reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 50 - INSURANCE › Part 201 - SUBORDINATED INDEBTEDNESS › Section 201.60 - Repayment of Principal and Payment of Interest

Current through Register Vol. 48, No. 28, July 12, 2024
A company may only repay principal and make payment of interest
				on any indebtedness as provided under Section 34.1 of the Illinois Insurance
				Code [215
				ILCS 5/34.1 ]. 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 [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
			 Illinois Insurance Code [215 ILCS 5/4, 11, 39, and 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 Illinois Insurance 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 13 of the Illinois Insurance Code [215
			 ILCS 5/13 ], and
c) Such payment is consistent with the terms
			 of the debenture approved pursuant to Section
			 201.20
			 of this Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 202 - MORTGAGE GUARANTY INSURANCE › Section 202.10 - Authority and Application

Current through Register Vol. 48, No. 28, July 12, 2024
Part 202 is promulgated pursuant to the provisions of Section
				401 of the Illinois Insurance Code to regulate the writing and servicing of the
				kind of insurance described in Clause (h) of Class 2 of Section 4 of the
				Illinois Insurance Code relating to loss or damage which may result from the
				failure of debtors to pay their obligations, more specifically known as a
				mortgage guaranty insurance.
Illinois Administrative Code › Title 50 - INSURANCE › Part 202 - MORTGAGE GUARANTY INSURANCE › Section 202.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Authorized real estate security means a promissory note, bond
				or other evidence of indebtedness which, at the time of origination, does not,
				when added to any prior secured indebtedness relating to the real estate,
				exceed 100% of the fair market value of said real estate, and which is secured
				by mortgage, deed of trust, or other instrument constituting a lien or charge,
				provided such indebtedness represents a type of loan authorized to be made by a
				bank, savings and loan association, insurance company and, in the case of
				residential loans only, mortgage bankers regulated and supervised by a
				department of the State of Illinois or by an agency of the federal government
				of the United States of America.
Director means the Director of Insurance of the State of
				Illinois or anyone to whom the Director's responsibilities and authority are
				lawfully delegated.
Fair market value means the lesser of sales price or appraised
				value.
Mortgage guaranty insurance means insurance against financial
				loss by reason of the nonpayment of principal, interest and other sums agreed
				to be paid under the terms of:
A promissory note, bond or other evidence of indebtedness
				secured by a mortgage, deed of trust or other instrument constituting a lien or
				charge on improved one to four family residential or commercial real estate,
				including, without limitation, condominiums and owner-occupied mobile
				homes;
A promissory note, bond or other evidence of indebtedness
				secured by a mortgage, deed of trust, pledge or other instrument constituting a
				lien or charge on shares of stock evidencing ownership of a residential
				cooperative housing unit; or
A written lease for the possession, use or occupancy of
				improved residential or commercial real estate.
Mortgage pool insurance means mortgage guaranty insurance
				written on a group of loans insuring each one individually but which limits
				liability to an agreed percentage of all loans in the group.
Reserves shall have the following meanings:
Reserves for policyholders means surplus as regards
				policyholders and contingency reserves as reported in the last filed annual
				financial statement;
Reserve for general expenses required by Section
				202.50(a)
				of this Part;
Reserve for losses outstanding required by Section
				202.50(b)
				of this Part;
Reserve for unearned premiums required by Section
				202.50(c)
				of this Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 202 - MORTGAGE GUARANTY INSURANCE › Section 202.30 - Restrictions on the Transaction of Business

Current through Register Vol. 48, No. 28, July 12, 2024
a) A company shall not transact the business
			 of mortgage guaranty insurance unless it originally has and continues to have
			 capital and surplus of at least the amounts specified in Section 13 of the
			 Illinois Insurance Code.
b) A
			 mortgage guaranty insurance company:
1) Shall
			 not insure loans with balloon provisions unless either:
A) liability for the balloon payment is
			 specifically excluded; or
B) the
			 policy provides, by its terms, that at the time the lender calls the loan, the
			 lender will cause to be offered new or extended financing at then market
			 rates.
Illinois Administrative Code › Title 50 - INSURANCE › Part 202 - MORTGAGE GUARANTY INSURANCE › Section 202.40 - Reinsurance

