reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart A - RULES OF GENERAL APPLICATION › Section 8100.190 - Provisions for Granting of Variance from Rules

Current through Register Vol. 48, No. 28, July 12, 2024
The Director or the Director's authorized representative may
				  grant variances from this Part in individual cases when it is determined
				  that:
a) the provision from which the
				variance is granted is not statutorily mandated;
b) no party will be injured by granting the
				variance; and
c) the rule from
				which the variance is granted would, in the particular case, be unnecessarily
				burdensome.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.200 - Definitions of terms Used in this Part

Current through Register Vol. 48, No. 28, July 12, 2024
a) As used in this Part, unless the context
				otherwise requires, the term:
"Act" means the Title Insurance Act [215 ILCS 155 ].
"Delinquency assessment" means any amount, as determined by
				  the Division, payable under Section 15 of the Act and not submitted with the
				  report of each foreign title company as required under Section
				  8100.1500
				  of this Part.
"Surplus as regards policyholders" means the total of capital
				  paid-up, gross paid-in and contributed surplus, special surplus funds,
				  unassigned funds less treasury stock at cost, all as shown on the company's
				  balance sheet.
"Consideration" means, but is not limited to, monies, things,
				  salaries, fees, duplicate payments of a charge, stocks, dividends,
				  distributions of partnership profits, credits representing monies that may be
				  paid at a future date, special bank deposits or accounts, banking terms,
				  special loan or loan guarantee terms, services of all types at special or free
				  rates, and sales or rentals at special prices or rates.
"Director's authorized representative" means any person
				  employed by or on behalf of the Division to whom the Director has delegated
				  verbally or in writing authority to act on the Director's behalf.
b) A Section in this Part that
				defines a term without express reference to the Act or to this Part or to a
				portion thereof defines that term for all purposes as used both in the Act and
				in this Part. Terms defined in the Act and not defined in this Part have the
				meanings given them in the Act.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.205 - Definition of the term "Domestic Title Insurance Company" as Used in the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Domestic Title Insurance Company" as used in the
				  Act shall mean a title insurance company organized under the laws of this
				  State.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.210 - Definition of the term "Application" as Used in Sections 4.(d) and 8.(b) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Application" as used in Section 4.(d) and 8.(b) of
				  the Act shall mean a request in writing under oath containing all the relevant
				  facts upon which a decision can be made, and the specific relief
				  requested.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.215 - Definition of the term "Audit" as Used in Section 12.(b) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Audit" as used in Section 12.(b) of the Act shall
				  include, but not be limited to, any annual or special examination, visit or
				  review required under the Act or required by the Director or the Director's
				  authorized representative in carrying out the duties and responsibilities under
				  the Act.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.220 - Definition of the term "Bonds of the United States" as Used in Section 4.(a) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Bonds of the United States" as used in Section
				  4.(a) of the Act shall include bonds, bills and notes issued by the United
				  States, the United States Federal Reserve and direct obligations of the United
				  States of America for the payment of money, or obligations for the payment of
				  money to the extent guaranteed or insured as to the payment of principal and
				  interest by the United States of America.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.225 - Definition of the term "Bonds ... of Any Body Politic of This State" as Used in Section 4.(a) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Bonds ... of Any Body Politic of This State" as
				  used in Section 4.(a) of the Act shall mean direct, general obligations of any
				  body politic of this State for the payment of money, or obligations for the
				  payment of money to the extent guaranteed as to the payment of principal and
				  interest by the State on the following conditions:
a) The obligations are payable or guaranteed
				from ad valorem taxes;
b) Such body
				politic is not in default in the payment of principal or interest of any of its
				direct or guaranteed obligations; and
c) No investment shall be made in obligations
				which are secured only by special assessments.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.230 - Definition of the term "Bonds ... of This State" as Used in Section 4.(a) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Bonds ... of This State" as used in Section 4.(a)
