Chapter 215 — INSURANCE

(215 ILCS 5/131.6) (from Ch. 73, par. 743.6) Sec. 131.6. (1) If the person required to file the statement referred to in Section 131.5 is a partnership, limited partnership, syndicate or other group, the Director may require that the information be given with respect to each part…

(215 ILCS 5/131.7) (from Ch. 73, par. 743.7) Sec. 131.7. If any offer, request, invitation, agreement or acquisition referred to in Section 131.4 is proposed to be made by means of a registration statement under the Securities Act of 1933 or in circumstances requiring the disclos…

(215 ILCS 5/131.8) (from Ch. 73, par. 743.8) Sec. 131.8. (1) After the statement required by Section 131.5 has been filed, the Director shall approve any merger, consolidation or other acquisition of control referred to in Section 131.4 unless the Director finds that: (a) after t…

(215 ILCS 5/131.8a) (from Ch. 73, par. 743.8a) Sec. 131.8a. The Director may retain at the applicant's expense any attorneys, actuaries, accountants and other experts not otherwise a part of the Director's staff as may be reasonably necessary to assist in reviewing an acquisition…

(215 ILCS 5/131.9) (from Ch. 73, par. 743.9) Sec. 131.9. All statements, amendments or other material filed under Section 131.5 must be delivered to the domestic company within 10 business days after the acquiring party has made the filing with the Director. The domestic company …

(215 ILCS 5/131.9a) Sec. 131.9a. (Repealed). (Source: P.A. 98-609, eff. 1-1-14. Repealed by P.A. 102-394, eff. 8-16-21.)

(215 ILCS 5/1310) (from Ch. 73, par. 1065.1010) Sec. 1310. Compensation. No sponsorship fees, or other special fees designed to induce their participation, shall be paid to a financial institution in connection with any mortgage consolidation, and any compensation paid to either …

(215 ILCS 5/1311) (from Ch. 73, par. 1065.1011) Sec. 1311. No group policy or group certificate of mortgage insurance used in connection with a consolidation, nor any application, endorsement or rider which becomes a part of any such group policy or certificate, may be issued or …

(215 ILCS 5/1312) (from Ch. 73, par. 1065.1012) Sec. 1312. The Director is authorized to adopt such rules governing mortgage insurance consolidations as he deems necessary to implement or enforce this Article. (Source: P.A. 86-378.)

(215 ILCS 5/132) (from Ch. 73, par. 744) Sec. 132. Market conduct actions and market analysis. (a) Definitions. As used in this Section: "Data call" means a written solicitation by the Director to 2 or more regulated companies or persons seeking existing data or other existing in…

(215 ILCS 5/132.1) (from Ch. 73, par. 744.1) Sec. 132.1. Purpose. The purpose of Sections 132.1 through 132.7 of this Code is to provide an effective system for the financial examination of the activities, operations, financial condition, and affairs of all persons transacting th…

(215 ILCS 5/132.2) (from Ch. 73, par. 744.2) Sec. 132.2. Definitions. As used in Sections 132.1 through 132.7, the terms set forth in this Section have the following meanings: "Company" means any person engaging in or proposing or attempting to engage in any transaction or kind o…

(215 ILCS 5/132.3) (from Ch. 73, par. 744.3) Sec. 132.3. Authority, scope, and scheduling of examinations. (a) The Director or any of his examiners may conduct an examination of any company as often as the Director, in his sole discretion, deems appropriate, but shall, at a minim…

(215 ILCS 5/132.4) (from Ch. 73, par. 744.4) Sec. 132.4. Conduct of examinations. (a) Upon determining that an examination should be conducted, the Director or his designee shall issue an examination warrant appointing one or more examiners to perform the examination and instruct…

(215 ILCS 5/132.5) (from Ch. 73, par. 744.5) Sec. 132.5. Examination reports. (a) General description. All examination reports shall be comprised of only facts appearing upon the books, records, or other documents of the company, its agents, or other persons examined or as ascert…

(215 ILCS 5/132.6) (from Ch. 73, par. 744.6) Sec. 132.6. Conflict of interest. (a) No examiner may be appointed by the Director if that examiner, either directly or indirectly, has a conflict of interest, is affiliated with the management of, or owns a pecuniary interest in any p…

