Chapter 215 — INSURANCE

(215 ILCS 5/130.5) Sec. 130.5. Contents of corporate governance annual disclosure. (a) The insurer or insurance group has discretion over the responses to the corporate governance annual disclosure inquiries if the corporate governance annual disclosure contains the material info…

(215 ILCS 5/130.6) Sec. 130.6. Confidentiality. (a) Documents, materials, or other information, including the corporate governance annual disclosure, in the possession or control of the Department that are obtained by, created by, or disclosed to the Director or any other person …

(215 ILCS 5/130.7) Sec. 130.7. Sanctions. Any insurer failing, without just cause, to timely file the corporate governance annual disclosure as required in this Article shall be required, after notice and a hearing, to pay a penalty of $200 for each day's delay, to be recovered b…

(215 ILCS 5/1300) (from Ch. 73, par. 1065.1000) Sec. 1300. Title. This Article may be cited as the Mortgage Insurance Consolidation Law. (Source: P.A. 86-378.)

(215 ILCS 5/1301) (from Ch. 73, par. 1065.1001) Sec. 1301. Purpose. The purpose of this Article is to protect the interests of Illinois insureds by: (1) establishing minimum standards and procedures for the effectuation of mortgage insurance consolidations; (2) establishing discl…

(215 ILCS 5/1302) (from Ch. 73, par. 1065.1002) Sec. 1302. Scope. (a) This Article applies: (1) To all insurance companies authorized to transact the business of insurance in this State of the kind or kinds of business described in Class 1(a) and (b) and Class 2(a) of Section 4 o…

(215 ILCS 5/1303) (from Ch. 73, par. 1065.1003) Sec. 1303. Definitions. The following definitions shall apply to this Article: "Consolidation" means any transaction in which a financial institution makes its premium collection services available to its mortgage debtors in connect…

(215 ILCS 5/1304) (from Ch. 73, par. 1065.1004) Sec. 1304. General requirements. Except as provided in Section 1305, no insurer shall participate in any consolidation unless, in addition to all other requirements provided by law, it complies with the following: (1) The new insure…

(215 ILCS 5/1305) (from Ch. 73, par. 1065.1005) Sec. 1305. Loan transfer consolidations. In a consolidation conducted as a result of a loan transfer, the offer of new coverage may be based on the same premium the insured was paying for his old coverage only if, in addition to all…

(215 ILCS 5/1306) (from Ch. 73, par. 1065.1006) Sec. 1306. Out-of-state consolidations. If Illinois residents whose loans are serviced outside Illinois are involved in a group-to-group consolidation by an out-of-state servicer, Section 1305 may be employed if the Illinois residen…

(215 ILCS 5/1307) (from Ch. 73, par. 1065.1007) Sec. 1307. Group certificates. No insurer may participate in a group-to-group consolidation or a loan transfer consolidation unless in addition to all other requirements provided by law, it complies with the following: (1) A group c…

(215 ILCS 5/1308) (from Ch. 73, par. 1065.1008) Sec. 1308. Conversion privilege. Notwithstanding the provisions of Section 231.1(H) of this Code, all group mortgage life insurance policies and any certificates issued thereunder shall include a conversion privilege permitting a de…

(215 ILCS 5/1309) (from Ch. 73, par. 1065.1009) Sec. 1309. Required disclosures. (a) In conjunction with the offer of new coverage involving any consolidation, the new insurer shall disclose in writing to each insured under the old plan or plans at least 30 days prior to the effe…

(215 ILCS 5/131.1) Sec. 131.1. Definitions. As used in this Article, the following terms have the respective meanings set forth in this Section unless the context requires otherwise: (a) An "affiliate" of, or person "affiliated" with, a specific person, is a person that directly,…

(215 ILCS 5/131.10) (from Ch. 73, par. 743.10) Sec. 131.10. Sections 131.4 through 131.12 do not apply to: (1) any transaction which is subject to Article X of this Code dealing with merger, consolidation or plans of exchange; (2) any offer, request, invitation, agreement or acqu…

(215 ILCS 5/131.11) (from Ch. 73, par. 743.11) Sec. 131.11. The following are violations of Sections 131.4 through 131.12: (1) the failure to file any statement, amendment, or other material required to be filed under Sections 131.4 or 131.5; or (2) the effectuation or any attemp…

