reglab/housing_qa huggingface dataset:
215 ILCS 5/126.4
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.4.     Authorization of investments by the board of directors.A. Within 3 months after the effective date of this amendatory Act of 1997,  an insurer's board of directors shall adopt a written plan for acquiring  and holding investments and for engaging in investment practices that specifies  guidelines as to the quality, maturity and diversification of investments and  other specifications including investment strategies intended to assure that  the investments and investment practices are appropriate for the business  conducted by the insurer, its liquidity needs and its capital and surplus. The  board shall review and assess the insurer's technical investment and  administrative capabilities and expertise before  adopting a written plan concerning an investment strategy or investment  practice.B. Investments acquired and held under this Article shall be acquired and  held under the supervision and direction of the board of directors of the  insurer. The board of directors shall evidence by formal resolution, at least  annually, that it has determined whether all investments have been made in  accordance with delegations, standards, limitations and investment objectives  prescribed by the board or a committee of the board charged with the  responsibility to direct its investments.C. On no less than a quarterly basis, and more often if deemed appropriate,  an insurer's board of directors or committee of the board of directors shall:(1) Receive and review a summary report on the     insurer's investment portfolio, its investment activities and investment practices engaged in under delegated authority, in order to determine whether the investment activity of the insurer is consistent with its written plan; and(2) Review and revise, as appropriate, the written     plan.D. In discharging its duties under this Section, the board of directors  shall require that records of any authorizations or approvals, other  documentation as the board may require and reports of any action taken under  authority delegated under the plan referred to in subsection A of this Section  shall be made available on a regular basis to the board of directors.E. In discharging their duties under this Section, the directors of an  insurer shall perform their duties in good faith and with that degree of care  that ordinarily prudent individuals in like positions would use under similar  circumstances.F. If an insurer does not have a board of directors, all references to the  board of directors in this Article shall be deemed to be references to the  governing body of the insurer having authority equivalent to that of a board of  directors.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/126.5
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.5.     Prohibited investments.     An insurer shall not, directly or indirectly:A. Invest in an obligation or security or make a guarantee for the benefit  of or in favor of an officer or director of the insurer, except as provided in  Section 126.6;B. Invest in an obligation or security, make a guarantee for the benefit of  or in favor of, or make other investments in a business entity of which 10% or  more of the voting securities or equity interests are owned  directly or indirectly by  or for the benefit of one or more officers or directors of the insurer, except  pursuant to a transaction entered into in compliance with Section 131.20a of  this Code or provided in Section 126.6;C. Engage on its own behalf or through one or more affiliates in a  transaction or  series of transactions designed to evade the prohibitions of this Article;D.  (1) Invest in a partnership as a general partner,     except that an insurer may make an investment as a general partner:(a) If all other partners in the partnership are         subsidiaries of the insurer or other insurance company affiliates of the insurer;(b) For the purpose of:(i) Meeting cash calls committed to prior to             the effective date of this amendatory Act of 1997;(ii) Completing those specific projects or             activities of the partnership in which the insurer was a general partner as of the effective date of this amendatory Act of 1997 that had been undertaken as of that date; or(iii) Making capital improvements to property             owned by the partnership on the effective date of this amendatory Act of 1997 if the insurer was a general partner as of that date; or(c) In accordance with Section 126.3C;(2) This subsection shall not prohibit a subsidiary     or other affiliate of the insurer from becoming a general partner; orE. Invest in or lend its funds upon the security of shares of its own stock,  except as authorized by other provisions of this Code.  However, no such shares  shall be admitted assets of the insurer.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/126.7
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.7.     Valuation of investments.     For the purposes of this Article, the value or amount of an investment acquired  or held, or an investment practice engaged in, under this Article, unless  otherwise specified in this Code, shall be the value at which assets of an  insurer are required to be reported for statutory accounting purposes as  determined in accordance with procedures prescribed in published accounting and  valuation standards of the NAIC, including the Purposes and Procedures of the  Securities  Valuation Office, the Valuation of Securities manual, the Accounting Practices  and Procedures  manual, the Annual Statement Instructions or any successor valuation procedures  officially adopted by the  NAIC.  The Director shall promulgate rules for determining and calculating  values to be used in financial statements submitted to the Department for  investments not subject to published National Association of Insurance  Commissioners valuation standards.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/126.8
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.8.     Rules.     The Director may, in accordance with Section 401 of this Code, promulgate  rules implementing the provisions of this Article.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/Art. VIII Pt. 2 heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

