reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 50 - INSURANCE › Part 752 - LICENSE AND DOCUMENTS NECESSARY TO ENGAGE IN ACTIVITIES AND EXAMINATIONS › Section 752.40 - Examinations

Current through Register Vol. 48, No. 28, July 12, 2024
a) Every advisory
			 organization and its members, subscribers and service purchasers; and every
			 formal group, association or organization of admitted companies engaging in
			 joint underwriting and joint reinsurance and their member companies shall
			 maintain reasonable records, of the type and kind reasonably adopted to its
			 method of operation, of its experience, or the experience of its members and of
			 the data, statistics, or information collected or used by it in connection with
			 the activities authorized by the laws and regulations under Article VII-A so
			 that such records will be available at all reasonable times to enable the
			 Director to determine if these entities are complying with the provisions of
			 Article VII-A and Part 751 Rules.
b) The maintenance of these records in the
			 offices of the advisory organization will be sufficient compliance for members,
			 subscribers and service purchasers.
c) These records must be made available for
			 examination or inspection by the Director at any time upon reasonable
			 notice.
d) To assist the Director
			 in gathering information, the Director may designate one or more advisory
			 organizations to gather, compile and file information. This information may be
			 made available, subject to rules adopted by the Director, to companies,
			 advisory organizations, and others.
e) The examination, hearing, violation,
			 suspense or revocation, and penalty provisions of Article VII-A which include
			 Sections 123A-12, 123A-13, 123A-14, and 123A-15 apply to companies as
			 constituting groups, associations or organizations authorized to conduct joint
			 underwriting and joint reinsurance activities and to the formal groups,
			 associations, or organizations themselves.
Illinois Administrative Code › Title 50 - INSURANCE › Part 753 - FILING POLICY AND ENDORSEMENTS FORM › Section 753.10 - Companies Must File

Current through Register Vol. 48, No. 28, July 12, 2024
a) All companies
			 writing any of the kinds of business enumerated in Class 2, except clauses (a)
			 (accident and health), (d) (workers' compensation) and (g) (fidelity and
			 surety), of Section 4 of the Illinois Insurance Code (Code) [ 215 ILCS 5 ], and
			 any of the kinds of business enumerated in Class 3 of Section 4 of the Code,
			 except those covered under 50 Ill. Adm. Code 2302, must file, using the System
			 for Electronic Rate and Form Filing (SERFF):
1) copies of all policy forms on these kinds
			 of business and, for mutual companies, a separate proxy signature line for the
			 insured to sign, if applicable;
2)
			 copies of generally used endorsement forms on these kinds of
			 business;
3) copies of all
			 application forms used on these kinds of business, including a separate proxy
			 signature line for the insured to sign if applicable;
4) a copy of the declaration page, in
			 non-individualized, template form, absent personal policyholder information;
			 and
5) a copy of the policy jacket,
			 if used by the company.
Illinois Administrative Code › Title 50 - INSURANCE › Part 753 - FILING POLICY AND ENDORSEMENTS FORM › Section 753.20 - Form and Content of Filings

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 There must be printed at the head of the policy the name of the insurer or
			 insurers issuing the policy, the location of the Home Office of the insurer or
			 insurers; a statement of whether the insurer is a stock, mutual, reciprocal,
			 Lloyds, alien insurer, or insurer operating under a charter by Special Act of
			 the Legislature of any state. Devices, emblems or designs and dates as are
			 appropriate for the insurer issuing the policy may also be added.
b) In a policy in which contingent liability
			 of members or subscribers is provided for, that provision shall be plainly
			 stated in each policy with prominence equal to the indemnifying clause. Any
			 insurer may also print upon the policy such regulations or provisions as may be
			 required by its home state or such as may be appropriate to or required by its
			 form of organization or plan of operation. There may be substituted for the
			 word "company", where it appears in the policy, another term more accurately
			 descriptive of the insurer.
c) All
			 forms must be identified by a descriptive title, form number and edition
			 identification.
d) All changes from
			 currently filed forms must be highlighted. The preferred format is to underline
			 the new wording and overstrike the deleted or changed language and give an
			 explanation for the changes being made, but alternative methods of indicating
			 changes will also be accepted. Any changes not highlighted will not be deemed
			 filed.
e) Typed or printer's proof
			 copies may be submitted for review, but must be refiled in printed form.
			 Statements, provisions or endorsements may not be typed or superimposed on a
			 policy or endorsement.
f) All forms
			 must be printed in not less than eight-point type.
Illinois Administrative Code › Title 50 - INSURANCE › Part 753 - FILING POLICY AND ENDORSEMENTS FORM › Section 753.30 - Submission of Filing

Current through Register Vol. 48, No. 28, July 12, 2024
All filings required in Section
				753.10 must
				be received in SERFF or in an electronic format approved by the Director no
				later than their effective date of use. Filings will only be considered
				received during the regular business hours from 8:00 am through 5:00 pm Central
				Standard Time (CST), Monday through Friday, excluding
				holidays.
Illinois Administrative Code › Title 50 - INSURANCE › Part 754 - RULES AND RATE FILINGS › Section 754.10 - Companies Must File

