Chapter 215 — INSURANCE

(215 ILCS 5/179E-35) Sec. 179E-35. Powers. (a) An SPRV authorized under this Article shall have the necessary powers to enter into contracts and to conduct such other commercial activities as are necessary to fulfill the purposes of this Article. Those activities may include, but…

(215 ILCS 5/179E-40) Sec. 179E-40. Affiliation. Notwithstanding the provisions of Article VIII 1/2, the SPRV, the SPRV organizer, and subsequent debt or equity investors in SPRV securities shall not be deemed affiliates of the ceding insurer by virtue of the SPRV contract between…

(215 ILCS 5/179E-45) Sec. 179E-45. Capitalization. An SPRV must have minimum initial capital of not less than $5,000. All of the initial capital must be received by the SPRV in cash. The minimum initial capital required and all other funds of the SPRV in excess of its minimum ini…

(215 ILCS 5/179E-5) Sec. 179E-5. Purpose. This Article is adopted to provide for the creation of Special Purpose Reinsurance Vehicles ("SPRV") exclusively to facilitate the securitization of one or more ceding insurers' risk as a means of accessing alternative sources of capital …

(215 ILCS 5/179E-50) Sec. 179E-50. Dividends. An SPRV may not declare or pay dividends in any form to its owners unless the dividends do not decrease the capital of the SPRV below $5,000, and after giving effect to the dividends, the assets of the SPRV, including assets held in t…

(215 ILCS 5/179E-55) Sec. 179E-55. Records and financial reports. (a) The records of the SPRV must be maintained in this State and must be available for examination by the Department. The Director shall have the right to examine the records of an SPRV at any time. No later than 5…

(215 ILCS 5/179E-60) Sec. 179E-60. Officers and directors. (a) The directors of an SPRV shall elect such officers they deem necessary to carry out the purposes of the SPRV pursuant to this Article. The provisions of Section 10 of this Code relating to the indemnification of offic…

(215 ILCS 5/179E-65) Sec. 179E-65. Fees and taxes. The Director may charge fees to reimburse the Director for expenses and costs incurred by the Department incident to the examination of financial statements and review of the plan of operation and to reimburse other such activiti…

(215 ILCS 5/179E-70) Sec. 179E-70. Dissolution. An SPRV operating under this Article may be dissolved by a vote of its board of directors at any time after the Director has approved that action. A voluntary dissolution may not be effected or allowed until and unless all of the ob…

(215 ILCS 5/179E-75) Sec. 179E-75. Conservation, rehabilitation, or liquidation. (a) The provisions of Articles XIII and XIII 1/2 apply to an SPRV, except to the extent modified in this Section. (b) Notwithstanding the provisions of Section 188 of this Code, the Director may appl…

(215 ILCS 5/179E-80) Sec. 179E-80. SPRV not subject to guaranty funds, residual market, or similar arrangements. (a) An SPRV or the activities, assets, and obligations relating to the SPRV are not subject to the provisions of Articles XXXIII 1/2 and XXXIV of this Code, and an SPR…

(215 ILCS 5/179E-85) Sec. 179E-85. Asset and investment limitations. (a) Assets of the SPRV held in trust to secure obligations under the SPRV contract must at all times be held in: (1) cash and cash equivalents; (2) securities listed by the Securities Valuation Office of the NAI…

(215 ILCS 5/179E-90) Sec. 179E-90. Credit for reinsurance for the SPRV contract. An SPRV contract meeting the requirements under this Article shall be granted credit for reinsurance treatment or shall otherwise qualify as an asset or a reduction from liability for reinsurance ced…

(215 ILCS 5/179E-95) Sec. 179E-95. Insurance securitization deemed not to be transaction of insurance business. The securities issued by the SPRV under an SPRV insurance securitization shall not be deemed to be insurance or reinsurance contracts. An investor in securities issued …

(215 ILCS 5/179a) Sec. 179a. Managing general agent prohibition. (a) No managing general agent, as defined in Section 141a, shall receive any compensation or remuneration for, or in any manner profit from, obtaining or arranging reinsurance for a domestic company with respect to …

(215 ILCS 5/179b) Sec. 179b. Reinsurance committee. Each domestic company that cedes any reinsurance must establish and maintain a reinsurance committee with not fewer than 3 members, at least one of which must be a member of the company's board of directors. The committee shall …

