reglab/housing_qa huggingface dataset:
215 ILCS 5/237
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (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 insurance or in  connection therewith, any agency company shares or other capital shares,  benefit certificates or shares in any common law corporation, securities  of any special or advisory board, or other contracts of any kind  promising returns and profits as an inducement to insurance; and no life  company shall be authorized to do business in this State which issues or  permits its agents, officers or employees to issue in this State or in  any other state, agency company shares or other capital shares or  benefit certificates or shares in any common law corporation or  securities of any special advisory board or other contracts of any kind  promising returns and profits as an inducement to insurance; and no  corporation acting as an agent of a life company, or any of its agents,  officers or employees shall be permitted to sell, agree or offer to  sell, or give or offer to give directly or indirectly, in any manner  whatsoever, as an inducement to insurance or in connection therewith,  any shares, securities, bonds or agreements of any form or nature  promising returns and profits as an inducement to insurance or in  connection therewith. It shall be the duty of the Director upon due  proof after notice and hearing to revoke the certificate of authority of  any company or the license of any agent so offending, or suspend such  license or certificate of authority for any period of time up to, but  not to exceed, two years; or may by order require such insurance company  or agent to pay to the people of the State of Illinois a penalty in a  sum not exceeding five hundred dollars, and upon the failure of such  insurance company or agent to pay such penalty within twenty days after  the mailing of such order, postage prepaid, registered, and addressed to  the last known place of business of such insurance company or agent,  unless such order is stayed by an order of a court of competent  jurisdiction, the Director of Insurance may revoke or suspend the  license or certificate of authority of such insurance company or agent  for any period of time up to, but not exceeding a period of, two years  if he finds that any such company or agent thereof has violated any of  the provisions of this section.    (Source: Laws 1957, p. 1530.)
215 ILCS 5/238
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (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, parent or other person dependent upon the insured, whether the power  to change the beneficiary is reserved to the insured or not, and whether  the insured or his estate is a contingent beneficiary or not, shall be  exempt from execution, attachment, garnishment or other process, for the  debts or liabilities of the insured incurred subsequent to the effective  date of this Code, except as to premiums paid in fraud of creditors within  the period limited by law for the recovery thereof.(b) Any insurance company doing business  in this State and governed by this Code shall encumber or surrender  accounts as defined in Section 10-24 of the Illinois Public Aid Code held by  the insurance company owned by any responsible relative who is subject to a  child support lien, upon notice of the lien or levy by the Department of Healthcare and Family Services        (formerly Illinois Department  of Public Aid) or its successor agency  pursuant to Section 10-25.5 of the Illinois Public Aid Code, or upon  notice of interstate lien from any other state's agency responsible for  implementing the child support enforcement program set forth in Title IV, Part  D of the  Social Security Act.This Section does not prohibit the furnishing of information in accordance  with the federal Personal Responsibility and Work Opportunity Reconciliation  Act of 1996.  Any insurance company governed by this Code shall enter into an  agreement for data exchanges with the Department of Healthcare and Family Services provided the  Department of Healthcare and Family Services          pays to the insurance company a reasonable fee not to exceed its  actual cost incurred.  An insurance company providing  information in accordance with this item shall not be liable to any owner of an  account as defined in Section 10-24 of the Illinois Public Aid Code or other  person for any disclosure of information to the Department of Healthcare and Family Services (formerly        Department of Public Aid), for  encumbering or surrendering any accounts as defined in Section 10-24 of the  Illinois Public Aid Code held by the insurance company  in response to a lien  or order to withhold and deliver issued by a State agency, or for any other  action taken pursuant to this item, including individual or mechanical errors,  provided the action does not constitute gross negligence or willful misconduct.  An insurance company shall have no obligation to hold, encumber, or  surrender any accounts as defined in Section 10-24 of the Illinois Public Aid  Code until  it has been served with a subpoena, summons, warrant, court or administrative  order, lien, or levy requiring that action.       (Source: P.A. 95-331, eff. 8-21-07.)
215 ILCS 5/238.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

