Chapter 215 — INSURANCE

(215 ILCS 150/25.1) (from Ch. 148, par. 225.1) Sec. 25.1. (a) Any trust fund organized under this Act may reorganize itself as a mutual insurance company or a reciprocal in accordance with the provisions of this Section, provided that it has both (1) a net fund balance (surplus),…

(215 ILCS 150/26) (from Ch. 148, par. 226) Sec. 26. The provisions of the Administrative Review Law, as amended, shall apply to and govern all proceedings for the judicial review of final administrative decisions under this Act. (Source: P.A. 82-783.)

(215 ILCS 150/27) (from Ch. 148, par. 227) Sec. 27. If any provision of this Act or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this Act which can be given effect without the invalid pr…

(215 ILCS 150/28) (from Ch. 148, par. 228) Sec. 28. This Act shall become effective upon its becoming a law. (Source: P.A. 80-530.)

(215 ILCS 150/3) (from Ch. 148, par. 203) Sec. 3. The trust fund shall be established and amended only by a written instrument which shall be filed with and approved by the Director of Insurance prior to its becoming effective. The Director of Insurance shall withhold approval of…

(215 ILCS 150/4) (from Ch. 148, par. 204) Sec. 4. No corporation or entity shall be a beneficiary of the trust fund unless it either shall be incorporated under the laws of this State or shall have first procured a Certificate of Authority from the Secretary of State, except that…

(215 ILCS 150/5) (from Ch. 148, par. 205) Sec. 5. The trust fund is authorized to indemnify: (1) the beneficiaries thereof against the risk of loss due to damage, destruction or loss to property or imposition of legal liability; or (2) employees or full-time students of the benef…

(215 ILCS 150/6) (from Ch. 148, par. 206) Sec. 6. Risk pools; risk retention groups. (a) A trust fund may enter into written agreements with other trust funds established under this Act whereby the risks assumed by any such trust fund may be pooled and shared with such other trus…

(215 ILCS 150/7) (from Ch. 148, par. 207) Sec. 7. The trustees of all trust funds established under this Act shall be natural persons over the age of 18 who are residents of this State. (Source: P.A. 80-530.)

(215 ILCS 150/8) (from Ch. 148, par. 208) Sec. 8. Every such trust fund shall have no fewer than 3 nor more than 30 trustees. No less than 2/3 of the trustees shall be officers, directors, trustees or full time employees of a beneficiary of the trust fund. (Source: P.A. 80-530.)…

(215 ILCS 150/9) (from Ch. 148, par. 209) Sec. 9. (a) No trustee shall be paid a salary or receive other compensation, except the written trust instrument may provide for reimbursement for actual expenses incurred on behalf of the trust fund. No trustee or any employer or affilia…

(215 ILCS 152/1) Sec. 1. Short title. This Act may be cited as the Service Contract Act. (Source: P.A. 90-711, eff. 8-7-98.)

(215 ILCS 152/10) Sec. 10. Exemptions. Service contract providers and related service contract sellers and administrators complying with this Act are not required to comply with and are not subject to any provision of the Illinois Insurance Code. A service contract provider who i…

(215 ILCS 152/15) Sec. 15. Financial requirements. No service contract shall be issued, sold, or offered for sale in this State unless one of the following conditions are satisfied: (1) (A) The service contract provider is insured under a service contract reimbursement insurance …

(215 ILCS 152/20) Sec. 20. Reimbursement policy; required provisions. (a) No service contract reimbursement insurance policy shall be issued, sold, or offered for sale in this State unless the policy states that the issuer of the policy will reimburse or pay on behalf of the serv…

(215 ILCS 152/25) Sec. 25. Registration requirements for service contract providers. (a) No service contract shall be issued or sold in this State until the following information has been submitted to the Department: (1) the name of the service contract provider; (2) a list ident…