(215 ILCS 5/18) (from Ch. 73, par. 630) (Section scheduled to be repealed on January 1, 2027) Sec. 18. Approval of documents. (1) If the Director finds that the documents and papers so delivered comply with this Code, he must place on file in his office the by-laws, form of subsc…

(215 ILCS 5/180) (from Ch. 73, par. 792) Sec. 180. Companies that may domesticate. (1) Any domestic, foreign, or alien stock company, mutual company, assessment legal reserve company, reciprocal, or fraternal benefit society, authorized or which may be authorized to do business i…

(215 ILCS 5/181) (from Ch. 73, par. 793) Sec. 181. Articles of reorganization. (1) The board of directors, trustees or other governing body of any such company desiring to reorganize under this Article shall comply with all laws and requirements of its domiciliary state or countr…

(215 ILCS 5/182) (from Ch. 73, par. 794) Sec. 182. Execution of articles. The articles of reorganization shall be executed in duplicate by the president or vice-president, and secretary or assistant secretary of the company, or the executive officers corresponding thereto, and sh…

(215 ILCS 5/183) (from Ch. 73, par. 795) Sec. 183. Certificate of Reorganization - Date Reorganization Effected. (1) Upon the execution of the articles of reorganization there shall be delivered to the Director (a) two duplicate originals of the articles; (b) a copy of the resolu…

(215 ILCS 5/184) (from Ch. 73, par. 796) Sec. 184. Recording Articles of Reorganization. The articles of reorganization, approved by the Director and returned to the reorganized company, shall be recorded in the office of the recorder in the county where the principal office of t…

(215 ILCS 5/185) (from Ch. 73, par. 797) Sec. 185. Board of directors, trustees, etc. to continue. The directors, trustees, or members of any other governing body of the company so reorganized, shall become the directors, trustees or members of the governing body of the reorganiz…

(215 ILCS 5/185.1) (from Ch. 73, par. 797.1) Sec. 185.1. Effect of Reorganization. When the reorganization has been effected: (a) The articles of reorganization shall be the articles of incorporation of the reorganized company and said company shall continue in existence as, and …

(215 ILCS 5/185.2) (from Ch. 73, par. 797.2) Sec. 185.2. Conversion to Foreign Insurer. Any domestic insurer may, upon the approval of the Director, transfer its domicile to any other state in which it is admitted to transact the business of insurance, and upon such a transfer sh…

(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…

(215 ILCS 5/187) (from Ch. 73, par. 799) Sec. 187. Scope of Article. (1) This Article shall apply to every corporation, association, society, order, firm, company, partnership, individual, and aggregation of individuals to which any Article of this Code is applicable, or which is…

(215 ILCS 5/188) (from Ch. 73, par. 800) Sec. 188. Grounds for rehabilitation and liquidation of a domestic company or an unauthorized foreign or alien company. Whenever any domestic company or any unauthorized foreign or alien company: 1. is insolvent; 2. has failed or refused t…

(215 ILCS 5/188.1) (from Ch. 73, par. 800.1) Sec. 188.1. Provisions for conservation of assets of a domestic, foreign, or alien company. (1) Upon the filing by the Director of a verified complaint alleging (a) that with respect to a domestic, foreign, or alien company, whether au…

(215 ILCS 5/188.2) Sec. 188.2. Grounds for and provisions applicable to rehabilitation or liquidation of a domestic company that is a covered financial company under the federal Dodd-Frank Wall Street Reform and Consumer Protection Act. (a) The provisions of this Section apply in…

(215 ILCS 5/189) (from Ch. 73, par. 801) Sec. 189. Injunction. The court shall have jurisdiction, upon, or at any time after the filing of the complaint to issue an injunction restraining such company and its officers, agents, directors, employees and all other persons from trans…

(215 ILCS 5/19) (from Ch. 73, par. 631) (Section scheduled to be repealed on January 1, 2027) Sec. 19. Recording articles of incorporation. The duplicate original of the articles of incorporation returned by the Director shall be filed for record, within 15 days after it is deliv…

(215 ILCS 5/190) (from Ch. 73, par. 802) Sec. 190. Practice, hearing, order and appeal. (1) The defendant company shall appear within 10 days after the service of the summons as in this Article provided, exclusive of the day of service. If, on the return day of the summons the de…

