Chapter 215 — INSURANCE

(215 ILCS 5/230.1) (from Ch. 73, par. 842.1) Sec. 230.1. Group Insurance Definition. Except as provided in Section 230.2, no policy of group life insurance shall be delivered in this State unless it conforms to one of the following descriptions: (A) A policy issued to an employer…

(215 ILCS 5/230.2) (from Ch. 73, par. 842.2) Sec. 230.2. Limits of Group Life Insurance. Group life insurance offered to a resident of this State under a group life insurance policy issued to a group other than one described in Section 230.1 shall be subject to the following requ…

(215 ILCS 5/230.3) (from Ch. 73, par. 842.3) Sec. 230.3. Dependent Group Life Insurance. Except for a policy issued under subsection (B) of Section 230.1, a group life insurance policy may be extended to insure the employees or members against loss due to the death of their spous…

(215 ILCS 5/231.1) (from Ch. 73, par. 843.1) Sec. 231.1. Group Life Insurance Standard Provision. No policy of group life insurance shall be delivered in this State unless it contains in substance the following provisions, or provisions which in the opinion of the Director are mo…

(215 ILCS 5/232) (from Ch. 73, par. 844) Sec. 232. Extension of time and modification of standard provisions. (1) Any company authorized to transact business in this State on the effective date of this Code may continue to issue policies and contracts of the kind or kinds it was …

(215 ILCS 5/233) (from Ch. 73, par. 845) Sec. 233. Participating and non-participating policies. After the calendar year during which this Code becomes effective, no life company authorized to do business in this State shall issue both participating and non-participating policies…

(215 ILCS 5/234) (from Ch. 73, par. 846) Sec. 234. Notice of premium required. (1) No life company doing business in this State shall declare any policy forfeited or lapsed within six months after default in payment of any premium installment or interest or any portion thereof, n…

(215 ILCS 5/234.1) (from Ch. 73, par. 846.1) Sec. 234.1. (Notice of the Enactment of a Non-Forfeiture Option.) No life company doing business in this State may enact a non-forfeiture option, unless a notice is given to the policyowner which explains this action and refers the pol…

(215 ILCS 5/235) (from Ch. 73, par. 847) Sec. 235. Extension of time for payment of life premium. A life company may enter into subsequent agreements in writing with the insured, which need not be attached to the policy, to extend the time for the payment of any premium or part t…

(215 ILCS 5/235.1) Sec. 235.1. Notice of cancellation; secondary addressee. (a) A life company issuing an individual life insurance contract on or after January 1, 2022 shall notify an applicant, in writing on a form prescribed by the company at the time of application for the po…

(215 ILCS 5/236) (from Ch. 73, par. 848) Sec. 236. Discrimination prohibited. (a) No life company doing business in this State shall make or permit any distinction or discrimination in favor of individuals among insured persons of the same class and equal expectation of life in t…

(215 ILCS 5/237) (from Ch. 73, par. 849) Sec. 237. Illegal inducements - Penalty. No life company authorized to do business in this State shall issue or deliver in this State or permit its agents, officers or employees to issue or deliver in this State as an inducement to insuran…

(215 ILCS 5/238) (from Ch. 73, par. 850) Sec. 238. Exemption. (a) All proceeds payable because of the death of the insured and the aggregate net cash value of any or all life and endowment policies and annuity contracts payable to a wife or husband of the insured, or to a child, …

(215 ILCS 5/238.1) Sec. 238.1. Data exchanges; administrative liens. (a) Any insurance company doing business in the State and governed by this Code shall enter into an agreement for data exchanges with the Department of Healthcare and Family Services for the purpose of locating …

(215 ILCS 5/239) (from Ch. 73, par. 851) Sec. 239. Misrepresentations-Penalty. No agent, examining physician, or other person shall knowingly or wilfully make any false or fraudulent statement or representation in, or with reference, to any application for life insurance, or shal…

(215 ILCS 5/24) (from Ch. 73, par. 636) (Section scheduled to be repealed on January 1, 2027) Sec. 24. Certificate of authority to do an insurance business. When the Director has been notified that the capital required by the articles of incorporation has been fully subscribed, a…

(215 ILCS 5/240) (from Ch. 73, par. 852) Sec. 240. Premium deposit reserve. A life company may contract for or accept premium deposits, other than premiums stated in the policy. The unused accumulation from such shall be held and accounted for as a premium deposit reserve, and in…

