Chapter 215, INSURANCE

(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…

(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 5/155.51) (from Ch. 73, par. 767.51) Sec. 155.51. Purpose and scope.) (a) The purpose of this Article is to promote the public welfare by regulating credit life insurance and credit accident and health insurance. Nothing in this Article is intended to prohibit or discou…

(215 ILCS 5/155.52) (from Ch. 73, par. 767.52) Sec. 155.52. Definitions. For the purpose of this Article: (a) "Credit life insurance" means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction; (b) "Credit Accident and he…

(215 ILCS 5/155.53) (from Ch. 73, par. 767.53) Sec. 155.53. Forms of credit life insurance and credit accident and health insurance.) Credit life insurance and credit accident and health insurance shall be issued only in the following forms: (a) Individual policies of life insura…

(215 ILCS 5/155.54) (from Ch. 73, par. 767.54) Sec. 155.54. Amount of credit life insurance and credit accident and health insurance.) (a) Credit Life Insurance The amount of credit life insurance shall not exceed the initial indebtedness. Where an indebtedness is repayable in su…

(215 ILCS 5/155.55) (from Ch. 73, par. 767.55) Sec. 155.55. Term of credit life insurance and credit accident and health insurance. The term of any credit life insurance or credit accident and health insurance shall, subject to acceptance by the insurer, commence on the date when…

(215 ILCS 5/155.56) (from Ch. 73, par. 767.56) Sec. 155.56. Provisions of policies and certificates of insurance; disclosure to debtors. (a) All credit life insurance and credit accident and health insurance sold shall be evidenced by an individual policy, or in the case of group…

(215 ILCS 5/155.57) (from Ch. 73, par. 767.57) Sec. 155.57. Filing, approval, and withdrawal of forms. (a) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements, and riders delivered or issued for delivery in this State a…

(215 ILCS 5/155.58) (from Ch. 73, par. 767.58) Sec. 155.58. Premiums and refunds. (a) Each insurer issuing credit life insurance or credit accident and health insurance shall file with the Director its schedules of premium rates for use in connection with such insurance. Any insu…

(215 ILCS 5/155.59) (from Ch. 73, par. 767.59) Sec. 155.59. Issuance of policies. All policies of credit life insurance and credit accident and health insurance shall be delivered or issued for delivery in this state only by an insurer authorized to do an insurance business herei…

(215 ILCS 5/155.60) (from Ch. 73, par. 767.60) Sec. 155.60. Claims. (a) All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All claims shall be settled as soon as possible and in accorda…

(215 ILCS 5/155.61) (from Ch. 73, par. 767.61) Sec. 155.61. Existing insurance-Choice of insurer. When credit life insurance or credit accident and health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the o…

(215 ILCS 5/155.62) (from Ch. 73, par. 767.62) Sec. 155.62. Enforcement. The Director may, issue such rules and regulations as he deems appropriate for the administration of this Article. Whenever the Director finds that there has been a violation of this Article or any rules or …

(215 ILCS 5/155.63) (from Ch. 73, par. 767.63) Sec. 155.63. Judicial review. Any party to the proceeding affected by an order of the Director shall be entitled to judicial review by following the procedure set forth in Section 407 of the Illinois Insurance Code. (Source: Laws 195…

(215 ILCS 5/155.64) (from Ch. 73, par. 767.64) Sec. 155.64. Penalties. In addition to any other penalty provided by law, any person who violates an order of the Director after it has become final, and while such order is in effect, shall, upon proof thereof to the satisfaction of…

(215 ILCS 5/155.65) (from Ch. 73, par. 767.65) Sec. 155.65. Separability provision. If any provision of this Article, or the application of such provision to any person or circumstances, shall be held invalid, the remainder of the Article, and the application of such provision to…

(215 ILCS 5/179A-1) Sec. 179A-1. Short title. This Article may be cited as the Protected Cell Company Law. (Source: P.A. 91-278, eff. 7-23-99.)

(215 ILCS 5/179A-10) Sec. 179A-10. Definitions. "Domestic company" means an insurance company domiciled in the State of Illinois. "Fully funded" means that, with respect to any exposure attributed to a protected cell, the market value of the protected cell assets, on the date on …

(215 ILCS 5/179A-15) Sec. 179A-15. Establishment of protected cells. (a) A domestic company may, with the prior written approval by the Director of a plan of operation submitted by the domestic company with respect to each protected cell, establish one or more protected cells in …

(215 ILCS 5/179A-20) Sec. 179A-20. Use and operation of protected cells. (a) The protected cell assets of any protected cell may not be charged with liabilities arising out of any other business the protected cell company may conduct. All contracts or other documentation reflecti…

(215 ILCS 5/179A-25) Sec. 179A-25. Reach of creditors and other claimants. (a) Protected cell assets are available only to the creditors of the protected cell company who are creditors in respect of that protected cell and entitled, in conformity with the provisions of this Artic…

(215 ILCS 5/179A-30) Sec. 179A-30. Rehabilitation and liquidation of protected cell companies. (a) Notwithstanding any contrary provision in this Code, the rules promulgated under this Code, or any other applicable law or rule, upon any order of rehabilitation, conservation, or l…

(215 ILCS 5/179A-35) Sec. 179A-35. No transaction of an insurance business. A protected cell insurance securitization shall not be deemed to be an insurance or reinsurance contract. An investor in a protected cell company insurance securitization shall not, by sole means of such …

(215 ILCS 5/179A-40) Sec. 179A-40. Rules. The Director may promulgate reasonable rules as may be necessary to effectuate the purposes of this Article. (Source: P.A. 91-278, eff. 7-23-99.)

(215 ILCS 5/179A-5) Sec. 179A-5. Purpose. This Article is adopted to provide a basis for the creation of protected cells by a domestic insurer as one means of accessing alternative sources of capital and achieving the benefits of insurance securitization. Investors in fully funde…

(215 ILCS 5/186.1) (from Ch. 73, par. 798.1) Sec. 186.1. Supervision by the Director. (1)If the Director determines that any domestic insurance company is operating in a manner, that could lead to, or is in, a financial condition, which if continued would make it hazardous to the…

(215 ILCS 5/186.2) (from Ch. 73, par. 798.2) Sec. 186.2. (1) Any officer, manager, director, trustee, owner, employee, or agent of any insurer, or any other person with authority over or in charge of any segment of the company's affairs, shall cooperate with the Director in any p…