Current through Register Vol. 48, No. 28, July 12, 2024
a) A mortgage
			 guaranty insurance company may, by contract, reinsure any of its insurance with
			 another mortgage guaranty company licensed to transact business in the State of
			 Illinois.
b) The reserves of the
			 ceding company and the reinsurance shall be adjusted to reflect the amount of
			 risk retained by the ceding company and the amount of risk assumed by the
			 reinsurer but in no event shall the reserves as adjusted total less than the
			 reserves that would be required if such ceding had not taken place.
Illinois Administrative Code › Title 50 - INSURANCE › Part 202 - MORTGAGE GUARANTY INSURANCE › Section 202.50 - Reserves

Current through Register Vol. 48, No. 28, July 12, 2024
A mortgage guaranty insurance company shall establish and
				maintain the following four reserve accounts:
a) Reserve for General Expenses - A reserve
			 in an amount sufficient to meet general expenses, including amounts due vendors
			 for goods, supplies, equipment and amounts due for compensation, taxes and
			 licenses:
b) Loss Reserve - A loss
			 reserve computed upon the case basis in a manner to accurately reflect loss
			 frequency and loss severity which shall take into consideration, among other
			 things, claims incurred but not yet reported, including estimated losses on;
1) Insured loans which have resulted in the
			 conveyance to the company of property which remains unsold;
2) Insured loans in the process of
			 foreclosure; and
3) Insured loans
			 and insured lease obligations in default for four months or longer for any
			 lesser period of time which is defined as a default in the company's
			 policy;
Illinois Administrative Code › Title 50 - INSURANCE › Part 202 - MORTGAGE GUARANTY INSURANCE › ILLUSTRATION A - Unearned Premium Factor to be Applied to Premiums In Force on Valuation Date

Current through Register Vol. 48, No. 28, July 12, 2024
Contract Year Current at Valuation Date
2 Year Coverage Period
3 Year Coverage Period
4 Year Coverage Period
5 Year Coverage Period
6 Year Coverage Period
1
88.8 %
93.9 %
95.7 %
96.5 %
97.0 %
2
38.7 %
66.7 %
76.4 %
81.0 %
83.7 %
3
22.9 %
45.3 %
56.0 %
62.2 %
4
14.5 %
31.3 %
41.1 %
5
9.8 %
22.7 %
6
7.1 %
7
8
9
10
11
12
13
14
15
Contract Year Current at Valuation Date
7 Year Coverage Period
8 Year Coverage Period
9 Year Coverage Period
10 Year Coverage Period
11 Year Coverage Period
1
97.3 %
97.5 %
97.7 %
97.7%
97.8 %
2
85.4 %
86.5 %
87.3 %
87.6 %
87.9 %
3
66.2 %
68.8 %
70.4 %
71.3 %
71.9 %
4
47.4 %
51.3 %
53.8 %
55.3 %
56.1 %
5
31.0 %
36.2 %
39.4 %
41.3 %
42.5 %
6
17.1 %
23.3 %
27.2 %
29.5 %
30.9 %
7
5.4%
12.5 %
16.9 %
19.6 %
21.2 %
8
3.8%
8.6 %
11.6 %
13.3 %
9
2.5%
5.6 %
7.5%
10
1.6%
3.4 %
11
0.9%
12
13
14
15
Contract Year Current at Valuation Date
12 Year Coverage Period
13 Year Coverage Period
14 Year Coverage Period
15 Year Coverage Period
1
97.8%
97.8%
97.8%
97.8%
2
88.1 %
88.1%
88.2 %
88.2%
3
72.3 %
72.5 %
72.6 %
72.6%
4
56.7 %
57.1 %
57.2 %
57.3 %
5
43.2 %
43.7 %
43.9 %
44.0 %
6
31.8 %
32.3 %
32.7 %
32.8 %
7
22.1 %
22.8 %
23.2 %
23.3%
8
14.4 %
15.1 %
15.5 %
15.7 %
9
8.6%
9.3 %
9.9 %
10.1 %
10
4.6 %
5.4%
6.0%
6.2%
11
2.1%
2.9%
3.5 %
3.7%
12
0.6 %
1.3%
1.9%
2.1%
13
0.4%
0.9%
0.5 %
14
0.3 %
0.1%
15
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Section 203.10 - Authority, Application and Effective Date