				  of the Act shall mean direct, general obligations of this State for the payment
				  of money, or obligations for the payment of money to the extent guaranteed or
				  insured as to the payment of principal and interest by the State on the
				  following conditions:
a) The State has
				the power to levy taxes for the prompt payment of the principal and interest of
				such obligations, and
b) The State
				shall not be in default in the payment of principal or interest on any of its
				direct, guaranteed or insured obligations at the date of such
				investment.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.235 - Definition of the term "Qualified to Do business in This State" as Used in Section 4.(a) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Qualified to Do Business in This State" as used in
				  Section 4.(a) of the Act shall mean the date of and period in which a company
				  is in compliance with the requirements of the Business Corporation Act of 1983
				  (Ill. Rev. Stat. 1987, ch. 32, par.
				  1.10
				  et seq.).
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.240 - Definition of the term "Title Plant" as Used in Section 7.(b) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Title Plant" as used in Section 7.(b) of the Act
				  shall mean a set of records in which an entry has been made of documents or
				  matters imparting constructive notice under the law of matters affecting title
				  to real property or any interest therein or encumbrance thereon, which have
				  been filed or recorded in the jurisdiction for which such title plant is
				  maintained.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.245 - Definition of the term "Net Retained Liability" as Used in Sections 8.(a) and 11.(c)(2) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Net Retained Liability" as used in Sections 8.(a)
				  and 11.(c)(2) of the Act shall mean the total liability retained by a title
				  insurance company for a single risk, after taking into account the deduction
				  for ceded liability, if any.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.250 - Definition of the term "Capital" as Used in Section 9.(a) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Capital" as used in Section 9.(a) of the Act shall
				  mean the paid-up capital of the company.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.255 - Definition of the term "Notice" as Used in Section 9.(b) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Notice" as used in Section 9.(b) of the Act shall
				  include, but not be limited to, a communication accomplished by telephone,
				  United States Postal Service, private mail service, computer transaction or
				  facsimile transmission.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.260 - Definition of the term "Alien Title Insurance Company" as Used in Section 11.(b) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Alien Title Insurance Company" as used in Section
				  11.(b) of the Act shall mean any title insurer incorporated or organized under
				  the laws of any foreign nation or any province or territory
				  thereof.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.265 - Definition of the term "Foreign Title Insurance Company" as Used in Sections 11.(b) and 15 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Foreign Title Insurance Company" as used in
				  Sections 11.(b) and 15 of the Act shall mean any title insurance company
				  organized under the laws of any other state of the United States, the District
				  of Columbia, or any other jurisdiction of the United States.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.270 - Definition of the term "Like Purposes" as Used in Section 15 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Like Purposes" as used in Section 15 of the Act
				  shall not include the fee specified in Section 14.(b) of the
				  Act.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.275 - Definition of the term "Party" as Used in Section 23 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Party" as used in Section 23 of the Act shall
				  include, but not be limited to, all holders of or applicants for any
				  certificate of authority or registration, their agents, servants and employees,
				  whether they are natural persons, corporations, partnerships, associations,
				  cooperatives, trusts or other legal entities.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart B - DEFINITIONS › Section 8100.280 - Definition of the term "Person" as Used in Section 24 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Person" as used in Section 24 of the Act shall
				  include, but not be limited to, all holders of or applicants for any
				  certificate of authority or registration, their agents, servants and employees,
				  whether they are natural persons, corporations, partnerships, associations,
				  cooperatives, trusts or other legal entities.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.400 - Bonds and Securities Acceptable for Deposit

