reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 50 - INSURANCE › Part 301 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 301.30 - Approval of Certificate Form by Director

Current through Register Vol. 48, No. 28, July 12, 2024
Guaranty Fund or Guaranty Capital certificates issued pursuant
				to Section 56 of the Illinois Insurance Code [215
				ILCS 5/56 ] shall be submitted, in duplicate, for the
				approval of the Illinois Director of Insurance (Director) prior to being issued
				by the company. The certificate must state that, all payments of principal
				and/or interest must be approved by the Director; and that the obligation of
				the company under such certificate may not be offset or be subject to
				recoupment with respect to any liability or obligation owed to the company; and
				that no agreement or interest securing such certificate, whether existing on
				the date of such certificate or subsequently entered into, applies to the
				obligation under such certificate.
Illinois Administrative Code › Title 50 - INSURANCE › Part 301 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 301.40 - Execution of Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
After submission of the documents specified in Section
				301.30 and approval
				by the Director, the proposed agreement may be executed by the
				company.
Illinois Administrative Code › Title 50 - INSURANCE › Part 301 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 301.60 - Reporting and Accounting of Indebtedness

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Director shall be notified
			 immediately, in writing, upon the execution of any such certificate, as to the
			 amount thereof and to whom payable.
b) The company shall furnish a copy of the
			 deposit slip evidencing that the funds derived from the execution of such
			 certificate have been deposited to the company's account.
c) All outstanding guaranty funds or guaranty
			 capital and interest accrued thereon shall be reported separately in the Annual
			 Statement on Page 3 and in any other financial statements of the company as
			 special surplus funds.
d) The
			 issuance and repayment of the guaranty fund or guaranty capital, as well as the
			 payment of the interest thereon, shall be reflected as direct debits or credits
			 to the Capital and Surplus Account of the company's financial
			 statement.
e) The interest expense
			 incurred on the guaranty fund or guaranty capital during the current period
			 shall be reflected as a deduction from income on the Statement of
			 Income/Summary of Operations of the company's financial statement.
Illinois Administrative Code › Title 50 - INSURANCE › Part 301 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 301.70 - Retirement of Guaranty Fund and Guaranty Capital and Payment of Interest

Current through Register Vol. 48, No. 28, July 12, 2024
A company may only retire guaranty funds and guaranty capital
				and make payment of interest on any indebtedness as provided under Section 56
				of the Illinois Insurance Code [215
				ILCS 5/56 ]. No payment shall be authorized by the
				Director unless:
a) The company's
			 surplus as regards policyholders is reasonable in relation to its outstanding
			 liabilities and adequate for its financial needs (the determination of the
			 reasonableness and adequacy of surplus shall include consideration of the
			 following factors: premium volume as referenced in Sections 144 and 244.1 of
			 the Illinois Insurance Code (Code) [215 ILCS 5/144 and 244.1]; lines of
			 business and additional authority as referenced in Sections 4, 11, 39, and
			 245.23 of the Code [215 ILCS 5/4, 11, 39, 245.23] and Section 2-1 of the Health
			 Maintenance Organization Act [215
			 ILCS 125/2-1 ]; reserves, company size and operational
			 history as referenced in Section 113 of the Code [215
			 ILCS 5/113 ]), and
b) Such payment will not reduce the company's
			 surplus as regards policyholders to less than that currently required under
			 Section 43 of the Illinois Insurance Code [215
			 ILCS 5/43 ], and
c) Such payment is consistent with the terms
			 of the certificate approved pursuant to Section
			 301.30 of this
			 Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 401 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 401.10 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is promulgated by the Director of Insurance under
				Subsection (a) of 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. It is the purpose of this
				Rule to implement Section 76 of the Illinois Insurance Code.
Illinois Administrative Code › Title 50 - INSURANCE › Part 401 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 401.20 - Application and Effective Date

Current through Register Vol. 48, No. 28, July 12, 2024
This Rule applies to all companies organized under Article IV
				of the Illinois Insurance Code and is applicable to any and all debts other
				than shown as a legal liability of the company. It shall become effective on
				October 1, 1971.
Illinois Administrative Code › Title 50 - INSURANCE › Part 401 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 401.30 - Approval of Certificate Form by Director

Current through Register Vol. 48, No. 28, July 12, 2024
Guaranty Fund or Guaranty Capital certificates issued pursuant
				to Section 76 of the Illinois Insurance Code (Ill. Rev. Stat. 1987, ch. 73 par.
				688) shall be submitted, in duplicate, for the Director's approval prior to
				being issued by the company. The certificate must state that all payments of
				principal and/or interest must be approved by the Director of Insurance. It
				also must state that neither principal nor interest may be repaid unless after
				such payment, surplus as regards policyholders is equal to or greater than
				surplus as regards policyholders immediately after the issuance of the guaranty
				fund or guaranty capital certificates.
Illinois Administrative Code › Title 50 - INSURANCE › Part 401 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 401.40 - Execution of Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
After submission of the documents specified in Section
				401.30
				and approval by the Director, the proposed agreement may be executed by the
				company.
Illinois Administrative Code › Title 50 - INSURANCE › Part 401 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 401.60 - Reporting and Accounting of Indebtedness

