reglab/housing_qa huggingface dataset:
215 ILCS 5/131.14
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. 743.14)Sec. 131.14.   Every company subject to registration must file a registration statement on a   form and in a format prescribed by the Director, which shall contain the following current information:(1) the capital structure, general financial     condition, ownership and management of the company and any person controlling the company;(2) the identity and relationship of every member of     the insurance holding company system;(3) the following agreements in force, relationships     subsisting, and transactions currently outstanding or that have occurred during the last calendar year between such company and its affiliates:(a) loans, other investments, or purchases, sales         or exchanges of  securities of the affiliates by the company or of the company by its affiliates;(b) purchases, sales, or exchanges of assets;(c) transactions not in the ordinary course of         business;(d) guarantees or undertakings for the benefit of         an affiliate which result in an actual contingent exposure of the company's assets to liability, other than insurance contracts entered into in the ordinary course of the company's business;(e) all management agreements, service contracts,         and cost-sharing arrangements;(f) reinsurance agreements;(f-5) dividends and other distributions to         shareholders;(g) any pledge of the company's own securities,         securities of any subsidiary or controlling affiliate, to secure a loan made to any member of the insurance holding company system; and(h) consolidated tax allocation agreements;(4) (blank);(5) financial statements of or within an insurance     holding company system, including all affiliates, if requested by the Director; financial statements may include, but are not limited to, annual audited financial statements filed with the U.S. Securities and Exchange Commission (SEC) pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended; a company required to file financial statements pursuant to this paragraph (5) may satisfy the request by providing the Director with the most recently filed parent corporation financial statements that have been filed with the SEC;(6) statements that the company's or its parent     company's board of directors or a committee thereof oversees corporate governance and internal controls and that the company's officers or senior management have approved and implemented and continue to maintain and monitor corporate governance and internal controls; and(7) other matters concerning transactions between     registered companies and any affiliates as may be included from time to time in any registration forms adopted or approved by the Director. (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.14a
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/2 - Insurance Holding Company Systems

Sec. 131.14a. Summary filing. Every company subject to registration must file a summary outlining all items in the current registration statement representing changes from the prior registration statement.  (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.14c
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/2 - Insurance Holding Company Systems

Sec. 131.14c. Violations.  The failure to file a registration statement or any summary of the registration statement or enterprise risk filing required by this Article within the time specified for filing shall be a violation of this Article.  (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.14d
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/2 - Insurance Holding Company Systems

Sec. 131.14d. (Repealed).        (Source: P.A. 98-609, eff. 1-1-14. Repealed by P.A. 102-394, eff. 8-16-21.)
215 ILCS 5/131.15
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. 743.15)(Text of Section before amendment by P.A. 102-578)Sec. 131.15.         No information need be disclosed on the registration statement filed  under Section 131.14 if the information is not material for the purposes of  Sections 131.13 through 131.19. Unless the Director by rule, regulation or  order provides otherwise, sales, purchases, exchanges, loans or extensions  of credit, investments, or guarantees involving one-half of one  percent or less of a  company's admitted assets as of the 31st day of December next preceding,  are not deemed material for purposes of Sections 131.13 through 131.19.    (Source: P.A. 84-805.)(Text of Section after amendment by P.A. 102-578)Sec. 131.15.   No information need be disclosed on the registration statement filed  under Section 131.14 if the information is not material for the purposes of  Sections 131.13 through 131.19. Unless the Director by rule, regulation or  order provides otherwise, sales, purchases, exchanges, loans or extensions  of credit, investments, or guarantees involving one-half of one  percent or less of a  company's admitted assets as of the 31st day of December next preceding,  are not deemed material for purposes of Sections 131.13 through 131.19. The description of materiality provided in this Section shall not apply for purposes of subsections (b) and (c) of Section 131.14b.   (Source: P.A. 102-578, eff. 7-1-22 (See Section 5 of P.A. 102-672 for effective date of P.A. 102-578).)