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 accounts as defined in Section 10-24 of the  Illinois Public Aid Code of responsible relatives to  satisfy past-due child support owed by responsible  relatives under an order for support entered by a court or  administrative body of this or any other State on behalf  of resident or non-resident persons.(b) Notwithstanding any provisions in this Code to the  contrary, an insurance company shall not be liable to any person:(1) for any disclosure of information to the     Department of Healthcare and Family Services (formerly Illinois Department of Public Aid) under subsection (a);(2) for encumbering or surrendering any accounts as     defined in Section 10-24 of the Illinois Public Aid Code held by such insurance company in response to a notice of lien or levy issued by the Department of Healthcare and Family Services (formerly Illinois Department of Public Aid), or by any other state's child support enforcement agency, as provided for in Section 238 of this Code; or(3) for any other action taken in good faith to     comply with the requirements of subsection (a).      (Source: P.A. 95-331, eff. 8-21-07.)
215 ILCS 5/239
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (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 shall make any  such statement or representation for the purpose of obtaining any fees,  commission, money or benefit from or in any life company. Any person who  violates any of the provisions of this section shall be guilty of a Class A  misdemeanor.    (Source: P.A. 77-2699.)
215 ILCS 5/240
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (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 such case the  policy or an endorsement thereon shall provide for the manner of  application of the premium deposit reserve to the payment of premiums in  default and for the disposition of such reserve if it is not sufficient to  pay the next premium. Such premium deposit reserve shall be available as an  addition to the loan and cash surrender values, shall be paid with other  benefits upon death or maturity of the policy, and shall be paid to the  insured whenever the cash surrender value with the premium deposit reserve  shall equal or exceed the original amount of insurance, but no part of the  premium deposit reserve may be paid to the insured during the continuance  of the policy except at such times or in such amounts as specified in the  policy or in endorsements thereon.    (Source: Laws 1937, p. 696.)
215 ILCS 5/241
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (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 by  beneficiaries, and with such exemptions from the claims of creditors of  beneficiaries other than the policyholder as shall have been agreed to in  writing by such company and the policyholder. Upon maturity of a policy in  the event the policyholder has made no such agreement, the company shall  have power to hold the proceeds of the policy under an agreement with the  beneficiaries. Such company shall not be required to segregate funds so  held but may hold them as part of its general company assets. A foreign or  alien company, when authorized by its charter or the laws of its domicile,  may exercise any such powers in this State.    (Source: Laws 1937, p. 696.)
215 ILCS 5/242
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (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, husband,  wife, child, brother or sister, and may exercise all such contractual  rights and powers with respect to any such contract of insurance as might  be exercised by a person of full legal age, and may exercise with like  effect all rights and privileges under such contract, including the  surrender of his interest therein and the giving of a valid discharge for  any benefit accruing or money payable thereunder. Such minor shall not, by  reason of his minority, be entitled to rescind, avoid, or repudiate such  contract, or any exercise of a right or privilege thereunder.    (Source: Laws 1937, p. 696.)
215 ILCS 5/243
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (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 contingency  reserve not exceeding the following respective percentages of said net  values, to-wit:(a) When said net values are less than one hundred thousand dollars,  twenty per centum thereof or the sum of ten thousand dollars, whichever is  the greater.(b) When said net values are greater than one hundred thousand dollars  the percentage thereof measuring the contingency reserve shall decrease  one-half of one per centum for each one hundred thousand dollars of said  net values up to one million dollars; one-half of one per centum for each  additional one million dollars up to ten million dollars; one-half of one  per centum for each additional two million, five hundred thousand dollars  up to fifteen million dollars; and, if said net values equal or exceed the  last mentioned amount, the contingency reserve shall not exceed ten per  centum thereof.(2) As the net values of said policies increase and the maximum  percentage measuring the contingency reserve decreases the company may  maintain any contingency reserve accumulated under this section, although  it may exceed the maximum percentage herein prescribed, but may not add to  the contingency reserve when the addition will bring it beyond the maximum  percentage.(3) Nothing herein contained shall be construed to affect any existing  surplus or contingency reserves held by any such company except that  whenever the existing surplus and contingency reserves, exclusive of said  net values and of all accumulations held on account of existing deferred  dividend policies or groups of such policies, shall exceed the limit above  mentioned it shall not be entitled to maintain any additional contingency  reserve. However, for cause shown the Director may at any time and from  time to time permit any company to accumulate and maintain a contingency  reserve in excess of the limit above mentioned for a prescribed period not  exceeding one year under any one permission, by filing in his office a  decision stating his reasons therefor and causing the same to be published  in his next annual report.(4) This section shall not be construed as preventing the accumulation  from the non-participating business of a contingency reserve for the  benefit of non-participating policies.    (Source: Laws 1937, p. 696.)
215 ILCS 5/244
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (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 amounting to more than the first  year's gross premiums nor shall such company make or incur renewal expenses  on policies issued after such year in any of the nine succeeding renewal  years following each year's new business in excess of 10% of the gross  renewal premiums, unless the company collects renewal premiums in person in  which case such renewal expense applicable to such policies for as long as  such premiums are collected in person shall not exceed 20%, except that  renewal expenses in excess of such 10% limitation relative to the 9  succeeding renewal years may be made or incurred if such excess in any year  be included with acquisition expenses made or incurred during that calendar  year. After the tenth policy year the annual maximum renewal expenses shall  not exceed 3% of such gross annual renewal premiums, unless the company  collects renewal premiums in person in which case such renewal expense  applicable to such policies for as long as such premiums are collected in  person shall not exceed 13%, but a company may pay renewal expenses after  the tenth policy year in excess of 3% if such excess is charged to the  renewal expense of that calendar year within the limitation provided  herein.(2) In computing such acquisition expenses there shall be included all  commissions and other valuable considerations paid or payable to or for  agents, and other expenses made or incurred in acquiring new business,  except medical examination and inspection fees and the normal overhead  expenses of operation at the home office. In computing such renewal  expenses there shall be included commissions and other valuable  considerations paid or payable to or for agents, and all other expenses  made or incurred for the collection of such renewal premiums, except the  normal overhead expenses of operation at the home office.(3) This Section shall not apply to accident and health or industrial  business written by any companies.    (Source: Laws 1967, p. 3359.)
215 ILCS 5/244.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (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  ownership of the company and the ratio of annual premium volume to the  incurred acquisition expenses, indicates a condition such that the  continued operation of the company might be hazardous to its policyholders,  creditors or the general public, then the Director may, after notice and  hearing, order the company to take such action as may be reasonably  necessary to rectify the existing condition, including but not necessarily  limited to one or more of the following steps:(a) to reduce the loss exposure by reinsurance;(b) to reduce the volume of new business being     accepted;(c) to reduce general or acquisition expenses by     specified methods;(d) to suspend the writing of new business for a     period not to exceed 3 months; or(e) to increase the company's surplus by a     contribution to surplus.   (Source: P.A. 77-1514.)
215 ILCS 5/245.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (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 policy, from making an assignment of  all or any part of his rights and privileges under the policy including but  not limited to the right to designate a beneficiary thereunder and to have  an individual policy issued in accordance with paragraphs (G), (H), and (K) of Section 231.1 of the Illinois Insurance Code. Subject to the terms of the  policy or any contract relating thereto, an assignment by an insured or by  any other owner of rights under the policy, made before or after the  effective date of this amendatory Act of 1969 is valid for the purpose of  vesting in the assignee, in accordance with any provisions included therein  as to the time at which it is effective, all rights and privileges so  assigned. However, such assignment is without prejudice to the company on  account of any payment it makes or individual policy it issues in  accordance with paragraphs (d) and (g) of Section 231 before receipt of  notice of the assignment. This amendatory Act of 1969 acknowledges,  declares and codifies the existing right of assignment of interests under  life insurance policies.  (Source: P.A. 98-969, eff. 1-1-15.)
215 ILCS 5/245.2
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