 2.      LIFE AND HEALTH INSURERS
215 ILCS 5/126.9
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.9.     Applicability.     This Part shall apply to the investments and investment practices of  companies authorized to transact business under Class 1 of Section 4 of this  Code and other companies whose investments and investment practices are  regulated as life insurers under this Code, subject to the provisions of  Section 126.1B.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/126.13
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.13.     Equity interests.A. Subject to the limitations of Section 126.10, an insurer may acquire  directly  or indirectly through an investment subsidiary, equity interests in business  entities organized under the laws of any domestic jurisdiction.B. An insurer shall not acquire directly or indirectly through an investment  subsidiary an investment under this Section if, as a result of and after giving  effect  to the investment, the aggregate amount of investments then held by the insurer  under this Section would exceed 20% of its admitted assets or, except for  mutual  funds, the amount of equity interests then held by the insurer that are not  listed on  a qualified exchange would exceed 5% of its admitted assets. An  accident and health insurer shall not be subject to this Section but shall be  subject to the same aggregate limitation on equity interests as a property and  casualty insurer under Section 126.26 and also to the provisions of Section  126.22 of this Article.C. An insurer shall not acquire under this Section any investments that the  insurer may acquire under Section 126.15.D. An insurer shall not short sell equity interests unless the insurer  covers the short sale by owning the equity interest or an unrestricted right to  the equity interest exercisable within 6 months of the short sale.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/126.14
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.14.     Tangible personal property under lease.A.  (1) Subject to the limitations of Section 126.10, an insurer may acquire  tangible personal property or  equity interests therein located or used wholly or in part within a domestic  jurisdiction either directly or indirectly through limited partnership  interests and general partnership interests not otherwise prohibited by  Section 126.5D, joint ventures, stock of an investment subsidiary or  membership interests in a limited liability company, trust certificates, or  other similar instruments.(2) Investments acquired under paragraph (1) of this subsection shall be  eligible only if:(a) The property is subject to a lease or other     agreement with a person whose rated credit instruments in the amount of the purchase price of the personal property the insurer could then acquire under Section 126.11; and(b) The lease or other agreement provides the insurer     the right to receive rental, purchase or other fixed payments for the use or purchase of the property, and the aggregate value of the payments, together with the estimated residual value of the property at the end of its useful life and the estimated tax benefits to the insurer resulting from ownership of the property, shall be adequate to return the cost of the insurer's investment in the property, plus a return deemed adequate by the insurer.B. The insurer shall compute the amount of each investment under this  Section on the basis of the out of pocket purchase price and applicable related  expenses paid by the insurer for the investment, net of each borrowing made to  finance the purchase price and expenses, to the extent the borrowing is without  recourse to the insurer.C. An insurer shall not acquire directly or indirectly through an investment  subsidiary an investment under this Section if, as a result of and after giving  effect to the investment, the aggregate amount of all investments then held by  the insurer under this Section would exceed:(1) 2% of its admitted assets; or(2) 0.5% of its admitted assets as to any single