215 ILCS 5/131.16
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. 743.16)Sec. 131.16. Reporting material changes or additions; penalty for late  registration statement.(1) Each registered company must keep current the information required to be  included in its registration statement by reporting all material changes  or additions on amendment forms designated by the Director within 15 days  after the end of the month in which it learns of each change or addition,  or within a longer time thereafter as the Director may establish. Any  transaction which has been submitted to the Director pursuant to Section  131.20a need not be reported to the Director under this subsection; except  each registered company must  report all dividends and other distributions to shareholders within 5   business days following the declaration, and no less than 10 business days prior to payment thereof.(2) On or before May 1 each year, each company subject to registration  under this Article shall file a statement in a format as designated by  the Director.  This statement shall include information previously included  in an amendment under subsection (1) of this Section, transactions and  agreements  submitted under Section 131.20a, and any other material transactions which  are required to be reported.(2.5) Any person within an insurance holding company system subject to registration shall be required to provide complete and accurate information to a company where the information is reasonably necessary to enable the company to comply with the provisions of this Article.(3) Any company failing, without just cause, to file any registration  statement, any summary of changes to a registration statement, or any Enterprise Risk Filing or any person within an insurance holding company system who fails to provide complete and accurate information to a company as required in this Code shall be required  to pay a penalty of up to $1,000 for each day's delay, to be  recovered by the Director  of Insurance of the State of Illinois, using the notice and hearing procedure in subsection (2) of Section 403A of this Code, and the penalty so recovered shall  be paid into the General Revenue Fund of the State of Illinois. The maximum  penalty under this section is $50,000. The Director may reduce  the penalty if the company demonstrates to the Director that the imposition  of the penalty would constitute a financial hardship to the company.  (Source: P.A. 98-609, eff. 1-1-14; 98-910, eff. 7-1-15.)
215 ILCS 5/131.17
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. 743.17)Sec. 131.17.     (1) The Director must terminate the registration of any company which  demonstrates that it no longer is a member of an insurance holding company  system.(2) The Director may require or allow 2 or more  affiliated companies subject to registration to file a consolidated registration statement.(3) A company which is authorized to do business in this State and which  is part of an insurance holding company system may register on behalf of  any affiliated company which is required to register under Section 131.13  and to file all information and material required to be filed under this  Article unless the Director requires a separate registration by the  affiliated company.  (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.18
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. 743.18)Sec. 131.18.     Sections 131.13 through 131.19 do not apply to any company, information,  or transaction if and to the extent that the Director by rule, regulation,  or order may exempt the same from Sections 131.13 through 131.19.    (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.19
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. 743.19)Sec. 131.19. Disclaimer of affiliation. Any person may file with the Director a disclaimer of affiliation  with any authorized company or a disclaimer may be filed by the company or  any member of an insurance holding company system. The disclaimer shall   fully disclose all material relationships and bases for affiliation between  the person and the company as well as the basis for disclaiming the  affiliation. A disclaimer of affiliation shall be deemed to have been granted unless the Director, within 30 days following receipt of a complete disclaimer, notifies the filing party that the disclaimer is disallowed. In the event of disallowance, the disclaiming party may request an administrative hearing, which shall be granted. The disclaiming party shall be relieved of its duty to register under Section 131.13 of this Code if approval of the disclaimer has been granted by the Director or if the disclaimer is deemed to have been approved.  (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.20
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. 743.20)Sec. 131.20. Standards for transactions with affiliates; adequacy of  surplus.(1) Transactions with their affiliates by  companies subject to registration  are subject to the following standards:(a) the terms are fair and reasonable;(a-5) agreements for cost sharing services and     management shall include such provisions as may be required by rules and regulations issued by the Director;(b) charges or fees for services performed are     reasonable;(c) expenses incurred and payment received must be     allocated to the company in conformity with customary insurance accounting practices consistently applied;(d) the books, accounts, and records of each party     must be so maintained as to clearly and accurately disclose the precise nature and details of the transactions, including accounting information necessary to support the reasonableness of the charges or fees to the respective parties; and(e) the company's surplus as regards policyholders     following any transactions with affiliates or dividends or distributions to securityholders or affiliates must be reasonable in relation to the company's outstanding liabilities and adequate to meet its financial needs.