(215 ILCS 5/132.7) (from Ch. 73, par. 744.7) Sec. 132.7. Immunity from liability. (a) No cause of action shall arise nor shall any liability be imposed against the Director, the Director's authorized representatives, or any examiner appointed by the Director for any statements ma…

(215 ILCS 5/133) (from Ch. 73, par. 745) Sec. 133. Books, records, accounts and vouchers. (1) Every domestic company shall keep its books, records, documents, accounts and vouchers in such manner that its financial condition, affairs and operations can be ascertained and so that …

(215 ILCS 5/134) (from Ch. 73, par. 746) Sec. 134. Falsification of Records-Sentence. Any officer, director, agent or employee of any company who makes or causes to be made any false entry in any book, report or statement of such company with intent to injure or defraud such comp…

(215 ILCS 5/136) (from Ch. 73, par. 748) Sec. 136. Annual statement. (1) Every company authorized to do business in this State or accredited by this State shall submit to the Director by March 1st in each year its financial statement for the year ending December 31st immediately …

(215 ILCS 5/137) (from Ch. 73, par. 749) Sec. 137. Every Insurance Company doing business in this state which is required to file a statement or report with the Securities and Exchange Commission, shall at the request of the Director, file a copy of such statement or report with …

(215 ILCS 5/139) (from Ch. 73, par. 751) Sec. 139. Penalties for late or false annual statement. (1) Any company failing, without just cause, to file its financial statements as required in this Code shall be required, after notice and hearing, to pay a penalty of up to $1,000 fo…

(215 ILCS 5/14) (from Ch. 73, par. 626) (Section scheduled to be repealed on January 1, 2027) Sec. 14. Incorporators. Any one or more natural persons, at least one of whom is a resident of this State, who desire to form a company under this Article shall sign and acknowledge befo…

(215 ILCS 5/14.1) (from Ch. 73, par. 626.1) (Section scheduled to be repealed on January 1, 2027) Sec. 14.1. Articles of incorporation. The articles shall set forth: (a) the corporate name; (b) the location of its principal office; (c) the period of duration, which may be perpetu…

(215 ILCS 5/140) (from Ch. 73, par. 752) Sec. 140. Vouchers for disbursements. No domestic company shall make any disbursement of one hundred dollars or more unless the same be evidenced by a voucher or receipt signed or check endorsed by or on behalf of the person receiving the …

(215 ILCS 5/1400) Sec. 1400. Title. This Article may be cited as the Financial Institutions Insurance Sales Law. (Source: P.A. 90-41, eff. 10-1-97.)

(215 ILCS 5/1401) Sec. 1401. Purpose. The purpose of this Article is to increase the availability of insurance products to the citizens of this State by expanding those businesses authorized to sell insurance products to include financial institutions, and to protect the interest…

(215 ILCS 5/1402) Sec. 1402. Definitions. For the purposes of this Article: "Financial institution" means: (1) a State bank, a national bank, or an out-of-state bank, as those terms are defined in the Illinois Banking Act, or any subsidiary of a State bank, a national bank, or an…

(215 ILCS 5/1403) Sec. 1403. Licensure requirements for financial institutions. (a) A financial institution transacting insurance business in this State shall register with the Director pursuant to the Illinois Insurance Code and shall be subject to the laws, rules, and penalties…

(215 ILCS 5/1404) Sec. 1404. Subsidiaries or divisions. A financial institution shall not qualify for registration as a registered firm under Section 499.1 of this Code unless: (1) it establishes a separate subsidiary that acts as the registered firm or (2) it is otherwise permit…

(215 ILCS 5/1405) Sec. 1405. Extensions of credit. A financial institution shall not delay or impede the completion of a loan transaction or other transactions involving the extension of credit for the purpose of influencing a customer's selection of any insurance product. (Sourc…

(215 ILCS 5/1406) Sec. 1406. Insurance and financial institution products. (a) No financial institution may offer banking products or services, or fix or vary the consideration of the offer, on a condition or requirement that the customer obtain insurance from the financial insti…

(215 ILCS 5/1407) Sec. 1407. Rebating and discounting. (a) No financial institution may offer a rebate on an insurance product in violation of Section 151 of this Code. (b) No financial institution may offer a discount on a loan or extension of credit for the purpose of inducing …