(215 ILCS 5/241) (from Ch. 73, par. 853) Sec. 241. Trust settlements. Any domestic life company shall have the power to hold the proceeds of any policy issued by it under a trust or other agreement upon such terms and restrictions as to revocation by the policyholder and control …

(215 ILCS 5/242) (from Ch. 73, par. 854) Sec. 242. Rights of minors. Any minor of the age of fifteen years or more may, notwithstanding such minority, contract for life, health and accident insurance on his own life for his own benefit or for the benefit of his father, mother, hu…

(215 ILCS 5/243) (from Ch. 73, par. 855) Sec. 243. Contingency reserves. (1) Any domestic life company may accumulate and maintain in addition to an amount equal to the net value of its participating policies computed according to the standard adopted by it under section 223, a c…

(215 ILCS 5/244) (from Ch. 73, par. 856) Sec. 244. Limitation of expenses for life companies. (1) No life company authorized to do business in this State shall make or incur acquisition expenses in any calendar year after the calendar year during which this Code becomes effective…

(215 ILCS 5/244.1) (from Ch. 73, par. 856.1) Sec. 244.1. Whenever the financial condition of any company transacting the kinds of business authorized in Class 1 of Section 4, when reviewed in conjunction with the kinds and nature of risks insured, the loss experience and ownershi…

(215 ILCS 5/245) (from Ch. 73, par. 857) Sec. 245. Salaries; pensions. (1) No domestic life company shall directly or indirectly pay any salary, compensation or emolument to any officer, trustee or director thereof, or any salary, compensation or emolument amounting in any year t…

(215 ILCS 5/245.1) (from Ch. 73, par. 857.1) Sec. 245.1. Assignability of life insurance. No provision of the Illinois Insurance Code, or any other law prohibits an insured under any policy of life insurance, or any other person who may be the owner of any rights under such polic…

(215 ILCS 5/245.2) (from Ch. 73, par. 857.2) Sec. 245.2. Not-for-profit organizations; beneficiary of insurance on member's life. Members of not-for-profit organizations that are exempt from taxation as described in paragraph (3), (4), (5), (9), or (10) of subsection (c) of Secti…

(215 ILCS 5/245.21) (from Ch. 73, par. 857.21) Sec. 245.21. Establishment of separate accounts by domestic companies organized to do a life, annuity, or accident and health insurance business. A domestic company, including for the purposes of this Article all domestic fraternal b…

(215 ILCS 5/245.22) (from Ch. 73, par. 857.22) Sec. 245.22. Any contract providing benefits payable in variable amounts delivered or issued for delivery in this State must contain a statement of the essential features of the procedures to be followed by the insurance company in d…

(215 ILCS 5/245.23) (from Ch. 73, par. 857.23) Sec. 245.23. No company may deliver or issue for delivery within this State variable contracts unless it is authorized or organized to do a life, annuity, or accident and health insurance business in this State, and the Director is s…

(215 ILCS 5/245.24) (from Ch. 73, par. 857.24) Sec. 245.24. Notwithstanding any other provision of law, the Director has sole authority to regulate the issuance and sale of variable contracts, and to promulgate such reasonable rules and regulations as may be appropriate to carry …

(215 ILCS 5/245.25) (from Ch. 73, par. 857.25) Sec. 245.25. Except for subparagraphs (1)(a), (1)(f), (1)(g) and (3) of Section 226 of the Illinois Insurance Code, in the case of a variable annuity contract and subparagraphs (1)(b), (1)(f), (1)(g), (1)(h), (1)(i), and (1)(k) of Se…

(215 ILCS 5/245.3) Sec. 245.3. Irrevocable assignment of life insurance to a funeral home. An insured or any other person who may be the owner of rights under a policy of life insurance may make an irrevocable assignment of all or a part of his or her rights under the policy to a…

(215 ILCS 5/245.60) (from Ch. 73, par. 857.60) Sec. 245.60. Whenever the Director finds that there has been a violation of this Article or of any rules or regulations issued pertaining thereto, and after written notice thereof and hearing given to the company or other person auth…

(215 ILCS 5/245.61) (from Ch. 73, par. 857.61) Sec. 245.61. (Repealed). (Source: Laws 1963, p. 1137. Repealed by P.A. 90-381, eff. 8-14-97.)

(215 ILCS 5/245.62) (from Ch. 73, par. 857.62) Sec. 245.62. (Repealed). (Source: P.A. 77-1572. Repealed by P.A. 90-381, eff. 8-14-97.)