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Director shall be notified
			 immediately, in writing, upon the execution of any such certificate, as to the
			 amount thereof and to whom payable.
b) The company shall furnish a copy of the
			 deposit slip evidencing that the funds derived from the execution of such
			 certificate have been deposited into the company's account.
c) All outstanding guaranty funds or guaranty
			 capital and interest accrued thereon shall be reported separately in the Annual
			 Statement on Page 3 and in any other financial statements of the company as
			 special surplus funds.
d) The
			 issuance and repayment of the guaranty fund or guaranty capital, as well as the
			 payment of the interest thereon, shall be reflected as direct debits or credits
			 to the Capital and Surplus Account of the company's financial
			 statement.
e) The interest expense
			 incurred on the guaranty fund or guaranty capital during the current period
			 shall be reflected on the Statement of Income of the company's financial
			 statement.
Illinois Administrative Code › Title 50 - INSURANCE › Part 401 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 401.70 - Retirement of Guaranty Fund and Guaranty Capital and Payment of Interest

Current through Register Vol. 48, No. 28, July 12, 2024
a) A company may
			 only retire guaranty funds and guaranty capital and make payment of interest on
			 any indebtedness as provided under Section 76 of the Illinois Insurance Code.
			 No payment shall be authorized by the Director unless:
1) The company's surplus as regards
			 policyholders is reasonable in relation to its outstanding liabilities and
			 adequate for its financial needs [the determination of the reasonableness and
			 adequacy of surplus shall include consideration of the following factors:
			 premium volume as referenced in Sections 144 and 244.1 of the Illinois
			 Insurance Code (Code) (Ill. Rev. Stat. 1987, ch. 73, pars. 756 and 856.1 );
			 lines of business and additional authority as referenced in Sections 4, 11, 39,
			 245.23 of the Code (Ill. Rev. Stat. 1987, ch. 73, pars. 616, 623, 651, 857.23 )
			 and Section 2-1 of the Health Maintenance Organization Act (Ill. Rev. Stat.
			 1987, ch. 1111/2, par. 1403), reserves, company size and operational history as
			 referenced in Section 113 of the Code (Ill. Rev. Stat. 1987, ch. 73, par.
			 725)], and
2) Such payment will not
			 reduce the company's surplus as regards policyholders to less than that
			 currently required under Section 66 of the Illinois Insurance Code (Ill. Rev.
			 Stat. 1987, ch. 73, par. 678), and
3) Such payment is consistent with the terms
			 of the certificate pursuant to Section
			 401.30
			 of this Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 575 - WORKERS' COMPENSATION POOLS › Section 575.100 - Applicability

Current through Register Vol. 48, No. 28, July 12, 2024
Every qualified group workers' compensation pool, as defined in
				Section 107a.05 of the Illinois Insurance Code, must have homogeneous risk
				characteristics as provided in Section 107a.08 of the Code and shall be subject
				to the requirements of this Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 575 - WORKERS' COMPENSATION POOLS › Section 575.112 - Evaluation of Membership Scope

Current through Register Vol. 48, No. 28, July 12, 2024
The Director shall evaluate the membership scope of a pool
				based on a description of the types of employers eligible for membership in the
				pool along with the list of NCCI classifications into which the member payrolls
				can be primarily classified. Primarily classified means that no more than 10%
				of a member's payroll would be classified in a classification code that is not
				included in the membership scope using the classifications in the NCCI basic
				manual. The membership scope may also include businesses that have homogeneous
				risk characteristics and will involve business activities that are common
				groupings or common business combinations. Example of acceptable scopes (common
				groupings) would be pools of restaurants, offices, trucking companies, and
				nursing homes. Examples of acceptable scopes (common business combinations)
				would be moving and storage companies, gas stations and convenience stores, and
				residential and commercial construction contractors. An example of an
				unacceptable scope would be the members of a chamber of commerce of a
				city.
Illinois Administrative Code › Title 50 - INSURANCE › Part 575 - WORKERS' COMPENSATION POOLS › Section 575.125 - Non-homogeneous Pools and Members

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 107a.15 of the Code, if the Director
				determines that a pool does not exhibit homogeneous risk characteristics, the
				Director shall require the pool to eliminate the condition within 90 days after
				certified notice has been given to the pool.
Illinois Administrative Code › Title 50 - INSURANCE › Part 575 - WORKERS' COMPENSATION POOLS › Section 575.400 - Pool Membership and Homogeneity

Current through Register Vol. 48, No. 28, July 12, 2024
For the initial certification, March 1, 2010, and annually each
				March 1 thereafter, every pool authorized by the Director that is issuing new
				or renewal pooling agreements shall file with the Director certifications
				signed by each trustee of the pool that certify the pool, for the prior
				calendar year, is in compliance with Section107a.08 of the Code and this
				Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 575 - WORKERS' COMPENSATION POOLS › Exhibit A - Requirements for Certification of Homogeneity and Certification Format