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is prescribed by the Director of Insurance under the
				authority granted him in Subsection (a) of Section 28.2 of the Illinois
				Insurance Code by which the Director is authorized to regulate proxies,
				consents, and authorizations in respect to securities issued by a company
				subject to Article II of the Illinois Insurance Code. This Part is applicable
				to each domestic stock company which has any class of equity security held of
				record by 100 or more persons. But, this Part does not apply to any company if
				95 per cent or more of its equity securities are owned or controlled by a
				parent or an affiliated company and the remaining securities are held of record
				by less than 500 persons. A domestic stock company which files with the
				Securities and Exchange Commission forms of proxies, consents and
				authorizations complying with the requirements of the Securities Exchange Act
				of 1934 ( 15 U.S.C. 78 a et seq.), as amended, and the applicable regulations
				promulgated thereunder, is exempt from this Part with respect to any class of
				securities subject to Securities and Exchange Commission (SEC) jurisdiction.
				This Part is effective on January 1, 1970.
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Section 203.20 - Proxies, Consents and Authorizations

Current through Register Vol. 48, No. 28, July 12, 2024
No domestic stock company, or any director, officer or employee
				of such company subject to Section
				203.10
				of this Part or any other person, may solicit, or permit the use of his name to
				solicit by mail or otherwise, any proxy, consent or authorization concerning
				any class of equity security of the company held of record by 100 or more
				persons in contravention of this Part and Exhibits A and B, which are a part of
				this Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Section 203.30 - Disclosure of Equivalent Information

Current through Register Vol. 48, No. 28, July 12, 2024
If proxies, consents or authorizations concerning any class of
				equity security of a domestic company subject to Section
				203.10
				are not solicited by or on behalf of the management of the company from the
				holders of record of the security in accordance with this Part and Exhibits
				prior to any annual or other meeting of the security holders, the company must,
				in accordance with this Part and such other Parts as the Director may adopt,
				file with the Director and transmit to all security holders of record
				information substantially equivalent to the information which would be required
				to be transmitted if a solicitation were made. The company must transmit a
				written information statement containing the information specified in
				Subsection (d) of Section
				203.50
				to every security holder who is entitled to vote in regard to any matter to be
				acted upon at the meeting and from whom a proxy is not solicited on behalf of
				the management of the company. But, in the case of a class of securities in
				unregistered or bearer form, the statement must be transmitted only to those
				security holders whose names and addresses are known to the
				company.
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Section 203.40 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
a) For purposes of
			 this Part the term "company" is defined in Subsection (e) of Section 2 of the
			 Illinois Insurance Code (Ill. Rev. Stat. 1981, ch. 73, par. 614).
b) The terms "solicit" and "solicitation" for
			 purposes of this Part include:
1) Any request
			 for a proxy, whether or not accompanied by or included in a form of proxy;
			 or
2) any request to execute or not
			 to execute, or to revoke, a proxy; or
3) the furnishing of a form of proxy or other
			 communication to security holders under circumstances reasonably calculated to
			 result in the procurement, withholding or revocation of a proxy.
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Section 203.50 - Information to Be Furnished to Security Holders

