Chapter 215, INSURANCE

(215 ILCS 5/123D-10) Sec. 123D-10. Organization of nonprofit risk organizations. (a) A company organized pursuant to Articles III or IV, including such companies organized as a risk retention group in this State pursuant to Article VIIB of this Code, that satisfies the requiremen…

(215 ILCS 5/123D-15) Sec. 123D-15. Conduct of insurance business by nonprofit risk organizations. (a) The Director may, pursuant to this Article, issue a certificate of authority to write the kinds of insurance enumerated in Classes 2 and 3 of Section 4 to a nonprofit risk organi…

(215 ILCS 5/123D-20) Sec. 123D-20. Relevant criteria. (a) A nonprofit risk organization must meet all of the following criteria: (1) Be organized and operated solely to insure risks of its members. (2) Directly provide information to its members with respect to loss control and r…

(215 ILCS 5/123D-25) Sec. 123D-25. Applicability of other provisions of this Code. Except as otherwise provided in this Article, where inconsistent with this Article, or where the context otherwise requires, all of the provisions of this Code and the rules of the Director relatin…

(215 ILCS 5/123D-30) Sec. 123D-30. Residual market participation exemption; security funds. A nonprofit risk organization shall not be permitted or required to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this State, nor shall a…

(215 ILCS 5/123D-35) Sec. 123D-35. Rules. The Director shall adopt such rules as may be necessary for the implementation of this Article. (Source: P.A. 93-918, eff. 1-1-05.)

(215 ILCS 5/123D-5) Sec. 123D-5. Definitions. As used in this Article: "Member" means a nonprofit organization that participates as an insured in a nonprofit risk organization. "Nonmember charitable organization" has the meaning set forth in subsection (n) of Section 501 of the I…

(215 ILCS 5/126.1) Sec. 126.1. Purpose and scope. A. Purpose. The purpose of this Article is to protect the interests of insureds by promoting insurer solvency and financial strength. This will be accomplished through the application of investment standards that facilitate a reas…

(215 ILCS 5/126.10) Sec. 126.10. General 3% diversification, medium and lower grade investments, and Canadian investments. A. General 3% diversification. (1) Except as otherwise specified in this Article, an insurer shall not acquire, directly or indirectly through an investment …

(215 ILCS 5/126.11) Sec. 126.11. Rated credit instruments. Subject to the limitations of subsection F of this Section, an insurer may acquire rated credit instruments: A. Subject to the limitations of Section 126.10B, but not to the limitations of Section 126.10A, except for that…

(215 ILCS 5/126.12) Sec. 126.12. Insurer investment pools. A. An insurer may acquire investments in investment pools that: (1) Invest only in: (a) Obligations that are rated 1 or 2 by the SVO or have an equivalent of an SVO 1 or 2 rating (or, in the absence of a 1 or 2 rating or …

(215 ILCS 5/126.13) Sec. 126.13. Equity interests. A. Subject to the limitations of Section 126.10, an insurer may acquire directly or indirectly through an investment subsidiary, equity interests in business entities organized under the laws of any domestic jurisdiction. B. An i…

(215 ILCS 5/126.14) Sec. 126.14. Tangible personal property under lease. A. (1) Subject to the limitations of Section 126.10, an insurer may acquire tangible personal property or equity interests therein located or used wholly or in part within a domestic jurisdiction either dire…

(215 ILCS 5/126.15) Sec. 126.15. Mortgage loans and real estate. A. Mortgage loans. (1) Subject to the limitations of Section 126.10, an insurer may acquire, either directly or indirectly through limited partnership interests and general partnership interests not otherwise prohib…

(215 ILCS 5/126.16) Sec. 126.16. Securities lending and repurchase, reverse repurchase, and dollar roll transactions. An insurer may enter into securities lending, repurchase, reverse repurchase, and dollar roll transactions with business entities, subject to the following requir…

(215 ILCS 5/126.17) Sec. 126.17. Foreign investments and foreign currency exposure. A. Subject to the limitations of Section 126.10, an insurer may acquire directly or indirectly through an investment subsidiary, foreign investments, or engage in investment practices with persons…

(215 ILCS 5/126.18) Sec. 126.18. Derivative transactions. An insurer may, directly or indirectly through an investment subsidiary, engage in derivative transactions under this Section under the following conditions: A. General conditions. (1) An insurer may use derivative instrum…

(215 ILCS 5/126.19) Sec. 126.19. Policy loans. A life insurer may lend to a policyholder on the security of the cash surrender value of the policyholder's policy a sum not exceeding the legal reserve that the insurer is required to maintain on the policy. (Source: P.A. 90-418, ef…

(215 ILCS 5/126.2) Sec. 126.2. Definitions. For purposes of this Article: A. "Acceptable collateral" means: (1) As to securities lending transactions, and for the purpose of calculating counterparty exposure amount, cash, cash equivalents, letters of credit, direct obligations of…

(215 ILCS 5/126.20) Sec. 126.20. Additional investment authority. A. Solely for the purpose of acquiring investments that exceed the quantitative limitations of Sections 126.10 through 126.17, an insurer may acquire under this subsection an investment, or engage in investment pra…

(215 ILCS 5/126.21) Sec. 126.21. Applicability. This Part 3 shall apply to the investments and investment practices of property and casualty insurers authorized to transact the kinds of insurance in either or both Class 2 or Class 3 of Section 4 of this Code, subject to the provi…

(215 ILCS 5/126.22) Sec. 126.22. Reserve requirements. A. Reserve requirements. (1) Subject to all other limitations and requirements of this Article, a property and casualty insurer shall maintain an amount at least equal to the lesser of $250,000,000 or 100% of adjusted loss re…

