Chapter 215 — INSURANCE

(215 ILCS 5/60i) (from Ch. 73, par. 672i) Sec. 60i. Consummation of domestication; transfer of assets and deposits. (1) Upon the filing with the Director of a certified copy of the instrument of transfer and assumption pursuant to which a domestic company succeeds to the business…

(215 ILCS 5/60j) (from Ch. 73, par. 672j) Sec. 60j. Trustees of alien companies. (1) The directors of an alien company may appoint citizens or corporations of the United States as its trustees to hold funds and assets in trust for the benefit of the policyholders and creditors of…

(215 ILCS 5/61) (from Ch. 73, par. 673) (Section scheduled to be repealed on January 1, 2027) Sec. 61. Scope of Article. (1) This Article shall apply to all reciprocals transacting or being organized to transact any of the kinds of business specified in this Article. (2) As used …

(215 ILCS 5/62) (from Ch. 73, par. 674) (Section scheduled to be repealed on January 1, 2027) Sec. 62. Authority to exchange contracts. Individuals, partnerships and corporations of this State are hereby authorized to exchange reciprocal or inter-insurance contracts with each oth…

(215 ILCS 5/63) (from Ch. 73, par. 675) (Section scheduled to be repealed on January 1, 2027) Sec. 63. Name. The name or designation under which contracts are to be exchanged shall include the words "Reciprocal" or "Inter-Insurance Exchange" or be supplemented by the following wo…

(215 ILCS 5/64) (from Ch. 73, par. 676) (Section scheduled to be repealed on January 1, 2027) Sec. 64. Principal office. The principal office of the attorney-in-fact of a domestic reciprocal shall be maintained in this State, at such place as may be designated by the subscribers …

(215 ILCS 5/65) (from Ch. 73, par. 677) (Section scheduled to be repealed on January 1, 2027) Sec. 65. Authorized kinds of business. A reciprocal may be authorized to exchange contracts covering any or all of the kinds of insurance enumerated in Classes 2 and 3 of Section 4. (Sou…

(215 ILCS 5/66) (from Ch. 73, par. 678) (Section scheduled to be repealed on January 1, 2027) Sec. 66. Minimum surplus requirements. (1) No reciprocal may after December 31, 1985 receive a certificate of authority from the Director to exchange contracts under this Article in the …

(215 ILCS 5/67) (from Ch. 73, par. 679) (Section scheduled to be repealed on January 1, 2027) Sec. 67. Power of attorney. The power of attorney or other authority of the attorney-in-fact under which contracts of insurance are to be exchanged pursuant to this Article shall set for…

(215 ILCS 5/68) (from Ch. 73, par. 680) (Section scheduled to be repealed on January 1, 2027) Sec. 68. Declaration of organization. The attorney-in-fact of subscribers who desire to form a reciprocal under this Article shall sign and acknowledge, before an officer authorized to t…

(215 ILCS 5/69) (from Ch. 73, par. 681) (Section scheduled to be repealed on January 1, 2027) Sec. 69. Documents to be delivered to Director. Upon the execution of a declaration of organization, there shall be delivered to the Director (a) duplicate originals of the declaration o…

(215 ILCS 5/69.1) (from Ch. 73, par. 681.1) (Section scheduled to be repealed on January 1, 2027) Sec. 69.1. Escrow agreements. The company shall designate a bank or trust company with whom it will enter into an escrow agreement, which agreement shall state that the organization …

(215 ILCS 5/7) (from Ch. 73, par. 619) (Section scheduled to be repealed on January 1, 2027) Sec. 7. Name. The corporate name of any company organized under this Article shall not be the same as, or deceptively similar to, the name of any domestic company, or of any foreign or al…

(215 ILCS 5/70) (from Ch. 73, par. 682) (Section scheduled to be repealed on January 1, 2027) Sec. 70. Organization bonds. The attorney-in-fact shall deliver to the Director two bonds in the same penalties and containing the same provisions, so far as applicable, as the bonds req…

(215 ILCS 5/71) (from Ch. 73, par. 683) (Section scheduled to be repealed on January 1, 2027) Sec. 71. Approval of documents. The documents and papers so delivered to the Director may be approved or disapproved by the Director, and the attorney-in-fact is entitled to a hearing, i…

(215 ILCS 5/72) (from Ch. 73, par. 684) (Section scheduled to be repealed on January 1, 2027) Sec. 72. Authority to solicit subscriptions to surplus. Upon the approval of the declaration of organization by the Director, he shall issue to the attorney-in-fact a permit, which shall…

(215 ILCS 5/73) (from Ch. 73, par. 685) (Section scheduled to be repealed on January 1, 2027) Sec. 73. Issuance of certificate of authority. When the Director has been notified that the required surplus has been fully collected, he shall conduct an examination of the reciprocal. …

(215 ILCS 5/74) (from Ch. 73, par. 686) (Section scheduled to be repealed on January 1, 2027) Sec. 74. Deposit. A domestic reciprocal subject to the provisions of this Article shall make and maintain with the Director, for the protection of all creditors, policyholders and policy…

(215 ILCS 5/75) (from Ch. 73, par. 687) (Section scheduled to be repealed on January 1, 2027) Sec. 75. Contingent liability policy provisions. (1) Except as provided in subsection (2) any contract of insurance exchanged under this Article shall provide for a cash deposit and a co…

(215 ILCS 5/76) (from Ch. 73, par. 688) (Section scheduled to be repealed on January 1, 2027) Sec. 76. Guaranty fund or guaranty capital. Any domestic reciprocal may provide for a surplus by accumulating a guaranty fund or guaranty capital in the same manner and upon the same ter…