Current through Register Vol. 48, No. 28, July 12, 2024
Each Title Insurance Company ("company") prior to becoming
				  certified by the Director to transact the business of insuring and guaranteeing
				  titles to real estate in this State shall deposit with the Division bonds of
				  the United States, this State or any body politic of this State in the amount
				  specified by Section 4(b) of the Act ("bonds"). No other bonds or securities
				  are acceptable for deposit.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.401 - Place of Deposit

Current through Register Vol. 48, No. 28, July 12, 2024
Each company shall:
a) instead of physical delivery of the bonds
				to the Division, place the required deposit in the custody of any trust company
				or bank located in this State and qualified to do business under the Corporate
				Fiduciary Act [205 ILCS 620 ] ("Depository Institution");
b) execute and deliver to the Division a
				Pledgor/Pledgee Authorization form for filing with the Depository Institution;
				and
c) file with the Division a
				true and correct copy of an acknowledgement issued by the Depository
				Institution setting forth the amount of and description of the bonds on
				deposit.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.402 - Computation of Amount on Deposit

Current through Register Vol. 48, No. 28, July 12, 2024
Each Company shall compute the value of the Bonds on deposit
				  on at least a quarterly basis. The computation shall be made using the actual
				  cash value of each Bond, not face value. At all times, the actual cash value of
				  the Bonds on deposit must be equal to or greater than the amount required to be
				  on deposit , as specified under Section 4.(b) of the Act.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.403 - Exchange of Bonds on Deposit

Current through Register Vol. 48, No. 28, July 12, 2024
No Company shall exchange, substitute, remove, encumber, or
				  hypothecate, Bonds on deposit without receiving prior thereto written approval
				  from the Director or the Director's authorized
				  representative.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.900 - Impairment

Current through Register Vol. 48, No. 28, July 12, 2024
Impairment occurs:
a) when an insurer does not possess assets
				equal to at least its total statutory liabilities; or
b) when its surplus as regards policyholders
				is 75% or less of the paid-up capital as shown in the most recent annual
				statement of the company on file with the Division.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.905 - Definition of the Term "Statutory Liabilities" as Used in This Subpart

Current through Register Vol. 48, No. 28, July 12, 2024
The term "statutory liabilities" as used in this Subpart
				  shall mean the total liabilities of the company as shown in its most recent
				  annual statement on file with the Division.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.1000 - Date of Redetermination of Required Reserves

Current through Register Vol. 48, No. 28, July 12, 2024
Each Company shall redetermine the reserves required under
				  Section 10 of the Act annually as of December 31st regardless of the date when
				  the initial reserve against unpaid losses and loss expenses were
				  established.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.1005 - Records of Required Reserves

Current through Register Vol. 48, No. 28, July 12, 2024
Each Company shall maintain for each claim file a
				  chronological record of each notice received which results in a revision or
				  readjustment to the reserve against unpaid losses or loss
				  expense.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.1100 - Records of Statutory Premium Reserve

Current through Register Vol. 48, No. 28, July 12, 2024
Each Company shall maintain a record of the statutory premium
				  reserve required pursuant to Section 11 of the Act, which sets forth the basis
				  of and computation of the reserve, along with the amount of, date of and
				  computation of each amount released from the reserve.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.1200 - Consumer Complaints

Current through Register Vol. 48, No. 28, July 12, 2024
Each company shall maintain for review by the
				  Division:
a) A file or consumer
				complaint register containing each written complaint received from any person
				or party regarding property located in this State other than matters for which
				a separate claim file has been opened, together with the response to or
				resolution of the complaint.
b) The
				files must be maintained during each audit period and will be reviewed by and
				released by the Division's examiner at the time of annual audit. The completion
				of the audit without limitation to the contrary shall constitute release and
				permit the company to dispose of complaints responded to or otherwise
				resolved.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.1300 - Report of Condition

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each
				Company shall file a report of condition pursuant to Section 13 of the Act
				which includes, but is not limited to:
1) an
				audited financial statement;
2) the
				current address and telephone number of the main administrative
				office;
3) the primary location of
				books and records;
4) a list of
				officers and directors;
5) a list
				of and analysis of investments;
6)
				a schedule of special and regular deposits;
7) a list of subsidiary, controlled or
				affiliated companies;
8) an
				organization chart;
9) a narrative
				report of all contingencies which may have a material affect on finances or
				operations; and
10) the date of and
				state conducting the latest financial examination of the company.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.1500 - Due Date for Filing Report

Current through Register Vol. 48, No. 28, July 12, 2024
Each foreign title insurance company shall file not later
				  than May 15th of each year a report setting forth
				  the basis for, computation of and amount due pursuant to Section 15 of the
				  Act.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.1505 - Due Date for Deposits and Payments

Current through Register Vol. 48, No. 28, July 12, 2024
All amounts due pursuant to Section 15 of the Act shall be
				  paid to and received by the Division not later than May 15 of each
				  year.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.1510 - Review of Reports