(215 ILCS 152/30) Sec. 30. Required service contract disclosures. All service contracts issued or sold in this State shall contain the following disclosures written in clear and understandable language. (1) the name and address of the service contract provider; (2) the total cons…

(215 ILCS 152/35) Sec. 35. Cancellation and refunds. (a) No service contract may be issued, sold, or offered for sale in this State unless the service contract clearly states that the service contract holder is allowed to cancel the service contract. If the service contract holde…

(215 ILCS 152/40) Sec. 40. Incidental benefits. A service contract may provide full or partial reimbursement for other expenses incurred by the service contract holder as a direct and proximate result of an operational or structural failure if covered by the service contract. A r…

(215 ILCS 152/45) Sec. 45. Record keeping requirements. (a) The service contract provider shall keep accurate accounts, books, and records concerning transactions regulated under this Act. (b) The service contract provider's accounts, books, and records shall include the followin…

(215 ILCS 152/5) Sec. 5. Definitions. "Department" means the Department of Insurance. "Director" means the Director of Insurance. "Road hazard" means a hazard that is encountered while driving a motor vehicle, including, but not limited to, potholes, rocks, wood debris, metal par…

(215 ILCS 152/50) Sec. 50. Examinations and enforcement provisions. (a) The Director may conduct examinations of service contract providers, administrators, or other persons to enforce this Act and protect service contract holders in this State. Upon request of the Director, a se…

(215 ILCS 152/55) Sec. 55. Rulemaking power. The Director may adopt such administrative rules as are necessary to implement the provisions of this Act. (Source: P.A. 90-711, eff. 8-7-98.)

(215 ILCS 152/60) Sec. 60. Applicability. This Act applies to all service contracts sold or offered for sale 90 or more days after the effective date of this Act. (Source: P.A. 90-711, eff. 8-7-98.)

(215 ILCS 152/99) Sec. 99. Effective date. This Act takes effect upon becoming law. (Source: P.A. 90-711, eff. 8-7-98.)

(215 ILCS 153/1) Sec. 1. Short title. This Act may be cited as the Structured Settlement Protection Act. (Source: P.A. 93-502, eff. 1-1-04.)

(215 ILCS 153/10) Sec. 10. Required disclosures to payee. Not less than 10 days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than 14 points, setting forth all of t…

(215 ILCS 153/15) Sec. 15. Approval of transfers of structured settlement payment rights. No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directl…

(215 ILCS 153/20) Sec. 20. Effects of transfer of structured settlement payment rights. Following a transfer of structured settlement payment rights approved under this Act: (1) the structured settlement obligor and the annuity issuer shall, as to all parties except the transfere…

(215 ILCS 153/25) Sec. 25. Procedure for approval of transfers. (a) No annuity issuer or structured settlement obligor may make payments on a structured settlement to anyone other than the payee or beneficiary of the payee without prior approval of the circuit court. No payee or …

(215 ILCS 153/30) Sec. 30. General provisions; construction. (a) The provisions of this Act may not be waived by any payee. (b) Any transfer agreement entered into on or after the effective date of this Act by a payee who is domiciled in this State shall provide that disputes und…

(215 ILCS 153/35) Sec. 35. Applicability. This Act shall apply to any transfer of structured settlement payment rights under a transfer agreement entered into on or after the 30th day after the effective date of this Act, including any transfer in which the structured settlement …

(215 ILCS 153/5) Sec. 5. Definitions. For purposes of this Act: "Annuity issuer" means an insurer that has issued a contract to fund periodic payments under a structured settlement. "Dependents" include a payee's spouse and minor children and all other persons for whom the payee …

(215 ILCS 155/1) (from Ch. 73, par. 1401) Sec. 1. This Act may be cited as the Title Insurance Act. (Source: P.A. 86-239.)