item     of tangible personal property.D. For purposes of determining compliance with the limitations of Section  126.10, investments acquired by an insurer under this Section shall be  aggregated with those acquired under Section 126.11, and each lessee of the  property under a lease referred to in this Section shall be deemed the issuer  of an obligation in the amount of the investment of the insurer in the property  determined as provided in subsection B of this Section.E. Nothing in this Section is applicable to tangible personal property lease  arrangements between an insurer and its subsidiaries and affiliates under a  cost sharing arrangement or agreement permitted under Section  131.20a(1)(a)(iv).    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/126.19
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.19.     Policy loans.     A life insurer may lend to a policyholder on the security of the cash  surrender value of the  policyholder's policy a sum not exceeding the legal reserve that the insurer is  required to  maintain on the policy.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/126.20
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.20.     Additional investment authority.A. Solely for the purpose of acquiring investments that exceed the  quantitative limitations of Sections 126.10 through 126.17, an insurer may  acquire under this subsection an investment, or engage in investment practices  described in Section 126.16, but an insurer shall not acquire an investment, or  engage in investment practices described in Section 126.16, under this  subsection if, as a result of and after giving effect to the transaction:(1) The aggregate amount of investments then held by     an insurer under this subsection would exceed 3% of its admitted assets; or(2) The aggregate amount of investments as to one     limitation in Sections 126.10 through 126.17 then held by the insurer under this subsection would exceed 1% of its admitted assets.B.  (1) In addition to the authority provided under     subsection A of this Section, an insurer may acquire under this subsection an investment of any kind, or engage in investment practices described in Section 126.16, that are not specifically prohibited by this Article, without regard to the categories, conditions, standards or other limitations of Sections 126.10 through 126.17 if, as a result of and after giving effect to the transaction, the aggregate amount of investments then held under this subsection would not exceed the lesser of:(a) 10% of its admitted assets; or(b) 75% of its capital and surplus.(2) However, an insurer shall not acquire any     investment or engage in any investment practice under this subsection if, as a result of and after giving effect to the transaction, the aggregate amount of all investments in any one person then held by the insurer under this subsection would exceed 3% of its admitted assets.C. In addition to the investments acquired under subsections A and B of this  Section, an insurer may acquire under this subsection an investment of any  kind, or engage in investment practices described in Section 126.16, that are  not specifically prohibited by this Article without regard to any limitations  of Sections 126.10 through 126.17 if:(1) The Director grants prior approval;(2) The insurer demonstrates that its investments are     being made in a prudent manner and that the additional amounts will be invested in a prudent manner; and(3) As a result of and after giving effect to the     transaction the aggregate amount of investments then held by the insurer under this subsection does not exceed the greater of:(a) 25% of its capital and surplus; or(b) 100% of capital and surplus less 10% of its         admitted assets.D. Under this Section, an insurer shall not acquire or engage in an  investment practice prohibited under Section 126.5 or an investment that is a  derivative transaction.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/Art. VIII Pt. 3 heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