Current through Register Vol. 48, No. 28, July 12, 2024
a) All companies
			 are subject to this filing requirement that write any of the following kinds of
			 insurance:
1) Motor Vehicle, as used in this
			 Section, includes only Private Passenger Automobiles, Taxicabs and
			 Motorcycles;
2) Homeowners,
			 including Mobile Homeowners;
3)
			 Dwelling Fire and Allied Lines;
4)
			 Workers' Compensation (see 50 Ill. Adm. Code 2902);
5) Medical Malpractice (see 50 Ill. Adm. Code
			 929); and
6) Group Inland Marine
			 (see 50 Ill. Adm. Code 2302).
Illinois Administrative Code › Title 50 - INSURANCE › Part 754 - RULES AND RATE FILINGS › Section 754.30 - Documentation - Individual Risks

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
			 company is not required to file under Section
			 754.10 for
			 individual risks in this State that cannot be rated in the normal course of
			 business rating because of special or unusual characteristics and that must be
			 rated on the basis of underwriting judgment. This procedure does not apply to
			 Workers' Compensation insurance.
b)
			 A company must maintain documentary information regarding rates determined in
			 subsection (a) for review by the Department's Property and Casualty Compliance
			 Unit.
c) A company is not required
			 to file rates on individual risks in this State when the development of the
			 rate for the individual risk is dependent upon an inspection of improvements on
			 real property and an application of a schedule, the elements of which include
			 loss ratio, hazard analysis, risk analysis and classification of municipal fire
			 defenses.
d) A company must,
			 however, maintain documentary information for the rates in subsection (c) by:
1) Maintaining the information in files and
			 records in its offices that will be available for review by the Department's
			 Property and Casualty Compliance Unit; or
2) Authorizing an advisory organization by
			 use of an individual risk authorization letter to maintain documentary
			 information for all rates in subsection (c) in its files and records that will
			 be available for review by the Department's Property and Casualty Compliance
			 Unit; and
3) Filing an
			 authorization letter that includes:
A) The
			 name of its authorized advisory organization;
B) The kind of insurance for which the
			 information will be maintained;
C)
			 Authorization clause or language; and
D) Effective date of authorization.
Illinois Administrative Code › Title 50 - INSURANCE › Part 754 - RULES AND RATE FILINGS › Section 754.40 - Submission of Filings

Current through Register Vol. 48, No. 28, July 12, 2024
a) All rule and
			 rate filings required in Sections
			 754.10 and
			 754.30
			 must be received no later than 10 days after their stated effective date or the
			 stated effective date of the rule or rate filing to which the information or
			 authorization relates.
b) All
			 filings required in Sections
			 754.10 and
			 754.30
			 must be submitted using SERFF.
Illinois Administrative Code › Title 50 - INSURANCE › Part 806 - DERIVATIVE INSTRUMENTS › Section 806.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to set standards for the prudent
				use of derivative instruments in accordance with Article VIII of the Illinois
				Insurance Code [215 ILCS 5.126.1 through 126.32 ] (see P.A. 90-418, effective
				August 15, 1997).
Illinois Administrative Code › Title 50 - INSURANCE › Part 806 - DERIVATIVE INSTRUMENTS › Section 806.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Unless the context requires otherwise, terms used in this Part
				have the meaning ascribed in Section 126.2 of the Code.
"Code" means the Illinois Insurance Code [ 215 ILCS 5 ].
"Director" means the Director of the Illinois Department of
				Insurance.
"Department" means the Illinois Department of
				Insurance.
Illinois Administrative Code › Title 50 - INSURANCE › Part 806 - DERIVATIVE INSTRUMENTS › Section 806.40 - Guidelines and Internal Control Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a) Before engaging in a derivative
			 transaction, an insurer shall establish written guidelines that shall be used
			 for effecting and maintaining the transactions. The guidelines shall:
1) Address investment or, if applicable,
			 underwriting objectives, and risk constraints, such as credit risk
			 limits;
2) Address permissible
			 transactions and the relationship of those transactions to its operations, such
			 as a precise identification of the risks being hedged by a derivative
			 transaction; and
3) Require
			 compliance with internal control procedures.
Illinois Administrative Code › Title 50 - INSURANCE › Part 806 - DERIVATIVE INSTRUMENTS › Section 806.50 - Documentation Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
An insurer shall maintain documentation and records relating to
				each derivative transaction, including, but not limited to:
a) The purpose or purposes of the
			 transaction;
b) The assets or
			 liabilities to which the transaction relates;
c) The specific derivative instrument used in
			 the transaction;
d) For
			 over-the-counter derivative instrument transactions, the name of the
			 counterparty and the counterparty exposure amount; and
e) For exchange traded derivative
			 instruments, the name of the exchange and the name of the firm that handled the
			 trade.
Illinois Administrative Code › Title 50 - INSURANCE › Part 806 - DERIVATIVE INSTRUMENTS › Section 806.60 - Trading Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
Each derivative instrument shall be:
a) Traded on a qualified exchange;
b) Entered into with, or guaranteed by, a
			 business entity;
c) Issued or
			 written by, or entered into with, the issuer of the underlying interest on
			 which the derivative instrument is based; or
d) Entered into with a qualified foreign
			 exchange.
Illinois Administrative Code › Title 50 - INSURANCE › Part 901 - DISPOSAL AND DESTRUCTION OF RECORDS › Section 901.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Non-Record" material means:
Material not filed as evidence of the company's administrative
				or business activities or for the informational content thereof;
Extra copies of documents or reproductions of documents
				maintained for convenience or reference;
Stocks of printed or reproduced documents kept for supply
				purposes, where file copies have been retained for record purposes;
Books, periodicals, newspapers, posters, pamphlets and other
				materials made or acquired and preserved solely for reference or exhibition
				purposes;
Private materials neither made nor received by a company
				pursuant to law or in connection with the transaction of its business;
Company dailies more than six (6) months after expiry or
				cancellation date of the policy if the data therein contained is, to the extent
				material or necessary to the determination of the financial condition of the
				company, contained in other records.
"Records" material means all books, papers and documentary
				materials regardless of physical form or characteristics, made, produced,
				executed or received by any domestic insurance company pursuant to law or in
				connection with the transaction of its business and preserved or appropriate
				for preservation by such company or its successors as evidence of the
				organization, function, policies, decisions, procedures, obligations and
				business activities of the company or because of the informational data
				contained therein. If doubt arises as to whether certain papers are
				"non-record" materials, it should be assumed that the documents are
				"records".
Non-Record materials may be destroyed at any time by the
				company in possession of such materials without the prior approval of the
				Director of Insurance.
Illinois Administrative Code › Title 50 - INSURANCE › Part 901 - DISPOSAL AND DESTRUCTION OF RECORDS › Section 901.20 - Disposal and Destruction of Records