Current through Register Vol. 48, No. 28, July 12, 2024
Each report filed with the Division will be reviewed. A
				  report of the review, including any delinquency assessment, will be submitted
				  to the filing company.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart C - TITLE INSURANCE COMPANIES › Section 8100.1515 - Due Date for Delinquency Assessment

Current through Register Vol. 48, No. 28, July 12, 2024
Amounts due pursuant to the delinquency assessment shall be
				  paid to and received by the Division within 30 days after the date of issuance
				  of the delinquency assessment.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart D - TITLE INSURANCE AGENTS › Section 8100.1600 - Registration of Title Insurance Agents

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each company shall make the annual filing
				of the required registration form for title insurance agents on or before
				February 1 of each year. Included with the filing shall be the annual fee
				computed in accordance with Section 14(b) of the Act.
b) Each company shall file supplemental
				registrations for new title insurance agents. Each new title insurance agent
				shall be registered with the Division within 30 days after the signing of the
				agency agreement.
c) No title
				insurance agent shall conduct business before:
1) having obtained errors and omissions
				insurance, if required by the terms of the agency agreement, in an amount
				acceptable to the title insurance company appointing the agent; and
2) being registered with the
				Division.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1700 - Bonds and Securities Acceptable for Deposit

Current through Register Vol. 48, No. 28, July 12, 2024
Each independent escrowee, prior to becoming certified by the
				  Director to transact business in this State, shall deposit with the Division
				  bonds of the United States, this State or any body politic of this State in the
				  amount specified by Section 4(b) of the Act ("bonds"). No other bonds or
				  securities are acceptable for deposit.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1701 - Place of Deposit

Current through Register Vol. 48, No. 28, July 12, 2024
Each independent escrowee shall:
a) instead of physical delivery of the bonds
				to the Division, place the required deposit in the custody of any trust company
				or bank located in this State and qualified to do business under the Corporate
				Fiduciary Act, ("Depository Institution");
b) execute and deliver to the Division, a
				Pledgor/Pledgee Authorization form for filing with the Depository Institution;
				and
c) file with the Division a
				true and correct copy of the safekeeping certificate issued by the Depository
				Institution setting forth the amount of and description of the bonds on
				deposit.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1702 - Computation of Amount on Deposit

Current through Register Vol. 48, No. 28, July 12, 2024
Each independent escrowee shall compute the value of the
				  Bonds on deposit. The computation will be made using the actual cash value of
				  each Bond, not face value. At all times, the actual cash value of the Bonds on
				  deposit must equal at least 95% of the face value of the Bonds on deposit, as
				  specified under Section 4.(b) of the Act.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1703 - Exchange of Bonds on Deposit

Current through Register Vol. 48, No. 28, July 12, 2024
No independent escrowee shall exchange, substitute, remove,
				  encumber or hypothecate Bonds on deposit without receiving prior thereto
				  written approval from the Director or the Director's authorized
				  representative.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1704 - Starker Exchange

Current through Register Vol. 48, No. 28, July 12, 2024
Licensed attorneys, retained by the parties to a real estate
				  transaction to act solely as escrowee, trustee or other capacity in
				  effectuating a Starker exchange (Starker vs. U.S., 602 F.2d 1341
				  (9th Cir. 1979)) or other similar transaction,
				  structured to obtain favorable tax treatment under the Internal Revenue Code or
				  other tax law, are not independent escrowees.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1705 - Independent Accountant

Current through Register Vol. 48, No. 28, July 12, 2024
The Annual Report and all financial statements provided to
				  the Division by an independent escrowee shall be prepared by an independent
				  certified public accountant.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1706 - Notice of Judgments

Current through Register Vol. 48, No. 28, July 12, 2024
An independent escrowee shall notify the Director, in
				  writing, immediately upon becoming aware of an entry of a money judgment in a
				  civil action against the independent escrowee, or entry of a judgment involving
				  moral turpitude against any independent escrowee, officer, or director of an
				  independent escrowee, or after the filing of a criminal action involving moral
				  turpitude against the independent escrowee, or any of its officers, or
				  directors.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1708 - Maintenance of Books