(215 ILCS 5/190.1) (from Ch. 73, par. 802.1) Sec. 190.1. Appeal of order directing liquidation - special claims procedure. (1) Within 5 days of the effective date of this amendatory Act of 1982, or, if later, within 5 days after the filing of a notice of appeal of an order of liq…

(215 ILCS 5/191) (from Ch. 73, par. 803) Sec. 191. Title to property of company. The Director and his successor and successors in office shall be vested by operation of law with the title to all property, contracts, and rights of action of the company as of the date of the order …

(215 ILCS 5/192) (from Ch. 73, par. 804) Sec. 192. Duties of Director as rehabilitator; termination. (1) Upon the entry of an order directing rehabilitation, the Director shall immediately proceed to conduct the business of the company and take such steps towards removal of the c…

(215 ILCS 5/193) (from Ch. 73, par. 805) Sec. 193. Duties of Director as liquidator; sales; reinsurance. (1) Upon the entry of an order directing liquidation, the Director shall immediately proceed to liquidate the property, business, and affairs of the company. The Director is h…

(215 ILCS 5/194) (from Ch. 73, par. 806) Sec. 194. Rights and liabilities of creditors fixed upon liquidation. (a) The rights and liabilities of the company and of its creditors, policyholders, stockholders or members and all other persons interested in its assets, except persons…

(215 ILCS 5/195) (from Ch. 73, par. 807) Sec. 195. Borrowing on the pledge of assets. For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution provided for by this article, the Director may, subject to the approval of the court, borrow money an…

(215 ILCS 5/196) (from Ch. 73, par. 808) Sec. 196. Order of dissolution. If the company against whom the complaint for liquidation is filed is a corporation and the complaint prays for dissolution of such company, the court shall have jurisdiction either before or after final liq…

(215 ILCS 5/197) (from Ch. 73, par. 809) Sec. 197. Rights, powers, and duties ancillary to domiciliary proceeding. The rights, powers, and duties of the Director as conservator, rehabilitator, or liquidator, with reference to the assets of a foreign or alien company, whether auth…

(215 ILCS 5/198) (from Ch. 73, par. 810) Sec. 198. Service of summons and return. (1) Upon the filing of a complaint, summons shall forthwith issue, returnable in 3 days after its date, and a copy of the summons together with the complaint in any proceeding under this article sha…

(215 ILCS 5/199) (from Ch. 73, par. 811) Sec. 199. Removal of proceedings to Sangamon or Cook county. In the event an order is entered directing liquidation, rehabilitation or conservation, the Director may remove the property and assets of the company to the county of Sangamon o…

(215 ILCS 5/2) (from Ch. 73, par. 614) Sec. 2. General definitions. In this Code, unless the context otherwise requires, (a) "Director" means the Director of Insurance. (b) "Department" means the Department of Insurance. (c) "State" or "State of the United States" includes the Di…

(215 ILCS 5/2.1) (from Ch. 73, par. 614.1) Sec. 2.1. Public Policy. It is declared to be the public policy of this State, pursuant to paragraphs (h) and (i) of Section 6 of Article VII of the Illinois Constitution of 1970, that any power or function set forth in this Act to be ex…

(215 ILCS 5/2.5) Sec. 2.5. Exemption. This Code shall not be construed to apply to the administration of the Drycleaner Environmental Response Trust Fund under the Drycleaner Environmental Response Trust Fund Act. (Source: P.A. 90-502, eff. 8-19-97.)

(215 ILCS 5/20) (from Ch. 73, par. 632) (Section scheduled to be repealed on January 1, 2027) Sec. 20. Authority to solicit subscriptions. (1) Upon the approval of the articles of incorporation by the Director and upon compliance with such reasonable regulations relating to the o…

(215 ILCS 5/200) (from Ch. 73, par. 812) Sec. 200. Examinations. The pendency of any proceeding under this Article shall in no way affect the power and authority of the Director to conduct any examination provided for in Sections 132 through 132.7, in connection with the business…

(215 ILCS 5/201) (from Ch. 73, par. 813) Sec. 201. Who may apply for appointment of receiver or liquidator.) No order or judgment enjoining, restraining or interfering with the prosecution of the business of any company, or for the appointment of a temporary or permanent receiver…