(215 ILCS 5/126.23) Sec. 126.23. General 5% diversification, medium and lower grade investments, and Canadian investments. A. General 5% diversification. (1) Except as otherwise specified in this Article, an insurer shall not acquire directly or indirectly through an investment s…

(215 ILCS 5/126.24) Sec. 126.24. Rated credit instruments. Subject to the limitations of subsection F of this Section, an insurer may acquire rated credit instruments: A. Subject to the limitations of Section 126.23B, but not to the limitations of Section 126.23A except for the l…

(215 ILCS 5/126.25) Sec. 126.25. Insurer investment pools. A. An insurer may acquire investments in investment pools that: (1) Invest only in: (a) Obligations that are rated 1 or 2 by the SVO or have an equivalent of an SVO 1 or 2 rating (or, in the absence of a 1 or 2 rating or …

(215 ILCS 5/126.26) Sec. 126.26. Equity Interests. A. Subject to the limitations of Section 126.23, an insurer may acquire directly, or indirectly through an investment subsidiary, equity interests in business entities organized under the laws of any domestic jurisdiction. B. An …

(215 ILCS 5/126.27) Sec. 126.27. Tangible personal property under lease. A. (1) Subject to the limitations of Section 126.23, an insurer may acquire tangible personal property or equity interests therein located or used wholly or in part within a domestic jurisdiction either dire…

(215 ILCS 5/126.28) Sec. 126.28. Mortgage loans and real estate. A. Mortgage loans. (1) Subject to the limitations of Section 126.23, an insurer may acquire, either directly or indirectly through limited partnership interests and general partnership interests not otherwise prohib…

(215 ILCS 5/126.29) Sec. 126.29. Securities lending and repurchase, reverse repurchase, and dollar roll transactions. An insurer may enter into securities lending, repurchase, reverse repurchase, and dollar roll transactions with business entities, subject to the following requir…

(215 ILCS 5/126.3) Sec. 126.3. General investment qualifications. A. Insurers may acquire, hold or invest in investments or engage in investment practices as set forth in this Article. Insurers may also acquire, hold or invest in investments not conforming to the requirements of …

(215 ILCS 5/126.30) Sec. 126.30. Foreign investments and foreign currency exposure. A. Subject to the limitations of Section 126.23, an insurer may acquire directly or indirectly through an investment subsidiary, foreign investments, or engage in investment practices with persons…

(215 ILCS 5/126.31) Sec. 126.31. Derivative transactions. An insurer may, directly or indirectly through an investment subsidiary, engage in derivative transactions under this Section under the following conditions: A. General conditions. (1) An insurer may use derivative instrum…

(215 ILCS 5/126.32) Sec. 126.32. Additional investment authority. A. Under this Section, an insurer may acquire investments or engage in investment practices of any kind that are not specifically prohibited by Section 126.5 and are not derivative instruments without regard to any…

(215 ILCS 5/126.4) Sec. 126.4. Authorization of investments by the board of directors. A. Within 3 months after the effective date of this amendatory Act of 1997, an insurer's board of directors shall adopt a written plan for acquiring and holding investments and for engaging in …

(215 ILCS 5/126.5) Sec. 126.5. Prohibited investments. An insurer shall not, directly or indirectly: A. Invest in an obligation or security or make a guarantee for the benefit of or in favor of an officer or director of the insurer, except as provided in Section 126.6; B. Invest …

(215 ILCS 5/126.6) Sec. 126.6. Loans to officers and directors. A. (1) Except as provided in Section 126.6B, an insurer shall not directly or indirectly, unless it has notified the Director in writing of its intention to enter into the transaction at least 30 days prior thereto, …

(215 ILCS 5/126.7) Sec. 126.7. Valuation of investments. For the purposes of this Article, the value or amount of an investment acquired or held, or an investment practice engaged in, under this Article, unless otherwise specified in this Code, shall be the value at which assets …

(215 ILCS 5/126.8) Sec. 126.8. Rules. The Director may, in accordance with Section 401 of this Code, promulgate rules implementing the provisions of this Article. (Source: P.A. 90-418, eff. 8-15-97.)

(215 ILCS 5/126.9) Sec. 126.9. Applicability. This Part shall apply to the investments and investment practices of companies authorized to transact business under Class 1 of Section 4 of this Code and other companies whose investments and investment practices are regulated as lif…

(215 ILCS 5/13) (from Ch. 73, par. 625) (Section scheduled to be repealed on January 1, 2037) Sec. 13. Minimum capital and surplus requirements. (1) A company organized after December 31, 1985 under this Article must have and at all times maintain a paid-up capital of not less th…

(215 ILCS 150/13) (from Ch. 148, par. 213) Sec. 13. The trustees shall have the powers specified in the written trust instrument which established the trust fund. (Source: P.A. 80-530.)

(215 ILCS 110/13) (from Ch. 32, par. 690.13) Sec. 13. "Person" means any of the following: natural person, corporation, co-partnership or association of persons. (Source: Laws 1965, p. 2179.)

(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 105/13) (from Ch. 73, par. 1313) Sec. 13. Civil actions; availability of remedies; costs; attorney fees. (1) No civil action against the Plan or Board shall be allowed unless the party commencing the action has first filed a grievance and received a final decision there…

(215 ILCS 120/13) (from Ch. 73, par. 1263) Sec. 13. Annual statement - filing of - penalty for late filing. Every company authorized under this Act shall file with the Director by January 31 of each year a financial statement for the year ending December 31 of the year preceding …

(215 ILCS 165/13) (from Ch. 32, par. 607) Sec. 13. No subscription certificate shall be issued by any health services plan corporation until the form thereof has been filed with and approved by the Director, together with all applications, riders and endorsements for use in conne…

(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…