(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 Section 501 of the Internal Revenue Code or either past  or present individual or family donors to a not-for-profit organization  may obtain life insurance policies naming the not-for-profit organization  as the irrevocable sole beneficiary of the policy.  The not-for-profit  organization, as the sole beneficiary of the policy, may continue to pay  the premiums to the issuing insurance company where the donor discontinues  the premium payments and continuance of the policy is a prudent investment.    (Source: P.A. 87-770.)
215 ILCS 5/Art. XIV.5 heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV 1/2 - Separate Accounts

 ARTICLE XIV 1/2.      SEPARATE ACCOUNTS
215 ILCS 5/245.22
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV 1/2 - Separate Accounts

 (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  determining the dollar amount of the variable benefits. Any such contract  under which the benefits vary to reflect investment experience, including a  group contract and any certificate in evidence of variable benefits issued  thereunder, must state that such dollar amount will so vary and must  contain on its first page a statement to the effect that the benefits  thereunder are on a variable basis.    (Source: P.A. 77-1572.)
215 ILCS 5/245.23
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV 1/2 - Separate Accounts

 (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 satisfied that its  condition or method of operation in connection with the issuance of such  contracts will not render its operation hazardous to the public or its  policyholders in this State. In this connection, the Director may consider  among other things:(a) The history and financial condition of the company;(b) The character, responsibility and fitness of the officers and  directors of the company; and(c) The law and regulation under which the company is authorized in its  state of domicile to issue variable contracts.  If the company is a subsidiary of an authorized insurance  company, or  affiliated with such a company through common management or ownership, it  may be deemed by the Director to have met the requirements of this Section  if either it or the parent or the affiliated company meets the requirements  of this Section.    (Source: P.A. 90-381, eff. 8-14-97.)
215 ILCS 5/245.24
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV 1/2 - Separate Accounts

 (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 out the purposes and provisions of this Article.    (Source: P.A. 77-1572.)