Current through Register Vol. 48, No. 28, July 12, 2024
Certification by the Trustees
a) Each pool must certify its compliance with
			 Section 107a.08(a) and (b) of the Illinois Insurance Code [215
			 ILCS 5/107a.08(a) and (b) ] to the
			 Director by having each pool trustee file the prescribed certification form
			 below by March 1 of each year to indicate that the pool members possess
			 homogeneous risk characteristics. The Director may require certifications more
			 frequently than on an annual basis if deemed necessary.
b) The Trustees shall each certify that:
1) The trustee has requested the
			 administrator to provide all relevant information regarding the homogeneous
			 risk characteristics of the members.
2) The trustee has reviewed all relevant
			 information regarding the homogeneous risk characteristics of the members as
			 well as the guidelines relating to homogeneity in Section 107a.08 of the Code,
			 in addition to those defined in Section
			 575.110 of this
			 Part.
3) Based on the trustee's
			 knowledge and review, the trustee shall verify that the certification is true,
			 complete and not misleading.
4)
			 Based on the trustee's knowledge, the certification presents in all material
			 respects that the members exhibit homogeneous risk characteristics under the
			 membership scope adopted by the pool.
5) The trustee understands his or her legal
			 responsibility to ensure under Article V3/4 of the Code that the members
			 exhibit homogeneous risk characteristics.
Illinois Administrative Code › Title 50 - INSURANCE › Part 630 - CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 630.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to set forth the procedures for
				filing, and the required contents of, the Corporate Governance Annual
				Disclosure (CGAD) deemed necessary by the Director to carry out the provisions
				of the Corporate Governance Annual Disclosure Law [215 ILCS 5 /Art.
				VIII1/3].
Illinois Administrative Code › Title 50 - INSURANCE › Part 630 - CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 630.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act" means the Corporate Governance Annual Disclosure Law [215
				ILCS 5 /Art. VIII1/3].
"Code" means the Illinois Insurance Code [215 ILCS 5].
"Department" means the Illinois Department of Insurance.
"Director" means the Director of the Illinois Department of
				Insurance.
"Insurance group" has the meaning ascribed in the Act.
"Insurer" has the meaning ascribed in the Act.
"Senior management" means any corporate officer responsible for
				reporting information to the board of directors at regular intervals or
				providing this information to shareholders or regulators and shall include, but
				not be limited to, the Chief Executive Officer (CEO), Chief Financial Officer
				(CFO), Chief Operations Officer (COO), Chief Procurement Officer (CPO), Chief
				Legal Officer (CLO), Chief Information Officer (CIO), Chief Technology Officer
				(CTO), Chief Revenue Officer (CRO), Chief Visionary Officer (CVO), or any other
				"C" level executive.
Illinois Administrative Code › Title 50 - INSURANCE › Part 630 - CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 630.30 - Filing Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a) An
			 insurer, or the insurance group of which the insurer is a member, that is
			 required to file a CGAD by the Act shall submit to the Director a CGAD that
			 meets the requirements of the Act and contains the information described in
			 Section
			 630.40 no later
			 than June 1 of each year.
b) The
			 insurer or insurance group shall have discretion regarding the appropriate
			 format for providing the information required by these regulations and is
			 permitted to customize the CGAD to provide the most relevant information
			 necessary to permit the Director to gain an understanding of the corporate
			 governance structure, policies and practices utilized by the insurer or
			 insurance group.
c) Each year
			 following the initial filing of the CGAD, the insurer or insurance group shall
			 file an amended version of the previously filed CGAD indicating where changes
			 have been made. If no changes were made in the information or activities
			 reported by the insurer or insurance group, the filing should so
			 state.
d) The insurer or insurance
			 group shall be as descriptive as possible in completing the CGAD, with
			 inclusion of attachments or example documents that are used in the governance
			 process.
e) An insurer or insurance
			 group may reference other existing documents (e.g., Own Risk and Solvency
			 Assessment (ORSA) Summary Report, Holding Company Form B or F Filings,
			 Securities and Exchange Commission (SEC) Proxy Statements, foreign regulatory
			 reporting requirements) if the documents provide information that is comparable
			 to the information described in Section 630.40. The insurer or insurance group
			 shall clearly reference the location of the relevant information within the
			 CGAD and attach the referenced document if it is not already filed or available
			 to the regulator.
Illinois Administrative Code › Title 50 - INSURANCE › Part 630 - CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 630.40 - Contents of Corporate Governance Annual Disclosure

