reglab/housing_qa huggingface dataset:
215 ILCS 5/129.2
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. 129.2. Definitions. In this Article:"Insurance group", for the purpose of conducting an ORSA, means those insurers and affiliates included within an insurance holding company system as defined in Section 131.1 of this Code."Insurer" has the same meaning as set forth in Section 2 of this Code, except that it shall not include agencies, authorities, or instrumentalities of the United States or its possessions or territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state."Own risk and solvency assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks."ORSA Guidance Manual" means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC) and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC."ORSA summary report" means a confidential high-level summary of an insurer or insurance group's ORSA.  (Source: P.A. 98-910, eff. 7-1-15.)
215 ILCS 5/129.3
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. 129.3. Risk management framework. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. The requirement of this Section may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.  (Source: P.A. 98-910, eff. 7-1-15.)
215 ILCS 5/129.4
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. 129.4. ORSA requirement. Subject to Section 129.7 of this Code, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.  (Source: P.A. 98-910, eff. 7-1-15.)
215 ILCS 5/129.5
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. 129.5. ORSA summary report.(a) Upon the Director's request, and no more than once each year, an insurer shall submit to the Director an ORSA summary report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the insurer and the insurance group of which it is a member. Notwithstanding any request from the Director, if the insurer is a member of an insurance group, the insurer shall submit the report or reports required by this subsection (a) if the Director is the lead state commissioner of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.(b) The report or reports shall include a signature of the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA summary report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee thereof.(c) An insurer may comply with subsection (a) of this Section by providing the most recent and substantially similar report or reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA Guidance Manual. Any such report in a language other than English must be accompanied by a translation of that report into the English language.(d) The first filing of the ORSA summary report shall be in 2015.   (Source: P.A. 98-910, eff. 7-1-15.)
215 ILCS 5/129.6
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. 129.6. Contents of ORSA summary report.(a) The ORSA summary report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection (b) of this Section. Documentation and supporting information shall be maintained and made available upon examination or upon the request of the Director.(b) The review of the ORSA summary report, and any additional requests for information, shall be made using similar procedures currently used in the analysis and examination of multi-state or global insurers and insurance groups.  (Source: P.A. 98-910, eff. 7-1-15.)
215 ILCS 5/129.9
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

(215 ILCS 5/129.9)Sec. 129.9. Sanctions. Any insurer failing, without just cause, to timely file the ORSA summary report as required in this Article shall be required, after notice and hearing, to pay a penalty of $200 for each day's delay, to be recovered by the Director, and the penalty so recovered shall be paid into the General Revenue Fund of this State. The Director may reduce the penalty if the insurer demonstrates to the Director that the imposition of the penalty would constitute a financial hardship to the insurer.  (Source: P.A. 98-910, eff. 7-1-15.)
215 ILCS 5/Art. VIII.33 heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/3 - Corporate Governance Annual Disclosure Law

 ARTICLE VIII 1/3.  CORPORATE GOVERNANCE ANNUAL DISCLOSURE LAW  (Source: P.A. 101-600, eff. 12-6-19.)
215 ILCS 5/130.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/3 - Corporate Governance Annual Disclosure Law

Sec. 130.1. Short title. This Article may be cited as the Corporate Governance Annual Disclosure Law.   (Source: P.A. 101-600, eff. 12-6-19.)
215 ILCS 5/130.2
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/3 - Corporate Governance Annual Disclosure Law

Sec. 130.2. Purpose and scope.  The purpose of this Article is to:(1) provide the Director a summary of an insurer's or     insurance group's corporate governance structure, policies, and practices to permit the Director to gain and maintain an understanding of the insurer's corporate governance framework;(2) outline the requirements for completing a     corporate governance annual disclosure with the Director;(3) provide for the confidential treatment of the     corporate governance annual disclosure and related information that will contain confidential and sensitive information related to an insurer's or insurance group's internal operations and proprietary and trade-secret information that, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.Nothing in this Article shall be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable State corporate law. Notwithstanding the foregoing, nothing in this Article shall be construed to limit the Director's authority or the rights or obligations of third parties under Sections 131.21, 132 through 132.7, and 401 through 403.  The requirements of this Article apply to all insurers domiciled in this State.  (Source: P.A. 101-600, eff. 12-6-19.)
215 ILCS 5/130.3
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/3 - Corporate Governance Annual Disclosure Law