Current through Register Vol. 48, No. 28, July 12, 2024
An independent escrowee shall maintain its books, records and
				  accounts and shall notify the Director in writing of the location of its books,
				  records and accounts. Such books, records and accounts shall be maintained at
				  such location unless the independent escrowee shall notify the Director in
				  writing at least fifteen (15) days prior to changing the location of such
				  books.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1710 - Annual Report

Current through Register Vol. 48, No. 28, July 12, 2024
a) An
				independent escrowee shall make an annual report;
b) The annual report shall include, but is
				not limited to:
1) an audited financial
				statement;
2) the current address
				and telephone number of the main administrative office;
3) the primary location of books and
				records;
4) a list of officers,
				directors and shareholders including addresses;
5) a list of and analysis of
				investments;
6) a schedule of
				special and regular deposits;
7) a
				list of subsidiary, controlled or affiliated companies;
8) an organization chart;
9) a narrative report of all contingencies
				which may have a material affect on finances or operations; and
10) the date of and state conducting the
				latest financial examination of the company.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1712 - Due Date for Filing of Annual Report

Current through Register Vol. 48, No. 28, July 12, 2024
Each independent escrowee shall file an annual report not
				  later than March 31st of each
				  year.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1714 - Confirmation of Escrow Fund and Liability

Current through Register Vol. 48, No. 28, July 12, 2024
The annual report shall include a statement that the escrow
				  fund was confirmed by the accountant in writing directly with the depositories
				  and that the escrow liability was confirmed by the accountant in writing
				  directly with escrow depositors of at least twenty-five (25) escrow accounts or
				  one-fourth of the number of escrow accounts having balances at the reporting
				  date, whichever number is greater. If the independent escrowee has less than
				  twenty-five (25) such accounts, all shall be confirmed.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1716 - Basis of Books

Current through Register Vol. 48, No. 28, July 12, 2024
An independent escrowee shall maintain its books, records and
				  accounts in accordance with generally accepted accounting principles
				  (Accounting Standards of the Financial Accounting Standards Board of the
				  American Institute of Certified Public Accountants (1989)).
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1718 - Posting Dates

Current through Register Vol. 48, No. 28, July 12, 2024
All receipts and disbursements of monies by an independent
				  escrowee shall be posted in the escrow ledger as of the date of such receipts
				  and disbursements.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1720 - Escrow Books

Current through Register Vol. 48, No. 28, July 12, 2024
An independent escrowee shall establish and maintain current
				  the following books with reference to its escrow accounts:
a) escrow ledger containing a separate ledger
				sheet for each escrow;
b) escrow
				liability controlling account; and
c) cash receipt and disbursement journal or a
				file containing copies of all receipts and checks and/or check stubs of checks
				issued by the escrow agent as a medium of posting to the records referred to in
				subsections (a) and (b) in which case adding machine tapes of totals of
				receipts and checks shall be retained. The records referred to in subsections
				(a) and (b) shall be reconciled at least once each month with the bank
				statements of the "trust" or "escrow" account. The records referred to in
				subsection (a) shall be reconciled at least once each week with the escrow
				liability controlling account referred to in subsection (b).
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1722 - General Books

Current through Register Vol. 48, No. 28, July 12, 2024
An independent escrowee shall establish and maintain current
				  the following books with reference to its general accounts:
a) general ledger reflecting the assets,
				liabilities, capital, income and expense of the business, in accordance with
				generally accepted accounting principles (Accounting Standards of the Financial
				Accounting Standards Board of the American Institute of Certified Public
				Accountants (1989)); and
b) cash
				receipt and disbursement journals.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1724 - Special Accounts

