C-24. Standards for risk management of controlled unaffiliated business. The Director may adopt rules establishing standards to ensure that an affiliated company is able to exercise control of the risk management function of any controlled unaffiliate…

(215 ILCS 5/123C-25) Sec. 123C-25. Captive managers. Before providing captive management services to a licensed captive insurance company, a captive management company shall register with the Director by providing the information required on a form adopted by the Director. (Sourc…

(215 ILCS 5/123C-26) Sec. 123C-26. Dividends. A. A captive insurance company shall notify the Director in writing when issuing policyholder dividends. B. A captive insurance company, with the Director's approval, may issue dividends or distributions to the holders of an equity in…

(215 ILCS 5/123C-27) Sec. 123C-27. Rulemaking authority. The Director may adopt reasonable rules as necessary to implement the purposes and provisions of this Article. (Source: P.A. 100-1118, eff. 11-27-18.)

(215 ILCS 5/123C-28) Sec. 123C-28. Confidentiality. A. Any information filed by an applicant or captive insurance company under this Article is confidential and privileged for all purposes, including for purposes of the Freedom of Information Act, a response to a subpoena, or evi…

(215 ILCS 5/123C-3) (from Ch. 73, par. 735C-3) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-3. Minimum capital and surplus. A. The Department may not issue a certificate of authority to a captive insurance company unless the company possesses and maintains unen…

(215 ILCS 5/123C-4) Sec. 123C-4. (Repealed). (Source: 86-632. Repealed by P.A. 100-1118, eff. 11-27-18.)

(215 ILCS 5/123C-5) (from Ch. 73, par. 735C-5) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-5. Formation of captive insurance companies in this State; certificate of authority. A. A pure captive insurance company shall be incorporated as a stock insurer with it…

(215 ILCS 5/123C-6) (from Ch. 73, par. 735C-6) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-6. Change in plan of operation; violations. Any material change in items (i) through (v) of the captive insurance company's plan of operations described in subparagraph …

(215 ILCS 5/123C-7) (from Ch. 73, par. 735C-7) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-7. Directors - conflicts of interest. A. The provisions of Section 10 shall apply to stock captive insurance companies and all those having dealings therewith and the pr…

(215 ILCS 5/123C-8) (from Ch. 73, par. 735C-8) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-8. Merger, consolidation, plans of exchange and reorganization. A. The provisions of Article X shall apply to captive insurance companies; provided, however, that: (1) i…

(215 ILCS 5/123C-9) (from Ch. 73, par. 735C-9) (Section scheduled to be repealed on January 1, 2027) Sec. 123C-9. Reports, statements and mandatory reserves. A. Captive insurance companies shall not be required to make any annual report except as provided in this Article. B. (1) …

(215 ILCS 5/123D-1) Sec. 123D-1. Purpose; construction. The purpose of this Article is to provide for the organization of and issuance of a certificate of authority to nonprofit risk organizations that insure nonprofit organizations and that will qualify, and continue to qualify,…

(215 ILCS 5/123D-10) Sec. 123D-10. Organization of nonprofit risk organizations. (a) A company organized pursuant to Articles III or IV, including such companies organized as a risk retention group in this State pursuant to Article VIIB of this Code, that satisfies the requiremen…

(215 ILCS 5/123D-15) Sec. 123D-15. Conduct of insurance business by nonprofit risk organizations. (a) The Director may, pursuant to this Article, issue a certificate of authority to write the kinds of insurance enumerated in Classes 2 and 3 of Section 4 to a nonprofit risk organi…

(215 ILCS 5/123D-20) Sec. 123D-20. Relevant criteria. (a) A nonprofit risk organization must meet all of the following criteria: (1) Be organized and operated solely to insure risks of its members. (2) Directly provide information to its members with respect to loss control and r…

(215 ILCS 5/123D-25) Sec. 123D-25. Applicability of other provisions of this Code. Except as otherwise provided in this Article, where inconsistent with this Article, or where the context otherwise requires, all of the provisions of this Code and the rules of the Director relatin…

(215 ILCS 5/123D-30) Sec. 123D-30. Residual market participation exemption; security funds. A nonprofit risk organization shall not be permitted or required to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this State, nor shall a…

(215 ILCS 5/123D-35) Sec. 123D-35. Rules. The Director shall adopt such rules as may be necessary for the implementation of this Article. (Source: P.A. 93-918, eff. 1-1-05.)

(215 ILCS 5/123D-5) Sec. 123D-5. Definitions. As used in this Article: "Member" means a nonprofit organization that participates as an insured in a nonprofit risk organization. "Nonmember charitable organization" has the meaning set forth in subsection (n) of Section 501 of the I…

(215 ILCS 5/124) (from Ch. 73, par. 736) Sec. 124. (Repealed). (Source: P.A. 83-695. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.1) (from Ch. 73, par. 736.1) Sec. 124.1. (Repealed). (Source: P.A. 86-1156. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.10) (from Ch. 73, par. 736.10) Sec. 124.10. (Repealed). (Source: P.A. 86-1156. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.10a) (from Ch. 73, par. 736.10a) Sec. 124.10a. (Repealed). (Source: P.A. 86-1156. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.10b) (from Ch. 73, par. 736.10b) Sec. 124.10b. (Repealed). (Source: P.A. 83-695. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.11) (from Ch. 73, par. 736.11) Sec. 124.11. (Repealed). (Source: P.A. 83-695. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.12) (from Ch. 73, par. 736.12) Sec. 124.12. (Repealed). (Source: Laws 1963, p. 3139. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.13) (from Ch. 73, par. 736.13) Sec. 124.13. (Repealed). (Source: Laws 1963, p. 3139. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.13a) (from Ch. 73, par. 736.13a) Sec. 124.13a. (Repealed). (Source: P.A. 83-695. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.13b) (from Ch. 73, par. 736.13b) Sec. 124.13b. (Repealed). (Source: P.A. 83-695. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.13c) (from Ch. 73, par. 736.13c) Sec. 124.13c. (Repealed). (Source: P.A. 83-695. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.13d) (from Ch. 73, par. 736.13d) Sec. 124.13d. (Repealed). (Source: P.A. 83-695. Repealed by P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/124.13e) (from Ch. 73, par. 736.13e) Sec. 124.13e. (Repealed). (Source: P.A. 83-695. Repealed by P.A. 90-418, eff. 8-15-97.)