Current through Register Vol. 48, No. 28, July 12, 2024
a) No solicitation subject to this Part may
			 be made unless each person is concurrently furnished or has previously been
			 furnished with a written proxy statement containing the information specified
			 in Exhibit A.
b) If the
			 solicitation is made on behalf of the management of the company and relates to
			 an annual meeting of security holders at which directors are to be elected,
			 each proxy statement furnished pursuant to Subsection (a) must be accompanied
			 or preceded by an annual report (in preliminary or final form) to the security
			 holders containing such financial statements for the fiscal year as are
			 referred to in Schedule SIS of the annual statement form as prescribed by the
			 National Association of Insurance Companies (N.A.I.C.) under the heading
			 "Financial Reporting to Stockholders". Subject to the requirements with respect
			 to financial statements, the annual report to security holders may be in any
			 form deemed suitable by the management which meets the requirements of law. If
			 there is more than one security holder in a household, the company may, upon
			 written authorization of all such security holders in the same household, send
			 only one annual report to the security holder so designated by those security
			 holders resident in the same household.
c) One copy of each report sent to the
			 security holders under this Section must be mailed to the Director not later
			 than the date on which the report is first sent or given to security holders or
			 the date on which preliminary copies of solicitation material are filed with
			 the Director under Subsection (a) of Section
			 203.70,
			 whichever date is later.
d) If no
			 solicitation is being made by management of the company with respect to any
			 annual or other meeting, the company must mail to every security holder of
			 record at least 20 days prior to the meeting date, and information statement as
			 required by Section
			 203.30,
			 containing the information called for by all of the Items of Exhibit A, other
			 than Items 1, 3 and 4, which would be applicable to any matter to be acted upon
			 at the meeting if proxies were to be solicited in connection with the meeting.
			 If the information statement relates to an annual meeting at which directors
			 are to be elected, it must be accompanied by an annual report to the security
			 holders in the form provided in Subsection (b) of this Subpart.
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Section 203.60 - Requirements as to Proxy and Information Statement

Current through Register Vol. 48, No. 28, July 12, 2024
a) The form of proxy:
1) must indicate in bold-face type whether or
			 not the proxy is solicited on behalf of the management;
2) must provide a specifically designated
			 blank space for dating the proxy; and
3) must identify clearly and impartially each
			 matter or group of related matters intended to be acted upon, whether proposed
			 by the management, or security holders.
No reference need be made to proposals as to which
				discretionary authority is conferred under Subsection (c) of this
				Section.
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Section 203.70 - Material Required to Be Filed

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Two preliminary copies of the information statement or the proxy statement and
			 form of proxy and any other soliciting material to be furnished to security
			 holders concurrently therewith must be filed with the Director at least 10 days
			 prior to the date definitive copies of this material are first sent or given to
			 security holders, or any shorter period prior to that date which the Director
			 may authorize upon a showing of good cause.
b) Two preliminary copies of any additional
			 soliciting material relating to the same meeting or subject matter to be
			 furnished to security holders subsequent to the proxy statements must be filed
			 with the Director at least 2 days (exclusive of Saturdays, Sundays or holidays)
			 prior to the date copies of this material are first sent or given to security
			 holders or any shorter period prior to that date which the Director may
			 authorize upon a showing of good cause.
c) Two definitive copies of the information
			 statement or the proxy statement, form of proxy and all other soliciting
			 material, in the form in which this material is furnished to security holders,
			 must be filed with, or mailed for filing to, the Director not later than the
			 date the material is first sent or given to the security holders.
d) Where any information statement or proxy
			 statement, form of proxy or other material filed under this Part is amended or
			 revised, 2 of the copies must be clearly marked to show the changes.
e) Copies of replied to inquiries from
			 security holders requesting further information and copies of communications
			 which do no more than request that forms of proxy previously solicited be
			 signed and returned need not be filed.
f) Notwithstanding subsections (a) and (b) of
			 this Section and of Subsections (e) of Section
			 203.100,
			 copies of soliciting material in the form of speeches, press releases and radio
			 or television scripts may, but need not, be filed with the Director prior to
			 use or publication. Definitive copies, however, must be filed with or mailed
			 for filing to the Director as required by subsection (e) of this Section not
			 later than the date on which material is used or published. Subsections (a) and
			 (b) of this Section and subsection (e) of Section
			 203.100
			 do apply, however, to any reprints or reproductions of all or any part of such
			 material.
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Section 203.80 - False or Misleading Statements

Current through Register Vol. 48, No. 28, July 12, 2024
No proxy statement, form of proxy, notice of meeting,
				information statement or other communication, written or oral, subject to this
				Part, may contain any statement which at the time and in the light of the
				circumstances under which it is made, is false or misleading with respect to
				any material fact, or which omits to state any material fact necessary in order
				to make the statements therein not false or misleading or necessary to correct
				any statement in any earlier communication with respect to the same meeting or
				subject matter which has become false or misleading.
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Section 203.90 - Prohibition of Certain Solicitation