Current through Register Vol. 48, No. 28, July 12, 2024
a) All money
				received by an independent escrowee as part of an escrow transaction shall on
				or before the close of the next full working day after such receipt be
				deposited in a bank, a savings bank, a savings and loan association or credit
				union ("financial institution") in an account designated "trust" or "escrow"
				account, or in an account otherwise designated by a name indicating that the
				funds contained therein are not the funds of the escrow agent, but only if such
				other designation has been first approved by the Director. No funds other than
				those received as part of an escrow transaction shall be deposited in such
				account or otherwise commingled with escrow money.
b) Pursuant to written instructions of the
				principals containing at least the provisions required by subsection (c), funds
				received in any particular escrow transaction and deposited pursuant to
				subsection (a) may subsequently be deposited into an interest-bearing escrow
				account established solely for such purpose at a financial institution in the
				name of the independent escrowee as trustee for the principals to the
				particular escrow identified by escrow number.
c) The escrow instructions for
				interest-bearing escrow deposits shall, at a minimum:
1) authorize the opening of an
				interest-bearing escrow account in the name of the independent escrowee as
				trustee for the particular escrow identified by escrow number;
2) specify the type of account to be opened
				and the amount of the deposit;
3)
				identify the name and location of the financial institution with which the
				interest-bearing account is to be opened;
4) specify:
A) the disposition of the interest at the
				close of escrow;
B) the disposition
				of the interest in the event that the escrow fails to close; and
C) the disposition of any accrued interest
				retained in the interest-bearing escrow account after the close of escrow
				pursuant to subsection (g);
5) indicate that the principals have been
				advised by the independent escrowee of possible restrictions or penalties, or
				both for early withdrawal of funds; and
6) prohibit the independent escrowee from
				withdrawing funds from the interest-bearing account except for redeposit into
				the "trust" or "escrow" account.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1726 - Records to be Preserved

Current through Register Vol. 48, No. 28, July 12, 2024
An independent escrowee shall preserve for at least three (3)
				  years from the close of escrow:
a) all
				bank statements of the "trust" or "escrow" account;
b) all canceled checks drawn upon the "trust"
				or "escrow" account;
c) copies of
				bank deposit slips with reference to the "trust" or "escrow" account;
d) all additional records reflecting banking
				transactions with reference to the "trust" or "escrow" account, including
				copies of all receipts for funds transferred from interest-bearing accounts
				into the "trust" or "escrow" account;
e) the Statement of Account;
f) escrow instructions and amendments
				thereto; and
g) all additional
				records pertinent to the escrow transaction.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1728 - Withdrawals From Special Accounts

Current through Register Vol. 48, No. 28, July 12, 2024
All money deposited in such "trust" or "escrow" account shall
				  be withdrawn, paid out, or transferred to other accounts only in accordance
				  with the written instructions of the principals to the escrow transaction or
				  pursuant to order of a court of competent jurisdiction.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1730 - Debit Balances Prohibited

Current through Register Vol. 48, No. 28, July 12, 2024
An independent escrowee shall not withdraw, pay out or
				  transfer moneys from any particular escrow account in excess of the amount to
				  the credit of such account at the time of such withdrawal, payment or
				  transfer.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1732 - Delivery of Documents or Property

Current through Register Vol. 48, No. 28, July 12, 2024
An independent escrowee shall use documents or other property
				  deposited in escrow only in accordance with the written instructions of the
				  principals to the escrow transaction, or if not otherwise directed by written
				  instructions, in accordance with sound escrow practice, or pursuant to order of
				  a court of competent jurisdiction.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1738 - Printed Instructions

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				preprinted form of escrow instructions shall not contain:
1) an authorization or direction to disburse
				any money except to an authorized independent escrowee prior to recordation of
				instruments in escrows relating to real property or prior to consummation of
				sale in escrows relating to bulk sales of personal property; or
2) an authorization or direction to deliver,
				except to a duly authorized subescrow agent or record instruments affecting
				ownership or interest in real or personal property, prior to deposit with the
				independent escrowee of the full sum of money required to be deposited in
				escrow under escrow instruction.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1740 - Withdrawal of Escrow Fees

Current through Register Vol. 48, No. 28, July 12, 2024
Earned escrow fees shall be withdrawn from such "trust" or
				  "escrow" account at least once each month.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1742 - Notice of Interest

Current through Register Vol. 48, No. 28, July 12, 2024
An independent escrowee shall act without partiality to any
				  of the parties to an escrow transaction. If an independent escrowee or a person
				  or company related to or affiliated with the independent escrowee is a
				  principal to the escrow transaction or is acting or has acted in a capacity
				  which can be construed as a conflict of interest in relation to the escrow
				  transaction, the independent escrowee shall advise in writing all parties to
				  the escrow transaction of such relationship or affiliation before being
				  employed as independent escrowee in connection with such transaction. Such
				  advice shall be on the face of the escrow instructions in not less that eight
				  (8) point bold type or its equivalent.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1744 - Transfers Between Escrows