Current through Register Vol. 48, No. 28, July 12, 2024
The company is authorized to dispose of or destroy records in
				its custody that do not have sufficient administrative, legal or fiscal value
				to warrant their further preservation and are not needed:
a) in the transaction of current
			 business;
b) for the final
			 settlement or disposition of any claim arising out of a policy of insurance
			 issued by the company, except that these records must be maintained for the
			 current year plus 5 years; or
c) to
			 determine the financial condition of the company for the period since the date
			 of the last examination report of the company officially filed with the
			 Department of Insurance, except that these records must be maintained for at
			 least the current year plus 5 years.
Illinois Administrative Code › Title 50 - INSURANCE › Part 902 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS › Section 902.10 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is promulgated by the Director of the Department of
				Financial and Professional Regulation-Division of Insurance under Section 401
				of the Illinois Insurance Code [215 ILCS
				5/401 ] that empowers the Director to make reasonable
				rules and regulations as may be necessary for making effective the insurance
				laws of this State. Further, this Part implements Section 4-30(b) of the Payday
				Loan Reform Act [815 ILCS
				122/4-30(b) ] that requires the
				Secretary to promulgate rules to implement that Act.
Illinois Administrative Code › Title 50 - INSURANCE › Part 902 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS › Section 902.20 - Purpose and Applicability

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to establish standards for products
				and/or services regulated by the Payday Loan Reform Act [815 ILCS 122 ] when
				offered by insurance companies. This Part applies to insurance companies, as
				that term is defined in Section
				902.30 of this
				Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 902 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS › Section 902.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Act means the Payday Loan Reform Act [815 ILCS 122 ].
Code means the Illinois Insurance Code [215 ILCS 5 ].
Department means the Illinois Department of Financial and
				Professional Regulation.
Director means the Director of the Illinois Department of
				Financial and Professional Regulation-Division of Insurance.
Division means the Illinois Department of Financial and
				Professional Regulation-Division of Insurance.
Insurance Company means one that is organized, chartered, or
				holding a certificate of authority to do business under the laws of this State
				or any other state or under the laws of the United States. (See
				815 ILCS
				122/1-15(d).)
Payday loan or loan means a loan with a finance charge
				exceeding an annual percentage rate of 36% and with a term that does not exceed
				120 days, including any transaction conducted via any medium whatsoever,
				including, but not limited to, paper, facsimile, Internet, or telephone, in
				which:
A lender accepts one or more checks dated on the date written
				and agrees to hold them for a period of days before deposit or presentment, or
				accepts one or more checks dated subsequent to the date written and agrees to
				hold them for deposit; or
A lender accepts one or more authorizations to debit a
				consumer's bank account; or
A lender accepts an interest in a consumer's wages, including,
				but not limited to, a wage assignment.
Secretary means the Secretary of the Illinois Department of
				Financial and Professional Regulation.
Illinois Administrative Code › Title 50 - INSURANCE › Part 902 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS › Section 902.40 - Insurance Companies Originating Payday Loans

Current through Register Vol. 48, No. 28, July 12, 2024
All insurance companies offering payday loans, as that term is
				defined in Section
				902.30 of this Part,
				including any insurance products and/or services that constitute a payday loan,
				as defined in Section
				902.30 of this Part,
				must offer such products and/or services in a manner consistent with the Act.
				Insurance companies shall ensure that any payday loan products and/or services
				are offered in a manner that will not jeopardize the insurance company's
				financial solvency pursuant to Article IIA of the Code [215 ILCS 5 /Art.
				IIA].
Illinois Administrative Code › Title 50 - INSURANCE › Part 902 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS › Section 902.50 - Enforcement