Current through Register Vol. 48, No. 28, July 12, 2024
a) The CGAD shall describe the insurer's or
			 insurance group's corporate governance framework and structure, including
			 consideration of the following:
1) The Board
			 and its various committees ultimately responsible for overseeing the insurer or
			 insurance group and the levels at which that oversight occurs (e.g., ultimate
			 control level, intermediate holding company, legal entity). The insurer or
			 insurance group shall describe and discuss the rationale for the current Board
			 size and structure; and
2) The
			 duties of the Board and each of its significant committees and how they are
			 governed (e.g., bylaws, charters, informal mandates), as well as how the
			 Board's leadership is structured, including a discussion of the roles of the
			 CEO and Chairman of the Board within the organization.
Illinois Administrative Code › Title 50 - INSURANCE › Part 651 - ACQUISITION OF CONTROL OF A DOMESTIC COMPANY › Section 651.20 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to set forth requirements which the
				Director deems necessary to carry out the provisions of Section 131.4 through
				and including Sections 131.12 and 131.24 of the Illinois Insurance Code. The
				information called for by this Part is hereby declared to be necessary and
				appropriate for the protection of policyholders, the insurance buying public
				and for the information of security holders.
Illinois Administrative Code › Title 50 - INSURANCE › Part 651 - ACQUISITION OF CONTROL OF A DOMESTIC COMPANY › Section 651.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Terms found in this Part other than those defined in this
				Section have the meanings ascribed in Section 131.1 of the Illinois Insurance
				Code. Other nomenclature or terminology, if not otherwise defined by the Code,
				is to be accorded the accepted insurance industry usage.
"Code" means the Illinois Insurance Code [ 215 ILCS 5 ].
"Department" means the Illinois Department of Insurance.
"Director" means the Director of the Illinois Department of
				Insurance.
"Executive officer" means any individual charged with active
				management and control in a senior executive capacity as described by the
				company's by-laws (including a president, senior vice president, treasurer,
				secretary, controller, and any other individual regardless of title performing
				functions the same as those performed by these officers) of a person, whether
				incorporated or unincorporated.
"Ultimate controlling person" means a controlling person within
				an insurance holding company system who is not controlled by any other
				person.
Illinois Administrative Code › Title 50 - INSURANCE › Part 651 - ACQUISITION OF CONTROL OF A DOMESTIC COMPANY › Section 651.40 - Acquisition of Control - Form of Statement Filing

Current through Register Vol. 48, No. 28, July 12, 2024
a) A person required to file a statement
			 pursuant to Sections 131.4, 131.5 and 131.6 of the Code shall furnish the
			 required information in the format designated on Form A, as specified in the
			 instructions of that form, which is in Illustration A.
b) Acquiring parties, otherwise subject to
			 the requirements of Section 651.40, who seek exemption pursuant to the
			 provisions of Code Section 131.4 or
			 131.10 shall submit to
			 the Director a typewritten, sworn statement setting forth the particulars of
			 the acquiring party or the transaction that the acquiring party believes meet
			 the criteria for an exemption under Code Section 131.4 or 131.10. If, upon
			 examination of the information submitted by the acquiring party, the Director
			 determines that the statutory criteria of Section 131.4 or 131.10, as
			 appropriate, have been met, then the Director shall enter an Order on the
			 exemption request within 30 days after receipt of the request.
Illinois Administrative Code › Title 50 - INSURANCE › Part 651 - ACQUISITION OF CONTROL OF A DOMESTIC COMPANY › Section 651.80 - Severability Provision

Current through Register Vol. 48, No. 28, July 12, 2024
If any Section or portion of a Section of this Part or the
				applicability of that Section or portion of a Section to any person or
				circumstance is held invalid by a court, the remainder of the Part or the
				applicability of the provision to other persons or circumstances shall not be
				affected by that determination of invalidity.
Illinois Administrative Code › Title 50 - INSURANCE › Part 651 - ACQUISITION OF CONTROL OF A DOMESTIC COMPANY › ILLUSTRATION A - Statement Regarding the Acquisition of Control of a Domestic Insurer