Current through Register Vol. 48, No. 28, July 12, 2024
No person making a solicitation which is subject to this Part
				may solicit any updated or postdated proxy or any proxy which provides that it
				is considered to be dated as of any date subsequent to the date on which it is
				signed by the security holder.
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Section 203.100 - Special Provisions Applicable to Election Contests

Current through Register Vol. 48, No. 28, July 12, 2024
a) Applicability
This Section applies to any solicitation subject to the Part by
				any person or group for the purpose of opposing a solicitation subject to this
				Part by any other person or group with respect to the election or removal of
				director at any annual or special meeting of security holders.
b) "Participant" or "Participant
			 in a Solicitation".
1) For purposes of this
			 Section, the term "participant" and "participant in a solicitation" include:
A) the company;
B) any director of the company, and any
			 nominee for whose election as a director proxies are solicited;
C) any other person, acting alone or with one
			 or more other persons, committees or groups, in organizing, directing or
			 financing the solicitation.
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Exhibit A - Information Required in Proxy Statement or Information Statement

Current through Register Vol. 48, No. 28, July 12, 2024
Item 1. Revocability of Proxy
State whether or not the person giving the proxy has the power
				to revoke it. If the right of revocation before the proxy is exercised is
				limited or is subject to compliance with any formal procedure, briefly describe
				that limitation or procedure.
Item
			 2. Dissenters' Rights of Appraisal.
Outline briefly the rights of appraisal or similar rights of
				dissenting security holders concerning any matter to be acted upon and indicate
				any statutory procedure required to be followed by those security holders in
				order to perfect their rights. Where those rights may be exercised only within
				a limited time after the date of the adoption of a proposal, the filing of an
				amendment to Articles of Incorporation, or other similar act, state whether the
				person solicited will be notified of such date.
Item 3. Persons Making Solicitation Not
			 Subject to Section
			 203.100
a) If the solicitation is made by the
			 management of the company, so state. Give the name of any director of the
			 company who has informed the management in writing that he intends to oppose
			 any action intended to be taken by the management and indicate the action which
			 he intends to oppose.
b) If the
			 solicitation is made other than by the management of the company, state the
			 names and addresses of the persons by whom and on whose behalf it is made and
			 the names and addresses of the persons by whom the cost of solicitation has
			 been or will be borne, directly or indirectly.
c) If the solicitation is to be made by
			 specially engaged employees or paid solicitors, state (i) the material features
			 of any contract or arrangement for the solicitation and identify the parties,
			 and (ii) the cost or anticipated cost thereof.
Illinois Administrative Code › Title 50 - INSURANCE › Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES › Exhibit B - Information to be Included in Statements Filed By or on Behalf of a Participant (Other than the Company in a Proxy Solicitation in an Election Contest)