Sec. 130.3. Definitions. As used in this Article:"Director" means the Director of Insurance."Corporate governance annual disclosure" means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this Article."Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in Section 131.1."Insurer" has the same meaning given to "company" in Section 2, except that it does not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state."ORSA summary report" means the own risk and solvency assessment report filed in accordance with Article VIII 1/4.  (Source: P.A. 101-600, eff. 12-6-19.)
215 ILCS 5/130.5
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/3 - Corporate Governance Annual Disclosure Law

Sec. 130.5. Contents of corporate governance annual disclosure.(a)    The insurer or insurance group has discretion over the responses to the corporate governance annual disclosure inquiries if the corporate governance annual disclosure contains the material information necessary to permit the Director to gain an understanding of the insurer's or insurance group's corporate governance structure, policies, and practices. The Director may request additional information that he or she deems material and necessary to provide the Director with a clear understanding of the corporate governance policies, the reporting or information system, or controls implementing those policies.(b)    Notwithstanding subsection (a), the corporate governance annual disclosure shall be prepared in a manner consistent with rules adopted by the Director. Documentation and supporting information shall be maintained and made available upon examination or upon the request of the Director.(c)    The Director may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the Director's staff, as may be reasonably necessary to assist the Director in reviewing the corporate governance annual disclosure and related information or the insurer's compliance with this Article.  Any persons retained shall be under the direction and control of the Director and shall act only in an advisory capacity.  (Source: P.A. 101-600, eff. 12-6-19.)
215 ILCS 5/130.7
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/3 - Corporate Governance Annual Disclosure Law

(215 ILCS 5/130.7)Sec. 130.7. Sanctions.  Any insurer failing, without just cause, to timely file the corporate governance annual disclosure as required in this Article shall be required, after notice and a hearing, to pay a penalty of $200 for each day's delay, to be recovered by the Director. Any penalty recovered shall be paid into the General Revenue Fund. The Director may reduce the penalty if the insurer demonstrates to the Director that the imposition of the penalty would constitute a financial hardship to the insurer.  (Source: P.A. 101-600, eff. 12-6-19.)
215 ILCS 5/Art. VIII.5 heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/2 - Insurance Holding Company Systems

 ARTICLE VIII 1/2.      INSURANCE HOLDING COMPANY SYSTEMS
215 ILCS 5/131.3
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. 743.3)Sec. 131.3.   (1) Investments in common stock, preferred stock, debt obligations or  other securities of subsidiaries made under Section 131.2 of this Article  are subject to Sections 126.3, 126.4, 126.5, 126.6, 126.7, and 133 of this Code  but are not subject to any other of the otherwise applicable restrictions or  prohibitions contained in this Code applicable to such investments of a  domestic  company subject to this Code.(2) If a company ceases to control a subsidiary, it must dispose of any  investment therein made under this section within 3 years from the time of  the cessation of control or within such further time as the Director may  prescribe, unless at any time after the investment is made, the investment  meets the requirements for investment under any other section of this Code,  and the company has notified the Director thereof.(3) Whether any investment made pursuant to this Section  meets the applicable requirements of this Section is to be determined before the investment is made by calculating the applicable investment limitations as though the investment had already been made, taking into account the then outstanding principal balance on all previous investments in debt obligations, and the value of all previous investments in equity securities as of the day they were made, net of any return of capital invested, not including dividends.(Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.6
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. 743.6)Sec. 131.6.   (1) If the person required to file the statement referred to in Section  131.5 is a partnership, limited partnership, syndicate or other group, the  Director may require that the information be  given with respect to each partner of such partnership or limited  partnership, each member of such syndicate or group, and each person who  controls such partner or member. If any partner, member or person is a  corporation or the person required to file the statement referred to in  Section 131.5 is a corporation, the Director may require that the  information be given with respect to the  corporation, each officer and director of the corporation, and each person  who is directly or indirectly the beneficial owner of more than 10% of the  outstanding voting securities of the corporation.(2) If any material change occurs in the facts set forth in the  statement filed with the Director and sent to the company under Section 131.5, an amendment setting forth the change, together with  copies of all documents and other material relevant to the change, must be  filed with the Director and sent to the company within 2 business days  after the person learns of the change.  (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.7
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. 743.7)Sec. 131.7.             If any offer, request, invitation, agreement or acquisition referred to  in Section 131.4 is proposed to be made by means of a registration  statement under the Securities Act of 1933 or in circumstances requiring  the disclosure of similar information under the Securities Exchange Act of  1934, or under a state law requiring similar registration or disclosure,  the person required to file the statement referred to in Section 131.4 may  utilize such documents in furnishing the information called for by that  statement.    (Source: P.A. 77-673.)
215 ILCS 5/131.8a
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. 743.8a)Sec. 131.8a.   The Director may retain at the applicant's expense any  attorneys,  actuaries, accountants and other experts not otherwise a part of the Director's  staff as may be reasonably necessary to assist in reviewing an acquisition proposed under  Section 131.4.  (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.9
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. 743.9)Sec. 131.9.         All statements, amendments or other material filed under Section 131.5  must be delivered to the domestic company  within 10 business days after the  acquiring party has made the  filing with the Director. The domestic company shall then send  to its securityholders  the summary of the proposed acquisition within 5 business days of such delivery.  The notice shall contain an address where a copy of the statement filed  with the Director can be obtained upon request. The expenses of the mailing  and any requests  for the statement and the mailing  of the notice of hearing by the company required under subsection (2) of  Section 131.8 must be borne by the person making the filing. As security  for the payment of the expenses, the person may be required to  file with the Director an  acceptable bond or other deposit in an amount to be determined by the  Director.    (Source: P.A. 84-805.)
215 ILCS 5/131.9a
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article VIII 1/2 - Insurance Holding Company Systems