(215 ILCS 5/77) (from Ch. 73, par. 689) (Section scheduled to be repealed on January 1, 2027) Sec. 77. Director as attorney - Service of process. (1) The attorney-in-fact of every reciprocal transacting business in this State shall file with the Director a duly executed instrumen…

(215 ILCS 5/78) (from Ch. 73, par. 690) (Section scheduled to be repealed on January 1, 2027) Sec. 78. Governmental subscribers accounts; dividends; other returns. (a) The attorney-in-fact of a governmental reciprocal, in addition to the books of account of the reciprocal, shall …

(215 ILCS 5/79) (from Ch. 73, par. 691) (Section scheduled to be repealed on January 1, 2027) Sec. 79. Reserves. All reciprocals subject to this Article shall maintain reserves calculated in the same manner and upon the same basis as stock and mutual companies doing the same kind…

(215 ILCS 5/8) (from Ch. 73, par. 620) (Section scheduled to be repealed on January 1, 2027) Sec. 8. Principal office and place of business. The principal office of any company organized under this Article shall be located in this State. Unless the Director has approved otherwise…

(215 ILCS 5/80) (from Ch. 73, par. 692) (Section scheduled to be repealed on January 1, 2027) Sec. 80. Amendments to power of attorney and other documents. (1) The attorney-in-fact of any reciprocal subject to the provisions of this article may amend the declaration of organizati…

(215 ILCS 5/801) (from Ch. 73, par. 1065.401) Sec. 801. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/801.1) Sec. 801.1. Purpose. The purpose of this Article is to require insurers to make mine subsidence insurance coverage available for residences, living units and commercial buildings located in Illinois; to establish the Illinois Mine Subsidence Insurance Fund; to …

(215 ILCS 5/802) (from Ch. 73, par. 1065.402) Sec. 802. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/802.1) Sec. 802.1. Definitions. As used in this Article: (a) "Commercial Building" means any building, other than a residence, permanently affixed to realty located in Illinois, including basements, footings, foundations, septic systems and underground pipes directly …

(215 ILCS 5/803) (from Ch. 73, par. 1065.403) Sec. 803. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/803.1) Sec. 803.1. Establishment of Fund. (a) There is established a fund to be known as the "Illinois Mine Subsidence Insurance Fund". The Fund shall operate pursuant to this Article. The Fund is authorized to transact business, provide services, enter into contracts…

(215 ILCS 5/803a) (from Ch. 73, par. 1065.403a) Sec. 803a. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/804) (from Ch. 73, par. 1065.404) Sec. 804. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/804.1) Sec. 804.1. Management of the Fund. (a) The Fund shall be managed by an 11 member Board of Directors, 6 of whom shall be insurance industry directors, 4 of whom shall be public directors, and one of whom shall be an Illinois licensed insurance producer. The ind…

(215 ILCS 5/805) (from Ch. 73, par. 1065.405) Sec. 805. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/805.1) Sec. 805.1. Mine Subsidence Coverage. (a) Beginning January 1, 1994, every policy issued or renewed insuring a residence on a direct basis shall include, at a separately stated premium, residential coverage unless waived in writing by the insured. Beginning Jan…

(215 ILCS 5/806) (from Ch. 73, par. 1065.406) Sec. 806. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/806.1) Sec. 806.1. Division of Fund Into Separate Residential and Commercial Sub-funds. (a) Effective January 1, 1994, the Fund shall establish 2 separate sub-funds, a Residential Fund to provide reinsurance for mine subsidence losses arising from residential and livi…

(215 ILCS 5/806A) (from Ch. 73, par. 1065.406A) Sec. 806A. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/807) (from Ch. 73, par. 1065.407) Sec. 807. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/807.1) Sec. 807.1. Exemption of Certain Counties by the Director. The Director shall exempt every policy insuring residences, living units or commercial buildings located in any county of 1,000,000 or more inhabitants or any county contiguous to any such county, and, …

(215 ILCS 5/808) (from Ch. 73, par. 1065.408) Sec. 808. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/808.1) Sec. 808.1. Right of Insurers to Refuse to Provide Mine Subsidence Coverage. An insurer may refuse to provide mine subsidence coverage on a residence or commercial building evidencing unrepaired mine subsidence damage until such damage has been repaired. (Sourc…

(215 ILCS 5/809) (from Ch. 73, par. 1065.409) Sec. 809. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/809.1) Sec. 809.1. Arbitration. In the event of a dispute between a policyholder and an insurer as to whether a residence or commercial building covered by mine subsidence insurance has been damaged by mine subsidence, a policyholder shall have the right to submit tha…

(215 ILCS 5/81) (from Ch. 73, par. 693) (Section scheduled to be repealed on January 1, 2027) Sec. 81. Governmental agencies and corporations may be subscribers. Any government or governmental agency, state or political subdivision thereof, public or private corporation, board, a…

(215 ILCS 5/810) (from Ch. 73, par. 1065.410) Sec. 810. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/810.1) Sec. 810.1. Reinsurance Agreements. All insurers shall enter into a reinsurance agreement with the Fund. The reinsurance agreement shall be filed with and approved by the Director. The agreement shall provide that each insurer shall cede 100% of any subsidence …

(215 ILCS 5/811) (from Ch. 73, par. 1065.411) Sec. 811. (Repealed). (Source: Repealed by P.A. 88-379.)

(215 ILCS 5/811.1) Sec. 811.1. Distribution of Premiums. The Fund is authorized to establish the proportion of total mine subsidence insurance premiums collected by each insurer which shall be retained by the insurer as a ceding commission, subject to review of the Director. The …