Current through Register Vol. 48, No. 28, July 12, 2024
Item 1. Company.
			 State the name and address of the company.
Item
			 2. Identity and Background.
a)
			 State the following:
1) Your name and
			 business address; and
2) Your
			 present principal occupation or employment and the name, principal business and
			 address of any corporation or other organization by which you are
			 employed.
Illinois Administrative Code › Title 50 - INSURANCE › Part 204 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 204.5 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
(Insider Trading of Domestic Stock Insurance Company Equity
				Securities). This Part is issued by the Director of Insurance pursuant to
				Section 401 of the Illinois Insurance Code in order to implement Section 28.1
				thereof. It shall be effective from and after January 21,
				1966.
Illinois Administrative Code › Title 50 - INSURANCE › Part 204 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 204.20 - Regulations Under Subsection (a) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) Filing of Statements
Initial statements of beneficial ownership of equity securities
				required by subsection (a) of the Act shall be filed on Form 1, attached hereto
				(see exhibit A). Statements of changes in such beneficial ownership required by
				subsection (a) shall be filed on Form 2, attached hereto (see Exhibit b). All
				such statements shall be prepared and filed in accordance with the requirements
				of the applicable form.
b)
			 Ownership of More Than 10 Percent of an Equity Security
In determining, for the purpose of subsection (a) of the Act
				whether a person is the beneficial owner, directly or indirectly, of more than
				10 percent of any class of any equity security, such class shall be deemed to
				consist of the total amount of such class outstanding, exclusive of any
				securities of such class held by or for the account of the company or a
				subsidiary of the company; except that for the purpose of determining
				percentage ownership of voting trust certificates or certificates of deposit
				for equity securities, the class of voting trust certificates or certificates
				of deposit shall be deemed to consist of the amount of voting trust
				certificates or certificates of deposit issuable with respect to the total
				amount of outstanding equity securities of the class which may be deposited
				under the voting trust agreement or deposit agreement in question, whether or
				not all of such outstanding securities have been so deposited. For the purpose
				of this paragraph (b), a person acting in good faith may rely on the
				information contained in the latest Convention Form Statement filed with the
				Director with respect to the amount of securities of a class outstanding or in
				the case of voting trust certificates or certificates of deposit the amount
				thereof issuable.
c)
			 Disclaimer of Beneficial Ownership
Any person filing a statement may expressly declare therein
				that the filing of such statement shall not be construed as an admission that
				such person is, for the purpose of the Act, the beneficial owner of any equity
				securities covered by the statement.
d) Exemptions from Subsections (a) and (b) of
			 the Act
1) During the period of 12 months
			 following their appointment and qualification, securities held by the following
			 persons shall be exempt from subsections (a) and (b) of the Act:
A) Executors or administrators of the estate
			 of a decedent;
B) Guardians or
			 committees for an incompetent; and
C) Receivers, trustees in bankruptcy,
			 assignees for the benefit of creditors, conservators, liquidating agents, and
			 other similar persons duly authorized by law to administer the estate or assets
			 of other persons.
Illinois Administrative Code › Title 50 - INSURANCE › Part 204 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 204.30 - Regulations Under Subsection (b) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) Exemption from subsection (b) of certain
			 transactions effected in connection with a distribution
1) Any transaction of purchase and sale, or
			 sale and purchase, of a security which is effected in connection with the
			 distribution of a substantial block of securities shall the exempt from the
			 provisions of subsection (b) of the Act, to the extent specified in this
			 Section
			 204.30 as not
			 comprehended within the purpose of said subsection (b) of the Act, upon the
			 following conditions:
A) The person effecting
			 the transaction is engaged in the business of distributing securities and is