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary or Director may take any appropriate regulatory
				action authorized by Article XXIV of the Code [215 ILCS 5 /Art. XXIV] or any
				other provision of the Code or rule against any insurance company whose
				products and/or services are inconsistent with the Act or
				Code.
Illinois Administrative Code › Title 50 - INSURANCE › Part 903 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS (REPEALED) › Subpart A - RULES RELATING TO OPERATING EXPENSE CLASSIFICATIONS (REPEALED) › Section 903.160 - Postage, Telephone and Telegraph, Exchange and Express (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 50 - INSURANCE › Part 903 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS (REPEALED) › Subpart C - RULES RELATING TO THE COMPOSITION OF, AND ALLOCATION TO, EXPENSE GROUPS (REPEALED) › Section 903.410 - List of Expense Groups (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 50 - INSURANCE › Part 903 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS (REPEALED) › Subpart C - RULES RELATING TO THE COMPOSITION OF, AND ALLOCATION TO, EXPENSE GROUPS (REPEALED) › Section 903.420 - Composition of the Expense Groups (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 50 - INSURANCE › Part 903 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS (REPEALED) › Subpart C - RULES RELATING TO THE COMPOSITION OF, AND ALLOCATION TO, EXPENSE GROUPS (REPEALED) › Section 903.430 - Allocation to Expense Groups (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 50 - INSURANCE › Part 903 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS (REPEALED) › Subpart D - RULES RELATING TO ALLOCATION TO LINES OF BUSINESS (REPEALED) › Section 903.520 - Allocation of Expenses to Lines of Business (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 50 - INSURANCE › Part 903 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS (REPEALED) › Subpart E - SPECIAL INSTRUCTIONS RELATING TO THE ALLOCATION OF SALARIES AND OTHER EXPENSES (REPEALED) › Section 903.610 - General Procedures in Allocating Salaries (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 50 - INSURANCE › Part 903 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS (REPEALED) › Subpart E - SPECIAL INSTRUCTIONS RELATING TO THE ALLOCATION OF SALARIES AND OTHER EXPENSES (REPEALED) › Section 903.620 - General Instructions Regarding Allocation Bases (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 50 - INSURANCE › Part 903 - INSURANCE COMPANIES ORIGINATING PAYDAY LOANS (REPEALED) › Subpart E - SPECIAL INSTRUCTIONS RELATING TO THE ALLOCATION OF SALARIES AND OTHER EXPENSES (REPEALED) › Section 903.630 - Special Statements and Records Required (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
The illustrations referred to were omitted from Rule 9.03
					 (now 50 Ill. Adm. Code 903) as filed July 11, 1958. The Department of Insurance
					 has advised that the specimen material intended by the rules may be found in
					 "Instructions for Uniform classifications of Expenses of
					 Fire-Marine-Casualty-Surety Insurers Effective January 1, 1949 (NAIC Proc. 1949
					 pp. 42-125)" together with official NAIC amendments thereto and interpretations
					 thereof.
Illinois Administrative Code › Title 50 - INSURANCE › Part 904 - INTERNAL SECURITY STANDARD AND FIDELITY BONDS › Section 904.5 - Authority and Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) This Part is
			 promulgated and adopted pursuant to and in accordance with the provisions of
			 Section 401 of the Code.
b) All
			 companies are directed and required, by resolution of their Board of Directors
			 or other appropriate action, to conform their internal functions to this
			 Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 904 - INTERNAL SECURITY STANDARD AND FIDELITY BONDS › Section 904.7 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Code" means the Illinois Insurance Code [ 215 ILCS 5 ].
"Company" means any domestic company as defined in Section 2(f)
				of the Code, any health maintenance organization as defined in Section 1-2(9)
				of the Health Maintenance Organization Act [ 215 ILCS 125 ] that is formed
				under the laws of this State, any limited health service organization as
				defined in Section 1002 of the Limited Health Service Organization Act [ 215
				ILCS 130 ] that is formed under the laws of this State, any dental service plan
				corporation as defined in Section 3 of the Dental Service Plan Act [ 215 ILCS
				110 ], and any health services plan corporation as defined in Section 2(a) of
				the Voluntary Health Services Plans Act [ 215 ILCS 165 ].
"Security" has the meaning ascribed in Section 2.1 of the
				Illinois Securities Law of 1953 [ 815 ILCS 5 ].
Illinois Administrative Code › Title 50 - INSURANCE › Part 904 - INTERNAL SECURITY STANDARD AND FIDELITY BONDS › Section 904.10 - Registration of Securities