Current through Register Vol. 48, No. 28, July 12, 2024
FORM A
GENERAL
				INSTRUCTIONS
A. Use of
			 Form A
Form A shall be used by an acquiring party required to file a
				statement with the Director pursuant to Section 131.5 of the Illinois Insurance
				Code. Subsequent amendments shall also be filed on Form A, but shall include on
				the top of the cover sheet "Amendment No. ____ to" and shall indicate the date
				of the amendment and not the date of the original filing. If the person being
				acquired is a "domestic insurer" solely because of the provisions of Section
				131.4 of the Illinois Insurance Code, the name of the domestic insurer on the
				cover page shall be indicated as follows:
"ABC Insurance Company, a subsidiary of XYZ Holding
				Company."
B. Number of
			 Copies - Signatures
(1) Two complete paper
			 copies and one electronic copy of each statement, including exhibits and all
			 other papers and documents filed as a part of the statement, shall be filed
			 with the Director.
(2) At least one
			 copy of each statement filed with the Director shall be manually signed in the
			 manner prescribed by this form. The unsigned copy shall contain the same
			 information as in the manually signed copy. If the signature of any person is
			 affixed pursuant to a power of attorney or other similar authority, a copy of
			 that power of attorney or other authority shall also be filed with the
			 statement.
Illinois Administrative Code › Title 50 - INSURANCE › Part 652 - REGISTRATION OF INSURERS › Section 652.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to set forth requirements the
				Director deems necessary to carry out the provisions of Sections 131.13 through
				131.19 of the Illinois Insurance Code [
				215 ILCS
				5/131.13 through 131.19].
Illinois Administrative Code › Title 50 - INSURANCE › Part 652 - REGISTRATION OF INSURERS › Section 652.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Terms found in this Part, other than those defined in this
				Section, are used as defined in Section 131.1 of the Insurance Code
				[215
				ILCS 5/131.1 ].
"Code" means the Illinois Insurance Code [215 ILCS 5 ].
"Controlling person" means any person, firm, association, or
				corporation that directly or indirectly has the power to direct or cause to be
				directed the management, control, or activities of an insurer.
"Department" means the Illinois Department of Insurance.
"Director" means the Director of the Illinois Department of
				Insurance.
"Executive officer" means any individual charged with active
				management and control in a senior executive capacity as described by the
				company's by-laws (including a president, senior vice president, treasurer,
				secretary, controller, and any other individual regardless of title performing
				functions the same as those performed by the foregoing officers).
"Foreign insurer" shall include an alien insurer except where
				clearly noted otherwise.
"Lead state commissioner" is the director or commissioner of a
				state department of insurance designated as the lead state as described in
				215 ILCS
				5/131.14b(a).
"Ultimate controlling person" means any controlling person
				within an insurance holding company system who is not controlled by any other
				person.
Illinois Administrative Code › Title 50 - INSURANCE › Part 652 - REGISTRATION OF INSURERS › Section 652.30 - Registration of Insurers - Form of Statement Filing

Current through Register Vol. 48, No. 28, July 12, 2024
a) An insurer required to file a statement
			 pursuant to Section 131.13 of the Code shall furnish the required information
			 in the format and as specified in the instructions contained in Form B, which
			 is Illustration B to this Part. The insurer is to identify whether the filing
			 is an initial, annual or amendment to the Form B.
b) An annual filing shall be made on or
			 before each May 1 in the format of Form B containing current information for
			 the preceding calendar year.
c)
			 Amendments
1) An amendment to Form B shall be
			 filed within 15 days after the end of any month in which the following occurs:
A) there is a change in the control of the
			 registrant, in which case the entire Form B shall be made current;
B) there is a material change in the
			 information given in Item 5 or Item 6 of Form B.
Illinois Administrative Code › Title 50 - INSURANCE › Part 652 - REGISTRATION OF INSURERS › Section 652.40 - Summary of Changes to Registration Statement

Current through Register Vol. 48, No. 28, July 12, 2024
An insurer required to file a statement pursuant to Section
				131.13 of the Code shall also file a summary of changes to the registration
				statement in the format and as specified in Form C, which is Illustration C of
				this Part. A Summary of Changes to the Registration Statement must be filed
				simultaneously with the annual registration statement filed pursuant to 50 Ill.
				Adm. Code
				852.30(c).
Illinois Administrative Code › Title 50 - INSURANCE › Part 652 - REGISTRATION OF INSURERS › Section 652.50 - Enterprise Risk Report

Current through Register Vol. 48, No. 28, July 12, 2024
a) The ultimate
			 controlling person of an insurer required to file an enterprise risk report
			 pursuant to Section 131.14 b(a) of the Illinois Insurance Code shall furnish
			 the required information on or before May 1 of each year in the format and
			 providing the information specified in Form F (Illustration F of this
			 Part).
b) One complete copy of each
			 statement, including exhibits and all other papers and documents filed as a
			 part of the statement, shall be filed with the Director.
c) Incorporation by Reference
1) Materials required by any item of this
			 statement may be incorporated by reference in answer or partial answer to any
			 other item.
2) Information
			 contained in any financial statement, annual report, proxy statement, statement
			 filed with a governmental authority, or any other document may be incorporated
			 by reference in answer or partial answer to any item provided the document or
			 paper is filed as an exhibit to the statement. Excerpts of documents may be
			 filed as exhibits if the documents are extensive. Documents currently on file
			 with the Director that were filed within the prior 3 years need not be attached
			 as exhibits. References to information contained in exhibits or in documents
			 already on file shall clearly identify the material and shall specifically
			 indicate that material is to be incorporated by reference in answer to the
			 item. Material shall not be incorporated by reference in any case in which the
			 incorporation would render the statement incomplete, unclear or
			 confusing.
3) When an item requires
			 a summary or outline of the provisions of any document, only a brief statement
			 shall be made as to the pertinent provisions of the document. In addition to
			 the statement, the summary or outline may incorporate by reference particular
			 parts of any exhibit or document currently on file with the Director that was
			 filed within the prior 3 years and may be qualified in its entirety by that
			 reference. In any case in which 2 or more documents required to be filed as
			 exhibits are substantially identical in all material respects except as to the
			 parties to the documents, the dates of execution, or other details, a copy of
			 only one of the documents need be filed with a schedule identifying the omitted
			 documents and setting forth the material details in which the other documents
			 differ from the copied document.
Illinois Administrative Code › Title 50 - INSURANCE › Part 652 - REGISTRATION OF INSURERS › Section 652.55 - Group Capital Calculation