Current through Register Vol. 48, No. 28, July 12, 2024
Transfers of funds between escrows may not be accomplished by
				  the making of book entries alone, but must be accomplished by the actual
				  writing of a check from one escrow to the other, and by the depositing of such
				  check for the account of, and the writing of a receipt for, the escrow to which
				  the funds are being transferred. Such transfers must also be properly supported
				  and documented in the escrow files by inclusion of the reasons for, and the
				  appropriate approval of, the transfer.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1746 - Escrow Receipts

Current through Register Vol. 48, No. 28, July 12, 2024
An independent escrowee shall issue consecutively prenumbered
				  receipts for all escrow money or checks deposited with or mailed to the
				  independent escrowee and retain copies of such receipts in a separate
				  file.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1748 - Drawing of Checks

Current through Register Vol. 48, No. 28, July 12, 2024
A check shall not be drawn, executed or dated prior to the
				  existence, in the particular escrow account against which it is drawn, executed
				  or dated, of a sufficient credit balance to cover said check.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart E - INDEPENDENT ESCROWEES › Section 8100.1750 - Statement of Account

Current through Register Vol. 48, No. 28, July 12, 2024
Upon completion of an escrow transaction, an independent
				  escrowee shall render to each principal to the escrow transaction a statement
				  of the principal's account in writing. Such statement shall specify all
				  receipts and disbursements of escrow funds for the principal's account. Charges
				  made by the independent escrowee for its services shall be clearly designated
				  as such and shall be shown separately. Payments outside of escrow, if shown in
				  the statement, shall be set forth separately from payments by or to the
				  independent escrowee.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart G - EVIDENTIARY MATTERS AND NON-BINDING STATEMENTS › Section 8100.2010 - Request for Non-Binding Statements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Required information and format:
1) All requests for non-binding statements
				shall be in writing. The request shall be filed with the Division and shall
				contain the following:
A) a brief summary of
				the Sections of the Act and of the Sections of this Part to which the request
				pertains;
B) a detailed factual
				representation concerning every relevant aspect of the proposed transaction,
				event or circumstance. Requests should be limited to the particular situation,
				and should not attempt to include every possible type of situation that may
				arise in the future;
C) a
				discussion of current statutes, rules and legal principles relevant to the
				facts set forth;
D) a statement by
				the person requesting the non-binding statement that states the person's own
				opinion in the matter and the basis for that opinion; and
E) a representation that the transaction in
				question has not been commenced or, if it has commenced, the present status of
				the transaction.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart I - CONSUMER PROTECTION › Section 8100.2402 - Standards of Conduct

Current through Register Vol. 48, No. 28, July 12, 2024
a) No title
				insurance company, title agent or independent escrowee shall pay, furnish, or
				agree to pay or furnish, either directly or indirectly, to or on behalf of any
				of the persons listed, any commission or any part of the fees or charges or any
				other thing of value as consideration for any past, present, or future title
				insurance business, any closing and settlement services or any other title
				business:
1) any producer of title business,
				escrow business, or any associate of a producer;
2) any obligee or prospective obligee of any
				obligation secured or to be secured either in whole or in part by real property
				or any interest in real property; and
3) any person who is acting as or who is in
				the business of acting as agent, representative, attorney or employee of any of
				the persons described in subsections (a)(1) and (2).
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart I - CONSUMER PROTECTION › Section 8100.2405 - Definition of the term "Thing of Value" as Used in This Subpart

Current through Register Vol. 48, No. 28, July 12, 2024
The term "Thing of Value" as used in this Subpart includes,
				  but is not limited to, monies, property, things, discounts, salaries,
				  commissions, fees, duplicate payments of a charge, stock dividends,
				  distributions of partnership profits, credits representing monies that may be
				  paid at a future date, special bank deposits or accounts, banking terms,
				  special loan or guarantee terms, services of all types at special or free
				  rates, and sales or rentals at special prices or rates.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart I - CONSUMER PROTECTION › Section 8100.2406 - Borrower's Right to Cancel