Current through Register Vol. 48, No. 28, July 12, 2024
All securities, whether negotiable or not, belonging to or in
				the possession, custody or control of any company shall be registered, issued
				to, and carried in the name of the company except:
a) Securities pledged or hypothecated with
			 the company as security for indebtedness or obligations to the
			 company;
b) Securities deposited by
			 or with the company as collateral on fidelity or surety bonds written for or by
			 the company;
c) Securities that are
			 only issued to the bearer in bearer form, i.e., securities that cannot be
			 issued in registered form;
d)
			 Securities in "custodial" accounts maintained with a bank or trust company
			 licensed by the United States or any state and regularly examined by the
			 licensing authority, provided that "custodial" accounts shall be the undivided
			 responsibility of the depository and provided further that the "custodial"
			 account shall be established conformably with, and conducted in compliance
			 with, Section
			 904.20;
e) Securities in street form and in the
			 custody of a registered dealer in securities, for a period not exceeding 30
			 days, provided that the registered dealer in securities shall not be an
			 officer, director, agent or employee of the owner of the securities and
			 provided further that accounts with the dealer shall be established conformably
			 with, and conducted in compliance with, Section 904.20;
f) Securities deposited with any state
			 insurance department or similar authority pursuant to any requirement for that
			 deposit if the deposit may be made in "bearer" securities.
AGENCY NOTE: Illinois will not accept "bearer" securities as
				  a part of a company's deposit.
Illinois Administrative Code › Title 50 - INSURANCE › Part 904 - INTERNAL SECURITY STANDARD AND FIDELITY BONDS › Section 904.20 - Custody, Care and Disposition of Securities

Current through Register Vol. 48, No. 28, July 12, 2024
a) Transfer, sale, assignment or disposition
			 of any security belonging to any company, other than upon the surrender of the
			 security for payment at maturity or under an option of the maker of the
			 security to repay the security, shall be authorized or ratified by the Board of
			 Directors, or by a committee of the Board charged with the duty of supervising
			 investments and loans.
b) Any
			 instrument for the assignment, sale, transfer or disposition of any securities,
			 and all checks or other orders for disbursement of funds of the company in
			 connection with the purchase of any securities, shall:
1) require the signature of at least two
			 officers or employees who shall have been so authorized by the Board of
			 Directors, or by a committee of the Board charged with the duty of supervising
			 investments and loans; or
2) be
			 executed pursuant to policies, procedures and controls the company has put in
			 place for the authorization of transactions and appropriate segregation of
			 duties relative to these types of transactions. The policies, procedures and
			 controls must be approved by the Board of Directors of the company and a copy
			 must be kept on file and made available for review by the Department in an
			 examination. These policies, procedures and controls must require the company
			 to:
A) segregate duties among individuals
			 related to authorization, recording and reconciling of the transactions so that
			 no individual performs more than one of these duties; and
B) maintain written documentation of:
i) the individuals, by name or job title, who
			 have authority to approve the transactions covered in this Section;
			 and
ii) the limits or ranges of
			 each individual's authorization to approve the transactions.
Illinois Administrative Code › Title 50 - INSURANCE › Part 904 - INTERNAL SECURITY STANDARD AND FIDELITY BONDS › Section 904.30 - Signature of Checks - Facsimile Signatures

Current through Register Vol. 48, No. 28, July 12, 2024
a) A company shall have policies, procedures
			 and controls in place regarding disbursements of checks. As part of the
			 policies, procedures and controls, the company must:
1) Prepare a list of authorized signers by
			 name or job classification, with approved limits of authority for each
			 authorized signer; and
2) Set
			 minimum thresholds for which dual signatures are required.
Illinois Administrative Code › Title 50 - INSURANCE › Part 904 - INTERNAL SECURITY STANDARD AND FIDELITY BONDS › Section 904.40 - Bank Balance Verification

Current through Register Vol. 48, No. 28, July 12, 2024
Verification of bank account balances and reconciliation of
				bank account statements shall be made by an officer or employee not empowered
				or authorized to approve payment of drafts or to make withdrawals from or
				charges against the accounts.
Illinois Administrative Code › Title 50 - INSURANCE › Part 904 - INTERNAL SECURITY STANDARD AND FIDELITY BONDS › Section 904.50 - Bond Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) All
			 companies shall procure and maintain in force surety bonds on employees,
			 officers or positions outlined in this Part and in accordance with an amount
			 not less than the minimum amount shown as guidance provided in the National
			 Association of Insurance Commissioners (NAIC) Financial Condition Examiners
			 Handbook 2018 Edition (1100 Walnut St., Ste. 1500, Kansas City MO 64016-2277)
			 at Exhibit R, entitled "Suggested Minimum Amounts of Fidelity Insurance" (no
			 later editions or amendments). All surety bonds shall be written on a form that
			 provides coverage on a discovery basis. All such bonds shall contain a
			 provision that no cancellation or termination of the bond, whether by or at the
			 request of the insured or by the underwriter, shall take effect prior to the
			 expiration of 90 days after written notice of cancellation or termination has
			 been filed with the Department unless an earlier date of cancellation or
			 termination is approved by the Department.
b) Surety bonds required by this Section
			 shall include all employees, officers or positions for the following perils,
			 which may be covered under separate policies:
1) Dishonesty of employees and
			 officers;
2) Robbery, burglary,
			 larceny, theft, false pretense, holdup, misplacement, mysterious disappearance,
			 and damage or destruction while property is in any bank or any recognized place
			 of safe deposit, or in transit; and
3) Forgery or alteration.
Illinois Administrative Code › Title 50 - INSURANCE › Part 907 - EXEMPT SALE OF INSURANCE COMPANY SHARES › Section 907.10 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
This Rule is issued by the Director of Insurance pursuant to
				Section 401 of the Illinois Insurance Code, which empowers the Director to make
				reasonable rules and regulations as may be necessary for making effective the
				insurance laws of this State. This Part implements Sections 20, 32 and 147.1(3)
				(e) of the Illinois Insurance Code.
Illinois Administrative Code › Title 50 - INSURANCE › Part 907 - EXEMPT SALE OF INSURANCE COMPANY SHARES › Section 907.20 - Definition of Shares