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 Director has the discretion to exempt the ultimate controlling person from
			 filing the annual group capital calculation if the Director, acting as the lead
			 state commissioner, makes a determination that the insurance holding company
			 system meets all of the following criteria:
1)
			 Has annual direct written and unaffiliated assumed premium (including
			 international direct and assumed premium), but excluding premiums reinsured
			 with the Federal Crop Insurance Corporation and Federal Flood Program, of less
			 than $1,000,000,000;
2) Has no
			 insurers within its holding company structure that are domiciled outside of the
			 United States or one of its territories;
3) Has no banking, depository or other
			 financial entity that is subject to an identified regulatory capital framework
			 within its holding company structure;
4) The holding company system attests that
			 there are no material changes in the transactions between insurers and
			 non-insurers in the group; and
5)
			 The non-insurers within the holding company system do not pose a material
			 financial risk to the insurer's ability to honor policyholder
			 obligations.
Illinois Administrative Code › Title 50 - INSURANCE › Part 652 - REGISTRATION OF INSURERS › Section 652.60 - Severability Provision

Current through Register Vol. 48, No. 28, July 12, 2024
If any Section or portion of a Section of this Part or the
				applicability of that Section or portion of a Section to any person or
				circumstance is held invalid by a court, the remainder of the Part or the
				applicability of the provision to other persons or circumstances shall not be
				affected by that determination of invalidity.
Illinois Administrative Code › Title 50 - INSURANCE › Part 652 - REGISTRATION OF INSURERS › ILLUSTRATION B - Form B - Insurance Holding Company System Registration Statement - Initial, Annual or Amendment

Current through Register Vol. 48, No. 28, July 12, 2024
FORM B
GENERAL INSTRUCTIONS
A. Use of Form B
Form B shall be used by an insurer required to file a Statement
				with the Director pursuant to Sections 131.14 and 131.16 of the Code.
				Amendments also shall be filed in the Form B format with only those items that
				are being amended reported. Each amendment shall include on the top of the
				cover sheet "Amendment No.______ to Form B for [insert year]" and shall
				indicate the date of the amendment and not the date of the original
				filing.
1) One complete paper and one
			 electronic copy of each statement, including exhibits and all other papers and
			 documents filed as a part of the statement, shall be filed with the
			 Director.
2) The statement filed
			 with the Director shall be manually signed in the manner prescribed by this
			 form. If the signature of any person is affixed pursuant to a power of attorney
			 or other similar authority, a copy of the power of attorney or other authority
			 shall also be filed with the statement.
Illinois Administrative Code › Title 50 - INSURANCE › Part 653 - PRE-ACQUISITION NOTIFICATION › Section 653.15 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Code" means the Illinois Insurance Code [ 215 ILCS 5 ].
"Department" means the Illinois Department of Insurance.
"Director" means the Director of the Illinois Department of
				Insurance.
Illinois Administrative Code › Title 50 - INSURANCE › Part 653 - PRE-ACQUISITION NOTIFICATION › Section 653.20 - Pre-acquisition Notification - Form of Statement Filing

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any person required to file a statement
			 pursuant to Section 131.12 a of the Illinois Insurance Code shall furnish the
			 required information in the format, and as specified in Form CX which is
			 Illustration A of this Part.
b) Two
			 copies of this notification shall be filed with the Director at least 30 days
			 prior to the proposed effective date of the acquisition.
c) The Director shall request, on a one time
			 basis after receipt of the Form CX and before the expiration of 30 days, copies
			 of any change of control statements or merger statements or consolidation
			 statements filed in any other jurisdiction. Said statements shall be added to
			 the Form CX as Exhibits.
Illinois Administrative Code › Title 50 - INSURANCE › Part 653 - PRE-ACQUISITION NOTIFICATION › Section 653.30 - Pre-acquisition Notification - Severability Provision