(215 ILCS 5/1408) Sec. 1408. Discrimination prohibited. No financial institution may: (1) require as a condition of providing any product or service or renewal of any contract for providing a product or service to any customer, that the customer acquire, finance, or negotiate any…

(215 ILCS 5/1409) Sec. 1409. Disclosure. A financial institution shall clearly and conspicuously disclose in any written advertisement or promotional or informational material regarding an insurance product that the insurance offered, recommended, sponsored, or sold: (1) is not a…

(215 ILCS 5/141) (from Ch. 73, par. 753) Sec. 141. Agency contracts. (1) Any domestic company which contracts with any person (different legal entities, directly or indirectly owned or controlled by the same person shall be considered as a person within the meaning of this Sectio…

(215 ILCS 5/141.01) (from Ch. 73, par. 753.01) Sec. 141.01. No company authorized to do business in Illinois shall cancel, terminate or refuse to renew any policy on the ground that the company's contract with the agent through whom such policy was obtained has been terminated. T…

(215 ILCS 5/141.02) (from Ch. 73, par. 753.02) Sec. 141.02. (1) Definitions. For purposes of this Section an independent insurance agent is any licensed agent representing an insurance company on an independent contractor basis and not as an employee. This term shall include only…

(215 ILCS 5/141.03) (from Ch. 73, par. 753.03) Sec. 141.03. Insurance companies authorized to do business in this State shall not refuse to do business with an independent insurance agent representing an insurance company as an independent contractor and not as an employee solely…

(215 ILCS 5/141.1) (from Ch. 73, par. 753.1) Sec. 141.1. Management contracts and service agreements. All agreements or contracts under which any person, organization or corporation is delegated management duties or control of any domestic company, or which transfer a substantial…

(215 ILCS 5/141.2) (from Ch. 73, par. 753.2) Sec. 141.2. Grounds for disapproval. The Director must disapprove any such management contract or service agreement if, at any time, he finds: (1) that the service or management charges are based upon criteria unrelated either to the m…

(215 ILCS 5/141.3) (from Ch. 73, par. 753.3) Sec. 141.3. Supplement to annual statement. Any company which has a management contract shall file with its annual statement a supplement on forms prescribed by the Director which discloses the following: Salaries, commissions, or any …

(215 ILCS 5/141.4) Sec. 141.4. Disclosure of material transactions. (a) An insurer domiciled in this State shall file a report with the Director disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance a…

(215 ILCS 5/1410) Sec. 1410. Misleading advertising. No financial institution or registered firm may employ any advertisement that would mislead or otherwise cause a reasonable person to believe mistakenly that the State of Illinois or the federal government is responsible for th…

(215 ILCS 5/1411) Sec. 1411. Commissions and compensation. No financial institution shall pay, directly or indirectly, any commission, service fee, brokerage, or other valuable consideration to any person for services as an insurance producer, temporary insurance producer, or lim…

(215 ILCS 5/1412) Sec. 1412. Solicitations to loan applicants. (a) A financial institution that requires a customer to obtain insurance in connection with a loan or extension of credit and that offers that insurance either directly or through an affiliate shall clearly disclose t…

(215 ILCS 5/1413) Sec. 1413. Separate physical location and sales force when insurance is solicited or sold in connection with a loan. (a) An employee of a financial institution may not solicit or sell insurance at the same desk where a loan transaction is conducted when the insu…

(215 ILCS 5/1414) Sec. 1414. Signage. Signs concerning the availability of insurance products offered by the financial institution or by any registered firm shall be clearly displayed in the same area where applications for loans or other extensions of credit are being taken or c…

(215 ILCS 5/1415) Sec. 1415. Confidential customer information. (a) A financial institution that is a registered firm may not release a customer's insurance information to any person other than an officer, director, employee, agent, or affiliate of the financial institution witho…

(215 ILCS 5/1416) Sec. 1416. Prohibited defenses. A violation of any provision of this Article shall not be used as a defense by any person in any action by a financial institution to recover the amount owing on any loan or extension of credit. (Source: P.A. 90-41, eff. 10-1-97.)…