Sec. 131.9a. (Repealed).        (Source: P.A. 98-609, eff. 1-1-14. Repealed by P.A. 102-394, eff. 8-16-21.)
215 ILCS 5/131.10
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. 743.10)Sec. 131.10.     Sections 131.4 through 131.12 do not apply to:(1) any transaction which is subject to Article X of this Code  dealing with merger, consolidation or plans of exchange;(2) any offer, request, invitation, agreement or acquisition which  the Director by order exempts therefrom as (a) not having been made or  entered into for the purpose and not having the effect of changing or  influencing the control of a domestic company, or (b) as otherwise not  comprehended within the purposes of Sections 131.4 through 131.12.    (Source: P.A. 80-545.)
215 ILCS 5/131.11
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. 743.11)Sec. 131.11.     The following are violations of Sections 131.4 through 131.12:(1) the failure to file any statement, amendment, or     other material required to be filed under Sections 131.4 or 131.5; or(2) the effectuation or any attempt to effectuate an     acquisition of control of, divestiture of, or merger or consolidation with, a domestic company unless the Director has given his approval. (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.12
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. 743.12)Sec. 131.12.     The courts of this State are hereby vested with jurisdiction over every  person not resident, domiciled, or authorized to do business in this State  who files a statement with the Director under Section 131.4, and over all  actions involving such person arising out of violations of Sections 131.4,  131.5, 131.6, or 131.11, and each such person is deemed to have  performed acts equivalent to and constituting an appointment by such a  person of the Director to be his true and lawful attorney upon whom may be  served all lawful process in any action, suit or proceeding arising out of  violations of Sections 131.4, 131.5, 131.6, or 131.11. Copies of all  such lawful process must be served on the Director and transmitted by  registered or certified mail by the Director to such person at his last  known address.  (Source: P.A. 98-609, eff. 1-1-14.)
215 ILCS 5/131.13
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. 743.13)Sec. 131.13. Registration of companies. Every company which is authorized to do business in this State and which  is a member of an insurance holding company system must register with the  Director, except a foreign or alien company subject to registration  requirements and standards adopted by statute or regulation in the  jurisdiction of its domicile which are substantially similar to those  contained in this section and Sections 131.14 through 131.20a. Any company  which is subject to registration under this section must register within 60  days after the effective date of this Article or 15 days after it becomes  subject to registration, whichever is later, unless the Director for good  cause shown extends the time for registration, and then within such  extended time. The Director may require any authorized company which is a  member of a holding company system which is not subject to registration  under this section to furnish a copy of the registration statement or other  information filed by such company with the insurance regulatory authority  of its domiciliary jurisdiction.    (Source: P.A. 98-609, eff. 1-1-14.)