Current through Register Vol. 48, No. 28, July 12, 2024
A borrower in a transaction for the purchase or refinance of
				  residential real property, as defined in Section 3(14) of the Act, has the
				  right to cancel or alter the placement of an order for the mortgage title
				  insurance commitment and policy at any time prior to the closing of the
				  transaction without cost or penalty to the borrower. This Section shall not be
				  construed or applied in such a way as to alter the rights and obligations of
				  any party to a contract for the sale and purchase of residential property,
				  pursuant to Section 18.1 of the Act.
Illinois Administrative Code › Title 50 - INSURANCE › Part 8100 - TITLE INSURANCE ACT › Subpart J - PUBLIC INFORMATION › Section 8100.3000 - Non-Public Distribution of Information

Current through Register Vol. 48, No. 28, July 12, 2024
Information or documents obtained by employees of the
				  Division in the course of any examination, audit, visit, registration,
				  certification, review, licensing or investigation pursuant to the Act shall,
				  unless made a matter of public record, be deemed confidential. Employees are
				  prohibited from making disclosure of confidential information or production of
				  documents or any other non-public records of the Division or other governmental
				  agency, unless the Director or the Director's authorized representative
				  authorizes the disclosure of that information or the production of the
				  documents as not being contrary to the public interest.
Illinois Administrative Code › Title 50 - INSURANCE › Part 9010 - ACCIDENT REPORTING › Section 9010.10 - Time Limitations

Current through Register Vol. 48, No. 28, July 12, 2024
Every employer within the provisions of the Workers'
				Compensation Act [ 820 ILCS
				305/6(b) ] and the Workers'
				Occupational Diseases Act [
				820 ILCS
				310/6 ] shall report all fatal accidental injuries to
				the Workers' Compensation Commission immediately; and, between the
				15th and 25th day of the
				month shall report to the Workers' Compensation Commission all non-fatal
				accidental injuries resulting in the loss of more than three scheduled work
				days. All reports are to be filed on forms furnished by the
				Commission.
Illinois Administrative Code › Title 50 - INSURANCE › Part 9015 - ELECTRONIC FILING › Section 9015.10 - Overview of Electronic Filing

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 The Uniform Electronic Transactions Act [815 ILCS
			 333 ] (UETA) authorizes State agencies to send and
			 receive electronic records and electronic signatures to and from other persons
			 and otherwise create, use, store, and rely upon electronic records and
			 electronic signatures. The purpose of the UETA is to facilitate electronic
			 communication by means of reliable electronic records and to facilitate
			 electronic filing of documents. By virtue of the UETA, and with guidance from
			 Supreme Court Rules, the Illinois Workers' Compensation Commission adopts this
			 Part.
b) Pursuant to Section 13 of
			 the Illinois Workers' Compensation Act (Act), the Chairman will set forth
			 administrative guidelines for the implementation of a system by which documents
			 filed under this Part may be formatted and filed electronically. The Chairman
			 shall set forth administrative procedures by which pro se nonattorney litigants
			 may gain access to and file documents using the electronic filing system
			 (e-filing system).
c) Prior to
			 filing any document electronically with the Commission, users are required to
			 register with the Commission and provide all information as required by the
			 Commission's registration procedure. Users shall promptly update the required
			 information. The Commission shall provide an identifier to all registered
			 participants and a means to confirm that the filing was approved by an
			 authorized user. The Attorney Registration and Disciplinary Commission number
			 may be used as the identifier for attorneys to ensure that the attorney is
			 licensed and in good standing.
d)
			 The e-filing system will allow the Commission to verify whether an attorney who
			 registers as a user is authorized to practice in Illinois.
e) Information, records, and signatures shall
			 not be denied legal effect, validity, or enforceability solely on the grounds
			 that they are in electronic form. Further, if statute, regulation, or case law
			 requires information to be "written" or "in writing", or provides for certain
			 consequences if it is not, an electronic record satisfies that
			 requirement.