Current through Register Vol. 48, No. 28, July 12, 2024
The word shares, as used in this Part, shall include securities
				issued by and representing an interest in any insurance company. However, the
				word shares shall not include rights to shares (as distinguished from the
				shares proper) under stock option plans which have been approved by the
				Director of Insurance.
Illinois Administrative Code › Title 50 - INSURANCE › Part 907 - EXEMPT SALE OF INSURANCE COMPANY SHARES › Section 907.40 - Exempt Transactions

Current through Register Vol. 48, No. 28, July 12, 2024
The transactions enumerated in Sections
				907.50,
				907.60 and
				907.70
				of this Part are hereby declared exempt from the provisions of Section 147.1 of
				the Illinois Insurance Code.
Illinois Administrative Code › Title 50 - INSURANCE › Part 907 - EXEMPT SALE OF INSURANCE COMPANY SHARES › Section 907.50 - Private Sale

Current through Register Vol. 48, No. 28, July 12, 2024
Solicitations of purchases in Illinois to not more than 70
				persons and actual sales in Illinois to not more than 35 of such persons of
				shares of an issuer for the direct or indirect benefit of the issuer or a
				controlling person within any period of twelve consecutive months, excluding in
				determining such 70 and 35 persons purchasers and offerees of shares in exempt
				transactions pursuant both to the provisions of paragraph (b) or (c) of
				subsection (3) of Section 147.1 of the Illinois Insurance Code, to the
				provisions of exemptions other than the one established by this Section, and in
				transactions authorized by a permit issued by the Director under subsection (5)
				of Section 147.1 of the Illinois Insurance Code, whether such sale or offering
				is by the issuer or a controlling person, either directly or through an
				underwriter or dealer acting either as agent or principal; provided, however,
				this exemption shall become available only upon compliance with the following
				conditions before commencing any solicitation in this State:
a) any underwriting agreements entered into
			 in connection with such an offering together with all other pertinent documents
			 and data shall be filed with the Department; and
b) in the case of a domestic stock company a
			 permit is issued by the Director to issue shares and solicit subscriptions for
			 the same pursuant to Sections 20 or 32 of the Code; or
c) an exemption ruling in letter or other
			 appropriate form is issued by the Director.
Illinois Administrative Code › Title 50 - INSURANCE › Part 907 - EXEMPT SALE OF INSURANCE COMPANY SHARES › Section 907.60 - Dealer Trading

Current through Register Vol. 48, No. 28, July 12, 2024
a) The sale by
			 a dealer, either as principal or agent, of any such shares at a price
			 reasonably related to the current market price of such shares shall be
			 exempt.
b) The exemption provided
			 in this Section shall apply only if the sale is made in good faith and not for
			 the purpose of avoiding any of the provisions of Section 147.1 of the Illinois
			 Insurance Code, and only if such sale is not made for the direct or indirect
			 benefits of the issuer of the shares, or a controlling person in respect of
			 such issuer (unless the sale is pursuant to Section 147.1(3) (c) or Section
			 907.50 of this
			 Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 908 - RECORDING OF PREMIUMS COLLECTED AND DEFINITION OF GROSS PREMIUMS › Section 908.10 - Application and Effective Date

Current through Register Vol. 48, No. 28, July 12, 2024
This Part applies to all domestic companies transacting any
				kind or kinds of business specified under Classes 2 and 3 of Section 4 of the
				Illinois Insurance Code.
Illinois Administrative Code › Title 50 - INSURANCE › Part 908 - RECORDING OF PREMIUMS COLLECTED AND DEFINITION OF GROSS PREMIUMS › Section 908.20 - Recording of Premiums Collected

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 From and after the effective date of this Part, all receipts from premium
			 collections entered on each company's records must be identifiable to a
			 definite individual policy, endorsement, rider or other amendment, to indicate
			 the allocation of the collection to an individual insured.
b) Listings, cards or other data must be
			 maintained clearly identifying the individual policyholder on all accounts
			 covering uncollected premiums or agents' balances, and the total of these
			 subsidiary ledger records must balance to the general ledger uncollected
			 premium (agents' balances) control account. Detail shown on these subsidiary
			 accounts must include individual policy numbers, net due per policy and the
			 effective date written.
c) In
			 computing over 90 day balances, the actual effective date of the policy,
			 endorsement, rider or other amendment developing the premium charge shall
			 govern. If any installment of any premium has been due and unpaid for more than
			 ninety days at the date of determination, no unpaid installment of such premium
			 shall be allowed as an admitted asset.
Illinois Administrative Code › Title 50 - INSURANCE › Part 908 - RECORDING OF PREMIUMS COLLECTED AND DEFINITION OF GROSS PREMIUMS › Section 908.30 - "Gross Premiums" Defined