			 participating in good faith, in the ordinary course of such business, in the
			 distribution of such block of securities;
B) The security involved in the transaction
			 is
i) a part of such block of securities and
			 is acquired by the person effecting the transaction, with a view to the
			 distribution thereof, from the company or other person on whose behalf such
			 securities are being distributed or from a person who is participating in good
			 faith in the distribution of such block of securities, or
ii) a security purchased in good faith by or
			 for the account of the person effecting the transaction for the purpose of
			 stabilizing the market price of securities of the class being distributed or to
			 cover an over-allotment or other short position created in connection with such
			 distribution; and
C)
			 Other persons not within the purview of subsection (b) of the Act are
			 participating in the distribution of such block of securities on terms at least
			 as favorable as those on which such person is participating and to an extent at
			 least equal to the aggregate participation of all persons exempted from the
			 provisions of subsection (b) of the Act by this section. However, the
			 performance of the functions of manager of a distributing group and the receipt
			 of a bona fide payment for performing such functions shall not preclude an
			 exemption which would otherwise be available under this section.
Illinois Administrative Code › Title 50 - INSURANCE › Part 204 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 204.40 - Regulations Under Subsection (c) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) Exemption of certain securities from
			 subsection (c) of the Act
Any security shall be exempt from the operation of subsection
				(c) of the Act to the extent necessary to render lawful under such subsection
				the execution by a broker of an order for an account in which he has no direct
				or indirect interest.
b)
			 Exemption from subsection (c) of the Act of certain transactions effected in
			 connection with a distribution
Any security shall be exempt from the operation of subsection
				(c) of the Act to the extent necessary to render lawful under such subsection
				any sale made by or on behalf of a dealer in connection with a distribution of
				a substantial block of securities, upon the following conditions:
1) The sale is represented by an
			 over-allotment in which the dealer is participating as a member of an
			 underwriting group, or the dealer or a person acting on his behalf intends in
			 good faith to offset such sale with a security to be acquired by or on behalf
			 of the dealer as a participant in an underwriting, selling or soliciting-dealer
			 group of which the dealer is a member at the time of the sale, whether or not
			 the security to be so acquired is subject to a prior offering to existing
			 security holders or some other class of persons; and
2) Other persons not within the purview of
			 subsection (c) of the Act are participating in the distribution of such block
			 of securities on terms at least as favorable as those on which such dealer is
			 participating and to an extent at least equal to the aggregate participating at
			 all persons exempted from the provisions of subsection (c) of the Act by this
			 section. However, the performance of the functions of manager of a distributing
			 group and the receipt of a bona fide payment for performing such functions
			 shall not preclude an exemption which would otherwise be available under this
			 section.
Illinois Administrative Code › Title 50 - INSURANCE › Part 204 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 204.50 - Regulation Under Subsection (e) of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
Arbitrage transactions under subsection (e) of the Act
It shall be unlawful for any director or officer of a company
				to effect any foreign or domestic arbitrage transaction in any equity security
				of such company, unless he shall include such transaction in the statements
				required by subsection (a) of the Act and shall account to such company for the
				profits arising from such transaction, as provided in subsection (b) thereof.
				The provisions of subsection (c) shall not apply to such arbitrage
				transactions. The provisions of the Act shall not apply to any bona fide
				foreign or domestic arbitrage transaction insofar as it is effected by any
				person other than such director or officer of the company.
Illinois Administrative Code › Title 50 - INSURANCE › Part 204 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Exhibit A - Initial Statement of Beneficial Ownership of Securities

