215 ILCS 5/131.24
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/2 - Insurance Holding Company Systems

 (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 transactions or make investments which have not been  properly filed or approved or which violate this Article, shall pay, in  their individual capacity, a civil forfeiture of not more than $100,000  per violation, after notice and hearing before the Director.  In determining  the amount of the civil forfeiture, the Director shall take into account the  appropriateness of the forfeiture with respect to the gravity of the  violation, the history of previous violations, and such other matters as  justice may require.(2) Whenever the Director determines that any company subject to this  Article or any director, officer, employee or agent thereof has engaged in  any transaction or entered into a contract which is subject to Section  131.20, and any one of Sections 131.16, 131.20a, 141, 141.1, or 174 of this  Code and which would not have been approved had such  approval been requested or would have been disapproved had required notice  been given, the Director may order the company to cease and  desist immediately any further activity under that transaction or contract.  After notice and hearing the Director may also order (a) the company to void  any such contracts and restore the status quo if such action is in the best  interest of the policyholders or the public, and (b) any affiliate of the  company, which has received from the company dividends, distributions,  assets, loans, extensions of credit, guarantees, or investments in  violation of any such Section, to immediately repay, refund or restore to  the company such dividends, distributions, assets, extensions of credit,  guarantees or investments.(3) Whenever the Director determines that any company or any  director, officer, employee or agent thereof has committed a willful  violation of this Article, the Director may cause criminal proceedings to  be instituted in the Circuit Court for the county in which the principal  office of the company is located or in the Circuit Court of Sangamon or  Cook County against such company or the responsible director, officer,  employee or agent thereof.  Any company which willfully violates this  Article commits a business offense and may be fined up to $500,000.  Any individual  who willfully  violates this Article commits a Class 4 felony and may be fined in his  individual capacity not more than  $500,000 or be imprisoned for not less than one year nor more  than  3 years, or both.(4) Any officer, director, or employee of an insurance holding company  system who willfully and knowingly subscribes to or makes or causes to be  made any false statements or false reports or false filings with the intent  to deceive the Director in the performance of his duties under this  Article, commits a Class 3 felony and upon conviction thereof, shall be  imprisoned for not less than 2 years nor  more than  5 years or fined $500,000 or both.  Any fines imposed shall be  paid by  the officer, Director, or employee  in his individual capacity.(5) Whenever the Director determines that any person has committed a violation of Section 131.14b of this Code which prevents the full understanding of the enterprise risk to the company by affiliates or by the insurance holding company system, the violation may serve as an independent basis, after an opportunity for a hearing,  for disapproving dividends or distributions and for placing the company under an order of supervision in accordance with Article XII 1/2 of this Code. (Source: P.A. 98-609, eff. 1-1-14.)