Current through Register Vol. 48, No. 28, July 12, 2024
For the purpose of computing or calculating the unearned
				premium reserve under section 393.1 of the Illinois Insurance Code, the term
				"Gross Premium" in any particular case is defined as the total amount charged
				the insured, excluding only the following:
a) policy and/or membership fees, when these
			 charges appear as separate amounts on the policy and are authorized under the
			 company's approved rate filing; and
b) taxes where the Company acts only as a
			 collection agency and the amounts collected clearly appear as separate charges
			 on the policy.
Illinois Administrative Code › Title 50 - INSURANCE › Part 909 - ADVERTISING AND SALES PROMOTION OF LIFE INSURANCE AND ANNUITIES › Section 909.10 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is issued by the Director of Insurance pursuant to
				Sections 401 and 500-145 of the Illinois Insurance Code [215 ILCS 5/401 and 500
				-145], which empower the Director to make reasonable rules and regulations as
				may be necessary for making effective the insurance laws of this State. The
				purpose of this Part is to set forth minimum standards and guidelines to assure
				a full and truthful disclosure to the public of all material and relevant
				information in the advertising or solicitation of life insurance policies and
				annuity contracts. This Part implements the Illinois Insurance Code [215 ILCS 5
				] by defining acts and practices that constitute a violation of one or more of
				the following Sections of the Illinois Insurance Code: Sections 149, 151, 236,
				237 and 426 and Article XXXI [215 ILCS 5/149, 151, 236, 237 and 426 and Article
				XXXI], which generally relate to the use of false or misleading statements and
				certain prohibited actions in the sale of insurance and that apply variously to
				life insurance companies and to insurance producers and
				solicitors.
Illinois Administrative Code › Title 50 - INSURANCE › Part 909 - ADVERTISING AND SALES PROMOTION OF LIFE INSURANCE AND ANNUITIES › Section 909.30 - Applicability

Current through Register Vol. 48, No. 28, July 12, 2024
a) This Part shall
			 apply to any life insurance or annuity advertisement intended for dissemination
			 in this State.
b) Every insurer
			 shall establish and at all times maintain a system of control over the content,
			 form and method of dissemination of its advertisements. All such
			 advertisements, regardless of by whom written, created, designed or presented,
			 shall be the responsibility of the insurer.
Illinois Administrative Code › Title 50 - INSURANCE › Part 909 - ADVERTISING AND SALES PROMOTION OF LIFE INSURANCE AND ANNUITIES › Section 909.40 - Form and Content of Advertisements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Advertisements shall be truthful and not
			 misleading in fact or by implication. The form and content of an advertisement
			 shall be sufficiently complete and clear so as to avoid deception. It shall not
			 have the capacity or tendency to mislead or deceive. Whether an advertisement
			 has the capacity or tendency to mislead or deceive shall be determined by the
			 Director of Insurance from the overall impression that the advertisement may be
			 reasonably expected to create upon a person of average education or
			 intelligence within the segment of the public to which it is
			 directed.
b) No advertisement shall
			 use the terms "investment," "investment plan," "founder's plan," "charter
			 plan," "expansion plan," "profit," "profits," "profit sharing, " "interest
			 plan," "savings," "savings plan," or other similar terms in connection with a
			 policy in a context or under such circumstances of conditions as to have the
			 capacity or tendency to mislead a purchaser or prospective purchaser of such
			 policy to believe that he will receive, or that it is possible that he will
			 receive, something other than a policy or some benefit not available to other
			 persons of the same class and equal expectation of life.
Illinois Administrative Code › Title 50 - INSURANCE › Part 909 - ADVERTISING AND SALES PROMOTION OF LIFE INSURANCE AND ANNUITIES › Section 909.60 - Identity of Insurer

Current through Register Vol. 48, No. 28, July 12, 2024
a) The name of
			 the insurer shall be clearly identified, and if any specific individual policy
			 is advertised it shall be identified either by form number or other appropriate
			 description. An advertisement shall not use a trade name, any insurance group
			 designation, name of the parent company of the insurer, name of the particular
			 division of the insurer, service mark, slogan, symbol or other device or
			 reference without disclosing the name of the insurer, if the advertisement
			 would have the capacity or tendency to mislead or deceive as to the true
			 identity of the insurer or create the impression that a company other than the
			 insurer would have any responsibility for the financial obligation under a
			 policy.
b) No advertisement shall
			 use any combination of words, symbols or physical materials which by their
			 content, phraseology, shape, color, or other characteristics are so similar to
			 a combination of words, symbols or physical materials used by a governmental
			 program or agency or otherwise appear to be of such a nature that they tend to
			 mislead prospective insureds into believing that the solicitation is in some
			 manner connected with such governmental program or agency.
Illinois Administrative Code › Title 50 - INSURANCE › Part 909 - ADVERTISING AND SALES PROMOTION OF LIFE INSURANCE AND ANNUITIES › Section 909.70 - Jurisdictional Licensing and Status of Insurer