(215 ILCS 5/131.12) (from Ch. 73, par. 743.12) Sec. 131.12. The courts of this State are hereby vested with jurisdiction over every person not resident, domiciled, or authorized to do business in this State who files a statement with the Director under Section 131.4, and over all…

(215 ILCS 5/131.12a) (from Ch. 73, par. 743.12a) Sec. 131.12a. Acquisitions involving companies not otherwise covered. (1) Definitions. The following definitions shall apply for the purposes of this Section only: (a) "Acquisition" means any agreement, arrangement or activity the …

(215 ILCS 5/131.13) (from Ch. 73, par. 743.13) Sec. 131.13. Registration of companies. Every company which is authorized to do business in this State and which is a member of an insurance holding company system must register with the Director, except a foreign or alien company su…

(215 ILCS 5/131.14) (from Ch. 73, par. 743.14) Sec. 131.14. Every company subject to registration must file a registration statement on a form and in a format prescribed by the Director, which shall contain the following current information: (1) the capital structure, general fin…

(215 ILCS 5/131.14a) Sec. 131.14a. Summary filing. Every company subject to registration must file a summary outlining all items in the current registration statement representing changes from the prior registration statement. (Source: P.A. 98-609, eff. 1-1-14.)

(215 ILCS 5/131.14b) Sec. 131.14b. Enterprise risk filings. (a) Annual enterprise risk report. The ultimate controlling person of every company subject to registration shall also file an annual enterprise risk report. The report shall, to the best of the ultimate controlling pers…

(215 ILCS 5/131.14c) Sec. 131.14c. Violations. The failure to file a registration statement or any summary of the registration statement or enterprise risk filing required by this Article within the time specified for filing shall be a violation of this Article. (Source: P.A. 98-…

(215 ILCS 5/131.14d) Sec. 131.14d. (Repealed). (Source: P.A. 98-609, eff. 1-1-14. Repealed by P.A. 102-394, eff. 8-16-21.)

(215 ILCS 5/131.15) (from Ch. 73, par. 743.15) Sec. 131.15. No information need be disclosed on the registration statement filed under Section 131.14 if the information is not material for the purposes of Sections 131.13 through 131.19. Unless the Director by rule, regulation or …

(215 ILCS 5/131.16) (from Ch. 73, par. 743.16) Sec. 131.16. Reporting material changes or additions; penalty for late registration statement. (1) Each registered company must keep current the information required to be included in its registration statement by reporting all mater…

(215 ILCS 5/131.17) (from Ch. 73, par. 743.17) Sec. 131.17. (1) The Director must terminate the registration of any company which demonstrates that it no longer is a member of an insurance holding company system. (2) The Director may require or allow 2 or more affiliated companie…

(215 ILCS 5/131.18) (from Ch. 73, par. 743.18) Sec. 131.18. Sections 131.13 through 131.19 do not apply to any company, information, or transaction if and to the extent that the Director by rule, regulation, or order may exempt the same from Sections 131.13 through 131.19. (Sourc…

(215 ILCS 5/131.19) (from Ch. 73, par. 743.19) Sec. 131.19. Disclaimer of affiliation. Any person may file with the Director a disclaimer of affiliation with any authorized company or a disclaimer may be filed by the company or any member of an insurance holding company system. T…

(215 ILCS 5/131.2) (from Ch. 73, par. 743.2) Sec. 131.2. Subsidiaries. A domestic company, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. The subsidiaries may conduct any kind of business or businesses and their auth…

(215 ILCS 5/131.20) (from Ch. 73, par. 743.20) Sec. 131.20. Standards for transactions with affiliates; adequacy of surplus. (1) Transactions with their affiliates by companies subject to registration are subject to the following standards: (a) the terms are fair and reasonable; …

(215 ILCS 5/131.20a) (from Ch. 73, par. 743.20a) Sec. 131.20a. Prior notification of transactions; dividends and distributions. (1) (a) The following transactions listed in items (i) through (vii) involving a domestic company and any person in its insurance holding company system…

(215 ILCS 5/131.20b) Sec. 131.20b. Controlled companies; management; directors. (1) Notwithstanding the control of a domestic company by any person, the officers and directors of the company shall not thereby be relieved of any obligation or liability to which they would otherwis…