Current through Register Vol. 48, No. 28, July 12, 2024
If any Section or portion of a Section of this Part or the
				applicability of that Section or portion of a Section to any person or
				circumstance is held invalid by a court, the remainder of the Part or the
				applicability of the provision to other persons or circumstances shall not be
				affected by that determination of invalidity.
Illinois Administrative Code › Title 50 - INSURANCE › Part 654 - PRIOR NOTIFICATION OF TRANSACTIONS › Section 654.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to describe the information that
				must be provided by a domestic company to notify the Director of certain
				transactions pursuant to Section
				131.20 a(1) of the
				Code.
Illinois Administrative Code › Title 50 - INSURANCE › Part 654 - PRIOR NOTIFICATION OF TRANSACTIONS › Section 654.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Terms found in this Part, other than those defined in this
				Section, are used as defined in Section 131.1 of the Code.
"Code" means the Illinois Insurance Code [ 215 ILCS 5 ].
"Department" means the Illinois Department of Insurance.
"Director" means the Director of the Illinois Department of
				Insurance.
"Executive officer" means any individual charged with active
				management and control in a senior executive capacity as described by the
				company's by-laws (including a president, senior vice president, treasurer,
				secretary, controller, and any other individual regardless of title performing
				functions the same as those performed by the foregoing officers).
"NAIC" means the National Association of Insurance
				Commissioners.
Illinois Administrative Code › Title 50 - INSURANCE › Part 654 - PRIOR NOTIFICATION OF TRANSACTIONS › Section 654.40 - Penalties

Current through Register Vol. 48, No. 28, July 12, 2024
Failure of a company to timely file the report required by this
				Part and Section
				131.20 a of the Code
				shall subject the company to the provisions of Sections 131.24 and 403A of the
				Code.
Illinois Administrative Code › Title 50 - INSURANCE › Part 654 - PRIOR NOTIFICATION OF TRANSACTIONS › Section 654.50 - Severability Provision

Current through Register Vol. 48, No. 28, July 12, 2024
If any Section or portion of a Section of this Part, or the
				applicability of that Section or portion of a Section to any person or
				circumstance, is held invalid by a court, the remainder of the Section or Part
				or the applicability of the provision to other persons or circumstances shall
				not be affected by that determination of invalidity.
Illinois Administrative Code › Title 50 - INSURANCE › Part 654 - PRIOR NOTIFICATION OF TRANSACTIONS › ILLUSTRATION A - Form D-1

Current through Register Vol. 48, No. 28, July 12, 2024
FORM D-1
GENERAL INSTRUCTIONS
A.Signature and Certification
For purposes of filing the Form D-1, the signature and
				certification required by this Part shall be signed by an executive officer of
				the insurer requesting the Director's approval.
B.Copy of the Transaction Agreement
A copy of the proposed transaction agreement shall be attached
				to the Form D-1 filing as Exhibit A. If the agreement is in other than final
				form, it shall be so identified.
PRIOR NOTICE OF A TRANSACTION
Filed with the Insurance Department of the State of
				Illinois
By
________________________________________
Name of Domestic Company
On Behalf of the Following Insurance
				Companies:
Name
Address
___________________________________________________
___________________________________________________
___________________________________________________
___________________________________________________
Date: _________________, 20 ___
Name, Title, Address and Telephone Number of Individual to Whom
				Notices and Correspondence Concerning this Request Should Be Addressed:
_______________________
_______________________
Item
			 1. Identity of Parties to the Transaction
Furnish the following information for each of the parties to
				the transaction:
a) Name.
b) Home office address.
c) Principal executive office
			 address.
d) The organizational
			 structure, i.e. corporation, partnership, individual, trust, etc.
e) A description of the nature of the
			 parties' business operations.
f)
			 Relationship, if any, of other parties to the transaction to the insurer filing
			 the notice, including any ownership or debtor/creditor interest by any other
			 parties to the transaction in the insurer seeking approval, or by the insurer
			 filing the notice in the affiliated parties.
g) When the transaction is with a
			 non-affiliate, the names of the affiliates that will receive, in whole or in
			 substantial part, the proceeds of the proposed transaction. For purposes of
			 this subsection, "substantial part" means an amount that would trigger
			 disclosure if given directly to the affiliate.
Illinois Administrative Code › Title 50 - INSURANCE › Part 655 - PRIOR NOTIFICATION OF DIVIDENDS ON COMMON STOCK AND OTHER DISTRIBUTIONS › Section 655.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to describe that information which
				shall be provided to the Director by a domestic company in order:
a) to notify the Director of all dividends
			 and distributions pursuant to Section 131.16 of the Illinois Insurance Code [
			 215
			 ILCS 5/131.16 ]; and
b) to notify the Director of all
			 extraordinary dividends and distributions pursuant to Section 131.20a(2) of the
			 Illinois Insurance Code [
			 215
			 ILCS 5/131.20a(2) ].
Illinois Administrative Code › Title 50 - INSURANCE › Part 655 - PRIOR NOTIFICATION OF DIVIDENDS ON COMMON STOCK AND OTHER DISTRIBUTIONS › Section 655.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Terms found in this Part, other than those defined in this
				Section, have the meanings ascribed in Section 131.1 of the Insurance
				Code.
"Code" means the Illinois Insurance Code [ 215 ILCS 5 ].
"Department" means the Illinois Department of Insurance.
"Director" means the Director of the Illinois Department of
				Insurance.
"Executive officer" means any individual charged with active
				management and control in a senior executive capacity as described by the
				company's by-laws (including a president, senior vice president, treasurer,
				secretary, controller, and any other individual regardless of title performing
				functions the same as those performed by the foregoing
				officers).
Illinois Administrative Code › Title 50 - INSURANCE › Part 655 - PRIOR NOTIFICATION OF DIVIDENDS ON COMMON STOCK AND OTHER DISTRIBUTIONS › Section 655.30 - Prior Notification of Dividends and Other Distributions