Current through Register Vol. 48, No. 28, July 12, 2024
a) An advertisement which is intended to be
			 seen or heard beyond the limits of the jurisdiction in which the insurer is
			 licensed shall not imply licensing beyond such limits.
b) An advertisement may state that an insurer
			 is licensed in the state where the advertisement appears, provided it does not
			 exaggerate such fact or suggest or imply that competing insurers may not be so
			 licensed.
c) An advertisement shall
			 not create the impression that the insurer, its financial condition or status,
			 the payment of its claims or the merits, desirability or advisability of its
			 policy forms or kinds of plans of insurance are recommended or endorsed by any
			 governmental entity. However, where a governmental entity has recommended or
			 endorsed a policy form or plan, such fact may be stated if the entity
			 authorizes its recommendation or endorsement to be used in an
			 advertisement.
Illinois Administrative Code › Title 50 - INSURANCE › Part 909 - ADVERTISING AND SALES PROMOTION OF LIFE INSURANCE AND ANNUITIES › Section 909.80 - Statements about an Insurer

Current through Register Vol. 48, No. 28, July 12, 2024
An advertisement shall not contain statements, pictures, or
				illustrations which are false or misleading, in fact or by implication, with
				respect to the assets, liabilities, insurance in force, corporate structure,
				financial condition, age or relative position of the insurer in the insurance
				business. An advertisement shall not contain a recommendation by any commercial
				rating system unless it clearly defines the scope and extent of the
				recommendation.
Illinois Administrative Code › Title 50 - INSURANCE › Part 909 - ADVERTISING AND SALES PROMOTION OF LIFE INSURANCE AND ANNUITIES › Section 909.85 - Advertising and Marketing of Annuities and Variable Life Contracts

Current through Register Vol. 48, No. 28, July 12, 2024
With respect to annuities and variable life contracts, any
				advertisement or other device designed to produce leads based on a response
				from a potential insured that is directed toward persons age 65 or older shall
				prominently disclose that an insurer or insurance producer may contact the
				applicant if that is the fact. In addition, an insurer or insurance producer
				who makes contact with a person as a result of acquiring that person's name
				from a lead generating device shall disclose that fact in the initial contact
				with the person.
a) No insurer,
			 insurance producer, solicitor, or other person or other entity shall solicit
			 persons age 65 and older in this State through the use of a name that is
			 deceptive or misleading.
b)
			 Advertisements shall not employ words, letters, initials, symbols or other
			 devices that are so similar to those used by governmental agencies, a nonprofit
			 or charitable institution, senior organization, or other insurer that they
			 could have the capacity or tendency to mislead the public.
c) No advertisement may imply that the reader
			 may lose a right or privilege or benefits under federal, State, or local law if
			 he or she fails to respond to the advertisement.
d) An insurer, insurance producer, or other
			 entity may not use an address so as to mislead or deceive as to the true
			 identity, location, or licensing status of the insurer, insurance producer, or
			 other entity.
e) In addition to any
			 other prohibition on untrue, deceptive, or misleading advertisements, no
			 advertisement for an event where insurance products will be offered for sale
			 may use the terms "seminar", "class", "informational meeting", or substantially
			 equivalent terms to characterize the purpose of the public gathering or event
			 unless it adds the words "and insurance sales presentation" immediately
			 following those terms in the same type size and font as those terms.
Illinois Administrative Code › Title 50 - INSURANCE › Part 909 - ADVERTISING AND SALES PROMOTION OF LIFE INSURANCE AND ANNUITIES › Section 909.90 - Advertising Records and Certificate

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each insurer shall maintain at its home or
			 principal office a complete file containing a specimen copy of every printed,
			 published or prepared advertisement hereafter disseminated in this State, with
			 a notation indicating the manner and extent of distribution and the form number
			 of any policy advertised. The file shall be subject to inspection by this
			 Division. All the advertisements shall be maintained in the file for a period
			 of either four years or until the filing of the next regular report of
			 examination of the insurer, whichever is the longer period of time.
b) Every insurer subject to the provisions of
			 this Part shall prepare and maintain a certificate of compliance that will be
			 placed on file with the company, together with the materials identified in
			 subsection (a). The certificate shall be executed by an authorized officer of
			 the insurer wherein it is stated that, to the best of his or her knowledge,
			 information and belief, the advertisements which were disseminated by or on
			 behalf of the insurer in this State during the preceding statement year, or
			 during the portion of such year when this Part was in effect, complied or were
			 made to comply in all respects with the provisions of this Part and the
			 Insurance Laws of this State as implemented and interpreted by this
			 Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 909 - ADVERTISING AND SALES PROMOTION OF LIFE INSURANCE AND ANNUITIES › Section 909.100 - Noncompliance

Current through Register Vol. 48, No. 28, July 12, 2024
Violation of the requirements of this Part shall be an unfair
				trade practice, and evidence of incompetence or untrustworthiness in the
				conduct of business under Section 500-70(a)(7) and (8) of the
				Code.