(2) For purposes of this Article, in determining whether a company's  surplus as regards policyholders is reasonable in relation to the company's  outstanding liabilities and adequate to meet its needs, the following factors,  among others, may be considered:(a) the size of the company as measured by its     assets, capital and surplus, reserves, premium writings, insurance in force and other appropriate criteria;(b) the extent to which the company's business is     diversified among  several lines of insurance;(c) the number and size of risks insured in each line     of business;(d) the extent of the geographical dispersion of the     company's insured risks;(e) the nature and extent of the company's     reinsurance program;(f) the quality, diversification, and liquidity of     the company's investment portfolio;(g) the recent past and projected future trend in the     size of the company's investment portfolio;(h) the surplus as regards policyholders maintained     by companies comparable to the registrant in respect of the factors enumerated in this paragraph;(i) the adequacy of the company's reserves;(j) the quality of the company's earnings and the     extent to which the reported earnings include extraordinary items; and(k) the quality and liquidity of investments in     affiliates. The Director may discount any such investment or treat any such investment as a non-admitted asset for purposes of determining the adequacy of surplus as regards policyholders whenever the investment so warrants. (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.20c
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/2 - Insurance Holding Company Systems

Sec. 131.20c. Supervisory colleges.(a) With respect to any company registered under Section 131.13 of this Code, and in accordance with subsection  (c)  of this Section, the Director shall also have the power to participate in a supervisory college for any domestic company that is part of an insurance holding company system with international operations in order to determine compliance by the company with this Article. The powers of the Director with respect to supervisory colleges include, but are not limited to:(1) initiating the establishment of a supervisory     college;(2) clarifying the membership and participation of     other supervisors in the supervisory college;(3) clarifying the functions of the supervisory     college and the role of other regulators, including the establishment of a group-wide supervisor;(4) coordinating the ongoing activities of the     supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and(5) establishing a crisis management plan.(b) Each registered company subject to this Section shall be liable for and shall pay the reasonable expenses of the Director's participation in a supervisory college in accordance with subsection (c) of this Section, including reasonable travel expenses. For purposes of this Section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the company or its affiliates, and the Director may establish a regular assessment to the company for the payment of these expenses.(c) In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual companies in accordance with Section 131.21 of this Code, the Director may participate in a supervisory college with other regulators charged with supervision of the company or its affiliates, including other state, federal, and international regulatory agencies. The Director may enter into agreements in accordance with Section 131.22 of this Code providing the basis for cooperation between the Director and the other regulatory agencies and the activities of the supervisory college. Nothing in this Section shall delegate to the supervisory college the authority of the Director to regulate or supervise the company or its affiliates within its jurisdiction.  (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.22a
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/2 - Insurance Holding Company Systems

(This Section may contain text from a Public Act with a delayed effective date)Sec. 131.22a. Restrictions on insurer publishing. The group capital calculation and resulting group capital ratio required under subsection (b) of Section 131.14b and the liquidity stress test along with its results and supporting disclosures required under subsection (c) of Section 131.14b are regulatory tools for assessing group risks and capital adequacy and group liquidity risks, respectively, and are not intended as a means to rank insurers or insurance holding company systems generally. Therefore, except as otherwise may be required under the provisions of this Code, the making, publishing, disseminating, circulating, or placing before the public, or causing directly or indirectly to be made, published, disseminated, circulated, or placed before the public in a newspaper, magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio or television station or any electronic means of communication available to the public, or in any other way as an advertisement, announcement, or statement containing a representation or statement with regard to the group capital calculation, group capital ratio, the liquidity stress test results, or supporting disclosures for the liquidity stress test of any insurer or any insurer group, or of any component derived in the calculation by any insurer, broker, or other person engaged in any manner in the insurance business would be misleading and is therefore prohibited; however, if any materially false statement with respect to the group capital calculation, resulting group capital ratio, an inappropriate comparison of any amount to an insurer's or insurance group's group capital calculation or resulting group capital ratio, liquidity stress test result, supporting disclosures for the liquidity stress test, or an inappropriate comparison of any amount to an insurer's or insurance group's liquidity stress test result or supporting disclosures is published in any written publication and the insurer is able to demonstrate to the Director with substantial proof the falsity of such statement or the inappropriateness, as the case may be, then the insurer may publish announcements in a written publication if the sole purpose of the announcement is to rebut the materially false statement.  (Source: P.A. 102-578, eff. 7-1-22 (See Section 5 of P.A. 102-672 for effective date of P.A. 102-578).)