 3.      PROPERTY AND CASUALTY INSURERS
215 ILCS 5/126.21
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.21.     Applicability.     This Part 3 shall apply to the investments and investment practices of  property and  casualty insurers authorized to transact the kinds of insurance in either or  both Class 2 or Class 3  of Section 4 of this Code, subject to the provisions of Section 126.1B.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/126.26
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.26.     Equity Interests.A. Subject to the limitations of Section 126.23, an insurer may acquire  directly, or indirectly through an investment subsidiary, equity interests in  business entities organized under the laws of any domestic jurisdiction.B. An insurer shall not acquire directly, or indirectly through an  investment  subsidiary, an investment under this Section if, as a result of and after  giving effect  to the investment, the aggregate amount of investments then held by the insurer  under this Section would exceed the greater of 25% of its  admitted assets or 100% of its surplus as regards  policyholders.C. An insurer shall not acquire under this Section any investments that the  insurer  may acquire under Section 126.28.D. An insurer shall not short sell equity interests unless the insurer  covers the short  sale by owning the equity interest or an unrestricted right to the equity  interest  exercisable within 6 months of the short sale.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/126.27
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

Sec. 126.27.     Tangible personal property under lease.A.  (1) Subject to the limitations of Section 126.23, an  insurer may acquire tangible personal property or  equity interests therein located or used wholly or in part within a domestic  jurisdiction either directly or indirectly through limited partnership  interests and general partnership interests not otherwise prohibited by  Section 126.5D, joint ventures, stock of an investment subsidiary or  membership interests in a limited liability company, trust certificates, or  other similar instruments.(2) Investments acquired under paragraph (1) of this     subsection shall be eligible only if:(a) The property is subject to a lease or other         agreement with a person whose rated credit instruments in the amount of the purchase price of the personal property the insurer could then acquire under Section 126.24; and(b) The lease or other agreement provides the         insurer the right to receive rental, purchase or other fixed payments for the use or purchase of the property, and the aggregate value of the payments, together with the estimated residual value of the property at the end of its useful life and the estimated tax benefits to the insurer resulting from ownership of the property, shall be adequate to return the cost of the insurer's investment in the property, plus a return deemed adequate by the insurer.B. The insurer shall compute the amount of each investment under this  Section on the  basis of the out of pocket purchase price and applicable related expenses paid  by the insurer for the investment, net of each borrowing made to finance the  purchase price and expenses, to the extent the borrowing is without recourse to  the insurer.C. An insurer shall not acquire directly or indirectly through an investment  subsidiary an investment under this Section if, as a result of and after giving  effect to the investment, the aggregate amount of all investments then held by  the insurer under this Section would exceed:(1) 2% of its admitted assets; or(2) 0.5% of its admitted assets as to any single item     of tangible personal property.D. For purposes of determining compliance with the limitations of Section  126.23, investments acquired by an insurer under this Section shall be  aggregated with those acquired under Section 126.24, and each lessee of the  property under a lease referred to in this Section shall be deemed the issuer  of an obligation in the amount of the investment of the insurer in the property  determined as provided in subsection B of this Section.E. Nothing in this Section is applicable to tangible personal property lease  arrangements between an insurer and its subsidiaries and affiliates under a  cost sharing arrangement or agreement permitted under Section 131.20a(1)(a)(iv)  of this Code.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/126.32
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII - Investments Of Domestic Companies

(215 ILCS 5/126.32)Sec. 126.32.     Additional investment authority.A. Under this Section, an insurer may acquire investments or engage in  investment practices of any kind that are not specifically prohibited by  Section 126.5 and are not derivative instruments without regard to any  limitation in Sections 126.23 through 126.30, but an insurer shall not acquire  an investment or engage in an investment practice under this Section if, as a  result of and after giving effect to the transaction, the aggregate amount of  the investments then held by the insurer under this Section would exceed the  greater of:(1) Its unrestricted surplus; or(2) The lesser of:(a) 10% of its admitted assets; or(b) 50% of its surplus as regards policyholders.B. An insurer shall not acquire any investment or engage in any investment  practice under subsection A(2) of this Section if, as a result of and after  giving effect to the transaction the aggregate amount of all investments in any  one person then held by the insurer under that subsection would exceed 5% of  its admitted assets.    (Source: P.A. 90-418, eff. 8-15-97.)
215 ILCS 5/Art. VIII.25 heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/4 - Risk Management And Own Risk And Solvency Assessment

 ARTICLE VIII 1/4.  RISK MANAGEMENT ANDOWN RISK AND SOLVENCY ASSESSMENT   (Source: P.A. 98-910, eff. 7-1-15.)
215 ILCS 5/129
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/4 - Risk Management And Own Risk And Solvency Assessment

Sec. 129. Short title. This Article may be cited as the Risk Management and Own Risk and Solvency Assessment Law.  (Source: P.A. 98-910, eff. 7-1-15.)
215 ILCS 5/129.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/4 - Risk Management And Own Risk And Solvency Assessment

Sec. 129.1. Purpose and scope. The purpose of this Article is to provide the requirements for maintaining a risk management framework and completing an own risk and solvency assessment (ORSA) and provide guidance and instructions for filing an ORSA summary report with the Director.The requirements of this Article shall apply to all insurers domiciled in this State unless exempt pursuant to Section 129.7.The General Assembly finds and declares that an ORSA summary report will contain confidential and sensitive information related to an insurer or insurance group's identification of risks material and relevant to the insurer or insurance group filing the report. This information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. It is the intent of this General Assembly that the ORSA summary report shall be a confidential document filed with the Director, that the ORSA summary report shall be shared only as stated herein and to assist the Director in the performance of his or her duties, and that in no event shall an ORSA summary report be subject to public disclosure.  (Source: P.A. 98-910, eff. 7-1-15.)