(215 ILCS 155/10) (from Ch. 73, par. 1410) Sec. 10. Reserves. All title insurance companies authorized to do business under this Act shall establish and maintain reserves against unpaid losses and loss expenses. Upon receiving notice from or on behalf of the insured of a title de…

(215 ILCS 155/11) (from Ch. 73, par. 1411) Sec. 11. Statutory premium reserve. (a) A domestic title insurance company shall establish and maintain a statutory premium reserve computed in accordance with this Section. The reserve shall be reported as a liability of the title insur…

(215 ILCS 155/12) (from Ch. 73, par. 1412) Sec. 12. Examinations; compliance. (a) The Secretary or his authorized representative shall have the power and authority, and it shall be his duty, to cause to be visited and examined annually any title insurance company doing business u…

(215 ILCS 155/13) (from Ch. 73, par. 1413) Sec. 13. Annual statement. (a) Each title insurance company shall file with the Department during the month of March of each year, a statement under oath, of the condition of such company on the thirty-first day of December next precedin…

(215 ILCS 155/14) (from Ch. 73, par. 1414) Sec. 14. Fees. (a) Every title insurance company and every independent escrowee subject to this Act shall pay the following fees: (1) for filing the original application for a certificate of authority and receiving the deposit required u…

(215 ILCS 155/14.1) Sec. 14.1. Financial Institution Fund. All moneys received by the Department of Financial and Professional Regulation under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of the State Finance Act. (Source: P.A. 98-463…

(215 ILCS 155/15) (from Ch. 73, par. 1415) Sec. 15. Retaliatory provisions; fees. Whenever the existing or future laws of any State or country shall require of title insurance companies incorporated or organized under the laws of this State, as a condition precedent to their tran…

(215 ILCS 155/15.1) Sec. 15.1. No taxes to be imposed by political subdivisions. The fees, charges, and taxes provided for by this Act shall be in lieu of all license fees or privilege or occupation taxes or other fees levied or assessed by any municipality, county, or other poli…

(215 ILCS 155/16) (from Ch. 73, par. 1416) Sec. 16. Title insurance agents. (a) No person, firm, partnership, association, corporation or other legal entity shall act as or hold itself out to be a title insurance agent unless duly registered by a title insurance company with the …

(215 ILCS 155/16.1) Sec. 16.1. Closing or settlement protection. (a) Notwithstanding the provisions of item (iii) of paragraph (B) of subsection (1) and subsections (3) and (8) of Section 3 and Section 16 of this Act, a title insurance company or title insurance agent is not auth…

(215 ILCS 155/17) (from Ch. 73, par. 1417) Sec. 17. Independent escrowees. (a) Every independent escrowee shall be subject to the same certification and deposit requirements to which title insurance companies are subject under Section 4 of this Act. (b) No person, firm, corporati…

(215 ILCS 155/17.1) Sec. 17.1. Closing or settlement protection; independent escrowees. (a) Notwithstanding the provisions of item (iii) of paragraph (B) of subsection (1) and subsection (9) of Section 3 of this Act, an independent escrowee is not authorized to act pursuant to su…

(215 ILCS 155/18) (from Ch. 73, par. 1418) Sec. 18. No referral payments; kickbacks. (a) Application of this Section is limited to residential properties of 4 or fewer units, at least one of which units is occupied or to be occupied by an owner, legal or beneficial. (b) No title …

(215 ILCS 155/18.1) Sec. 18.1. Choice of title insurance company. It is declared to be the public policy of this State that parties to a contract for the sale of residential real property who are obligated to provide and pay for title insurance have the right to choose the title …

(215 ILCS 155/19) (from Ch. 73, par. 1419) Sec. 19. Secretary powers; pricing. Nothing contained in this Act shall be construed as giving any authority to the Secretary to set or otherwise adjust the fees charged to the parties to the transaction for: (1) issuing a title insuranc…

(215 ILCS 155/2) (from Ch. 73, par. 1402) Sec. 2. Any corporation which has been or shall be incorporated or qualified to do business under the Business Corporation Act of 1983, as now or hereafter amended, or any predecessor law for the purpose, in whole or part, of doing the bu…