Current through Register Vol. 48, No. 28, July 12, 2024
a) Notice
1) Ordinary Dividends. Any domestic company
			 required, pursuant to Code Section 131.16, to notify the Director of a dividend
			 or other distribution to its shareholders shall notify the Director of the
			 proposed dividend or distribution in writing within 5 business days following
			 declaration and no less than 10 business days prior to payment. The 10 day
			 period shall begin the day the notice is received by the Department. The notice
			 shall be deemed incomplete unless all the information required by this Part has
			 been included.
2) Extraordinary
			 Dividends or Other Extraordinary Distributions. Any domestic company required,
			 pursuant to Code Section
			 131.20 a, to notify
			 the Director of an extraordinary dividend or other extraordinary distribution
			 to its shareholders shall notify the Director of the proposed dividend or
			 distribution in writing within 5 business days following declaration and no
			 less than 30 days prior to payment. The 30 day period shall begin the day the
			 notice is received by the Department. The notice shall be deemed incomplete
			 unless all the information required by this Part has been included in the
			 notice.
3) Proof of Receipt.
			 Certified Mail confirmation, confirmation from a commercial delivery service,
			 or the date stamped upon the notice by the Department acknowledging receipt of
			 the filing required by this Part shall serve as proof of the date of receipt of
			 the filing.
Illinois Administrative Code › Title 50 - INSURANCE › Part 655 - PRIOR NOTIFICATION OF DIVIDENDS ON COMMON STOCK AND OTHER DISTRIBUTIONS › Section 655.40 - Penalties

Current through Register Vol. 48, No. 28, July 12, 2024
Failure of a company to timely file the report required by this
				Part and Section 131.16 or
				131.20 a of the
				Illinois Insurance Code shall subject the company to the provisions of Section
				131.16, 131.24 and 403A of the Illinois Insurance Code [
				215
				ILCS 5/131.16, 131.24 and 403A].
Illinois Administrative Code › Title 50 - INSURANCE › Part 655 - PRIOR NOTIFICATION OF DIVIDENDS ON COMMON STOCK AND OTHER DISTRIBUTIONS › Section 655.50 - Severability Provision

Current through Register Vol. 48, No. 28, July 12, 2024
If any Section or portion of a Section of this Part or the
				applicability of that Section or portion of a Section to any person or
				circumstance is held invalid by a court, the remainder of the Part or the
				applicability of the provision to other persons or circumstances shall not be
				affected by that determination of invalidity.
Illinois Administrative Code › Title 50 - INSURANCE › Part 751 - PREAMBLE AND DEFINITIONS › Section 751.10 - Preamble

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of the regulations under this Part is to interpret
				and effect the purpose and provisions of the new Article VII-A and to set forth
				the responsibilities of advisory organizations and companies in the compilation
				and distribution of insurance statistics and other ancillary or related
				activities.
Illinois Administrative Code › Title 50 - INSURANCE › Part 751 - PREAMBLE AND DEFINITIONS › Section 751.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
a) The term
			 "compiles insurance statistics" as used in Article VII-A includes but is not
			 limited to:
1) Classifying risks for
			 statistical purposes;
2) Obtaining
			 statistical data from members, subscribers, service purchasers or any
			 source;
3) Combining, collating,
			 comparing and analyzing statistical data;
4) Preparing pure premiums, loss ratios,
			 hazard analysis, risk analysis, classifications of municipal fire defenses and
			 other information relating to past and prospective loss experience.
Illinois Administrative Code › Title 50 - INSURANCE › Part 752 - LICENSE AND DOCUMENTS NECESSARY TO ENGAGE IN ACTIVITIES AND EXAMINATIONS › Section 752.10 - License

Current through Register Vol. 48, No. 28, July 12, 2024
a) All advisory
			 organizations conducting activities defined in Article VIIA and in the
			 regulations issued to effect Article VIIA must apply to and be licensed by the
			 Department of Insurance.
b) Every
			 application for a license must include:
1)
			 Copies certified by the custodian of the originals of the following:
A) Constitution;
B) The Articles of Incorporation;
C) Articles of Agreement;
D) Articles of Associations; and
E) The by-laws, plan of operations, rules or
			 regulations that govern eligibility for membership and the activities of
			 members relative to their membership.
Illinois Administrative Code › Title 50 - INSURANCE › Part 752 - LICENSE AND DOCUMENTS NECESSARY TO ENGAGE IN ACTIVITIES AND EXAMINATIONS › Section 752.30 - Submission of Application

Current through Register Vol. 48, No. 28, July 12, 2024
All applications, information documents and fees required under
				Section
				752.10 must be received
				by:
Illinois Department of Insurance
Corporate Regulatory Section
320 West Washington St.
Springfield, Illinois 62767