(215 ILCS 5/246) (from Ch. 73, par. 858) Sec. 246. Scope of article. This article shall apply to companies that issued the policies or annuity bonds, and to the policies or annuity bonds, referred to in an Act entitled: "An Act to provide for the deposit of reserve and the regist…

(215 ILCS 5/247) (from Ch. 73, par. 859) Sec. 247. Deposit of reserves on registered policies. Any company heretofore making deposits and registering policies pursuant to the act mentioned in section 246 shall keep and maintain such deposit with the Director in securities which a…

(215 ILCS 5/248) (from Ch. 73, par. 860) Sec. 248. Registration of new policies prohibited. After the effective date of this Code the Director shall not register any new policies that are issued by any company, nor accept any deposits covering reserves on business thereafter writ…

(215 ILCS 5/249) (from Ch. 73, par. 861) Sec. 249. Valuation of registered policies. The Director shall keep such a record of the policies that have been issued pursuant to the act mentioned in section 246 as to enable him to compute their value at any time. Upon written proof at…

(215 ILCS 5/25) (from Ch. 73, par. 637) (Section scheduled to be repealed on January 1, 2027) Sec. 25. Voluntary surrender of the articles of incorporation. At any time prior to the issuance of the certificate of authority to the company the articles of incorporation may be volun…

(215 ILCS 5/250) (from Ch. 73, par. 862) Sec. 250. Additional deposits. Each company which shall have made the deposit provided for by the act mentioned in section 246, shall make additional deposits from time to time in amounts of not less than five thousand dollars of securitie…

(215 ILCS 5/251) (from Ch. 73, par. 863) Sec. 251. Record of securities-Deficit-When insolvent. The Director shall keep a record of the securities deposited by each company and when furnishing the annual certificate of valuation mentioned in section 249, he shall enter thereon th…

(215 ILCS 5/252) (from Ch. 73, par. 864) Sec. 252. May increase deposit-Withdrawal of securities-Right to income. Any such company may increase its deposits at any time by making additional deposits of not less than five thousand dollars of securities which are authorized investm…

(215 ILCS 5/253) (from Ch. 73, par. 865) Sec. 253. Deposits kept separate. The securities deposited with the Director pursuant to the act mentioned in section 246, shall be kept in the same manner but separate from other deposits of the company. (Source: Laws 1937, p. 696.)

(215 ILCS 5/26) (from Ch. 73, par. 638) (Section scheduled to be repealed on January 1, 2027) Sec. 26. Deposit. (a) A company subject to the provisions of this Article shall make and maintain with the Director for the protection of all creditors, policyholders and policy obligati…

(215 ILCS 5/27) (from Ch. 73, par. 639) (Section scheduled to be repealed on January 1, 2027) Sec. 27. Dividends and other distributions. (1) The board of directors of any company subject to this Article may declare and the company may pay dividends and other distributions (i) on…

(215 ILCS 5/27.1) (from Ch. 73, par. 639.1) (Section scheduled to be repealed on January 1, 2027) Sec. 27.1. Treasury shares. "Treasury shares" means (a) shares of a company which have been issued, have been subsequently acquired by and belong to the company, and have not, either…

(215 ILCS 5/28) (from Ch. 73, par. 640) (Section scheduled to be repealed on January 1, 2027) Sec. 28. Dealing in shares of company. (1) A company subject to the provisions of this Article shall have the power to purchase, take, receive, or otherwise acquire, hold, own, pledge, t…

(215 ILCS 5/28.1) (from Ch. 73, par. 640.1) (Section scheduled to be repealed on January 1, 2027) Sec. 28.1. Dealing in shares of company by officers, directors and principal stockholders. (a) Any person who is directly or indirectly the beneficial owner of more than 10% of any c…

(215 ILCS 5/28.2) (from Ch. 73, par. 640.2) (Section scheduled to be repealed on January 1, 2027) Sec. 28.2. Proxies, consents and authorizations of domestic stock companies. (a) The Director is authorized to regulate proxies, consents, and authorizations in respect of securities…

(215 ILCS 5/28.2a) (from Ch. 73, par. 640.2a) (Section scheduled to be repealed on January 1, 2027) Sec. 28.2a. Proxies. (1) A shareholder may appoint a proxy to vote or otherwise act for him or her by signing an appointment form and delivering it to the person so appointed. (2) …