215 ILCS 5/131.25
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. 743.25)Sec. 131.25.     Receivership.     Whenever it appears to the Director that any person has committed a  violation of this Article which so impairs the financial condition of a  domestic company as to threaten insolvency or make the further transaction  of business by it hazardous to its policyholders, creditors  or the public, then the Director may proceed against the company under  Article XIII of this Code.    (Source: P.A. 83-749.)
215 ILCS 5/131.25a
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. 743.25a)Sec. 131.25a.         Recovery upon order of liquidation or rehabilitation of  domestic insurer.(a) If an order for liquidation or rehabilitation of a domestic insurer  has been entered, the receiver shall have the right subject to the  limitations set forth in subsections (b) and (c) of this Section to recover  on behalf of the insurer any or all of the following made during the 3  years before the filing of the petition for liquidation, conservation, or  rehabilitation:(1) From any parent corporation, holding company,     person, or affiliate who otherwise controlled the insurer, the amount of distributions, other than distributions of shares of the same class, paid by the insurer on its capital stock.(2) From any director, officer, or employee, the     amount of any payment in the form of a bonus, termination settlement, or extraordinary lump sum salary adjustment made by the insurer or a subsidiary.(b) No distribution shall be recoverable if the parent or affiliate  shows that the distribution or payment was lawful and reasonable  when paid and that the insurer did not know and reasonably could not have known that  the distribution might adversely affect the ability of the insurer to  fulfill its contractual obligations.(c) The maximum amount recoverable under this Section shall be the  amount in excess of all other available assets of the impaired or insolvent  insurer needed to pay the contractual obligations of that insurer and  reimburse any guaranty funds.(d) Any person who was a parent corporation, holding company, or who  otherwise controlled the insurer or affiliate at the time the distributions  were paid shall be liable up to the amount of distributions the person  received.  Any person who otherwise controlled the insurer at the time the  distributions were declared shall be liable up to the amount of  distributions the person would have received had the distributions been  paid immediately.  If 2 or more persons are liable with respect to the same  distributions, they shall be jointly and severally liable.(e) To the extent any person liable under subsection (d) is insolvent or  otherwise fails to pay claims due, its parent corporations, holding  company, or person who otherwise controlled it at the time the distribution  was paid shall be jointly and severally liable for any resulting deficiency  in the amount recovered.    (Source: P.A. 87-1090.)
215 ILCS 5/131.26
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. 743.26)Sec. 131.26. Revocation, suspension, or non-renewal of company's license. Whenever the Director determines that any person has committed a  violation of this Article which makes the continued operation of a company  contrary to the interests of policyholders or the public, the Director may,  after notice and hearing suspend, revoke or refuse to renew the company's  license or authority to do business in this State for such period as the Director finds  is required for the protection of policyholders or the public. Any such  determination must be accompanied by specific findings of fact and  conclusions of law.  (Source: P.A. 98-609, eff. 1-1-14.)