(215 ILCS 5/131.20c) Sec. 131.20c. Supervisory colleges. (a) With respect to any company registered under Section 131.13 of this Code, and in accordance with subsection (c) of this Section, the Director shall also have the power to participate in a supervisory college for any dom…

(215 ILCS 5/131.20d) Sec. 131.20d. Group-wide supervision of internationally active insurance groups. (a) The Director is authorized to act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this Section. (b) The Direc…

(215 ILCS 5/131.21) (from Ch. 73, par. 743.21) Sec. 131.21. Examination. (1) Subject to the limitation contained in this section and in addition to the powers which the Director has under Sections 132 through 132.7 and 401 through 403 of this Code relating to the examination of c…

(215 ILCS 5/131.22) Sec. 131.22. Confidential treatment. (a) Documents, materials, or other information in the possession or control of the Department that are obtained by or disclosed to the Director or any other person in the course of an examination or investigation made pursu…

(215 ILCS 5/131.22a) Sec. 131.22a. Restrictions on insurer publishing. The group capital calculation and resulting group capital ratio required under subsection (b) of Section 131.14b and the liquidity stress test along with its results and supporting disclosures required under s…

(215 ILCS 5/131.23) (from Ch. 73, par. 743.23) Sec. 131.23. Injunctions; prohibitions against voting securities; sequestration of voting securities. (1) Whenever it appears to the Director that any company or any director, officer, employee or agent thereof has committed or is ab…

(215 ILCS 5/131.24) (from Ch. 73, par. 743.24) Sec. 131.24. Sanctions. (1) Every director or officer of an insurance holding company system who knowingly violates, participates in, or assents to, or who knowingly permits any of the officers or agents of the company to engage in t…

(215 ILCS 5/131.25) (from Ch. 73, par. 743.25) Sec. 131.25. Receivership. Whenever it appears to the Director that any person has committed a violation of this Article which so impairs the financial condition of a domestic company as to threaten insolvency or make the further tra…

(215 ILCS 5/131.25a) (from Ch. 73, par. 743.25a) Sec. 131.25a. Recovery upon order of liquidation or rehabilitation of domestic insurer. (a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver shall have the right subject to the limi…

(215 ILCS 5/131.26) (from Ch. 73, par. 743.26) Sec. 131.26. Revocation, suspension, or non-renewal of company's license. Whenever the Director determines that any person has committed a violation of this Article which makes the continued operation of a company contrary to the int…

(215 ILCS 5/131.27) (from Ch. 73, par. 743.27) Sec. 131.27. Judicial review. (1) Any order or decision made, issued or executed by the Director under this Article whereby any person or company is aggrieved is subject to review by the Circuit Court of Sangamon County or the Circui…

(215 ILCS 5/131.28) (from Ch. 73, par. 743.28) Sec. 131.28. Separability of provisions. If any provisions of this Article or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this Article whi…

(215 ILCS 5/131.29) Sec. 131.29. Rulemaking power. The Director may adopt such administrative rules as are necessary to implement the provisions of this Article. (Source: P.A. 98-609, eff. 1-1-14.)

(215 ILCS 5/131.3) (from Ch. 73, par. 743.3) Sec. 131.3. (1) Investments in common stock, preferred stock, debt obligations or other securities of subsidiaries made under Section 131.2 of this Article are subject to Sections 126.3, 126.4, 126.5, 126.6, 126.7, and 133 of this Code…

(215 ILCS 5/131.30) Sec. 131.30. Conflict with other laws. This Article supersedes all laws and parts of laws of this State inconsistent with this Code with respect to matters covered by this Code. (Source: P.A. 98-609, eff. 1-1-14.)

(215 ILCS 5/131.4) (from Ch. 73, par. 743.4) Sec. 131.4. Acquisition of control of or merger with domestic company. (a) No person other than the issuer may make a tender for or a request or invitation for tenders of, or enter into an agreement to exchange securities for, or seek …

(215 ILCS 5/131.5) (from Ch. 73, par. 743.5) Sec. 131.5. Statement; contents. In order to seek the approval of the Director pursuant to Section 131.8, the applicant must file a statement with the Director under oath or affirmation which contains as a minimum the following informa…