Current through Register Vol. 48, No. 28, July 12, 2024
STATE OF ILLINOIS
Director of Insurance
Form 1-Initial Statement of Beneficial Ownership
				of Securities
Filed pursuant to Section 28.1 of the Illinois
				Insurance Code
_________________________________________________________________
(Name of insurance company)
_________________________________________________________________
(Name of person whose ownership is
				reported)
_________________________________________________________________
(Business address of such person; street, city,
				zone, state)
Relationship of such person to company named above. (See
				instruction 5) _________
_______________________________________________________
Date of event which requires the filing of this statement. (See
				Instruction 6) _________
SECURITIES BENEFICIALLY OWNED
__________________________________________________________________
Title of Security (See instruction 7) Nature of Ownership
				Amount Owned
(See instruction 8) (See Instruction 9)
__________________________________________________________________
__________________________________________________________________
REMARKS: (See instruction 10)
Subscribed and sworn to before me this _____ day of
				____________A.D., _____.
____________________________________________
NOTARY
				PUBLICSIGNATURE
ILLINOIS DEPARTMENTAL REGULATIONS
STATE OF ILLINOIS
Director of Insurance
Form 1 - Instructions for Initial Statement of Beneficial
				Ownership of Securities
1. Persons
			 Required to File Statements
A statement on this form is required to be filed by every
				person who is directly or indirectly the beneficial owner of more than 10
				percent of any class of equity security of an Illinois stock insurance company,
				or who is a director or an officer of such a company.
2. When Statements Are to Be Filed.
(a) Persons who hold any of the relationships
			 specified in instruction 1 are required to file a statement by January 31,
			 1966, or within 10 days after assuming such relationship, whichever date is
			 later.
(b) Statements are not
			 deemed to have been filed with the Director until they have actually been
			 received by him.
Illinois Administrative Code › Title 50 - INSURANCE › Part 205 - MUNICIPAL BOND INSURANCE › Section 205.10 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
Part 205 is promulgated by the Director of Insurance pursuant
				to Sections 401 and 144 of the Illinois Insurance Code (Ill. Rev. Stat. 1985,
				ch. 73, pars. 1013 and 756), which empowers the Director...to make reasonable
				rules and regulations as may be necessary for making effective...the insurance
				laws of the State.
Illinois Administrative Code › Title 50 - INSURANCE › Part 205 - MUNICIPAL BOND INSURANCE › Section 205.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
a) Municipal Bond
			 Insurance - insurance or reinsurance against financial loss by reason of
			 nonpayment of principal, interest or other payment obligations pursuant to the
			 terms of municipal bonds as defined in subsection (b) hereof.
b) Municipal Bond - any security (or other
			 instrument under which a payment obligation is created) issued by or on behalf
			 of, or payable or guaranteed by a state, territory or possession of the United
			 States of America, a municipality, or a political subdivision of any of the
			 foregoing, or by any public agency or instrumentality thereof.
c) Contingency Reserve - an additional
			 premium reserve established for the protection of insureds covered by policies
			 insuring municipal bonds against the effect of excessive losses occurring
			 during adverse economic cycles.
d)
			 Cumulative Net Liability - the insured unpaid principal and insured unpaid
			 interest due or to become due covered by in-force policies of municipal bond
			 insurance, reduced by the appropriate allowance for acceptable
			 reinsurance.
e) Average Annual Debt
			 Service - in respect to any issue or part thereof of municipal bonds covered by
			 an in-force policy, the product of the total insured, unpaid principal and
			 insured, unpaid interest thereon times the number of such bonds (assuming that
			 each $1,000 of par value represents one bond), divided by an amount equal to
			 the aggregate life (in years) of such bonds (assuming that each $1,000 of par
			 value represents one bond); i.e.:
(Unpaid Principal + Unpaid Interest) x (Number of
						  Bonds)/
(Number of Bond Years)
f)
			 Industrial Revenue Bonds - municipal bonds issued primarily to finance property
			 for use in a trade or business and without a substantial public purpose, and
			 backed by a revenue source other than a governmental unit described in the
			 definition of municipal bonds above.
g) Insurer - includes a company engaged in
			 the reinsurance of municipal bonds unless the text provides
			 otherwise.
Illinois Administrative Code › Title 50 - INSURANCE › Part 205 - MUNICIPAL BOND INSURANCE › Section 205.40 - Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any direct
			 insurer issuing contracts insuring municipal bonds must:
1) be authorized to write the kinds of
			 business defined in Class 2(g) and 2(h) of Section 4 of the Illinois Insurance
			 Code (Ill. Rev. Stat. 1985, ch. 73, par. 616), and
2) have a policyholders' surplus and
			 contingency reserve of not less than $50,000,000 as shown by its last annual
			 statement on file with the Director.
Illinois Administrative Code › Title 50 - INSURANCE › Part 205 - MUNICIPAL BOND INSURANCE › Section 205.50 - Limitations and Restrictions

Current through Register Vol. 48, No. 28, July 12, 2024
a)
1) In no event, shall the insured average
			 annual debt service (net of the appropriate allowance for acceptable
			 reinsurance and collateral allowable under Section
			 205.80 )
			 in respect to securities, backed by a single revenue source, exceed an amount
			 representing ten percent (10%) of the insurer's policyholders' surplus plus its
			 contingency reserve.
2) In no
			 event, shall the insured unpaid principal (net of the appropriate allowance for
			 acceptable reinsurance and collateral allowable under Section 205.80) in
			 respect to securites backed by a single revenue source, when added to the
			 admitted value of the securities of such source in which the insurer has
			 invested, exceed amount representing seventy-five percent (75%) of the
			 insurer's policyholders' surplus plus its contingency reserve.
3) In no event, shall twice the outstanding
			 cumulative net liability under policies in force insuring industrial revenue
			 bonds described in subsection
			 205.30(f)
			 plus the outstanding cumulative net liability under policies in force insuring
			 all other municipal bonds exceed:
A) 300
			 times the sum of the insurer's policyholders' surplus plus its contingency
			 reserve if the insurer transacts only municipal bond insurance, or
B) 60 times the sum of the insurer's
			 policyholders' surplus plus its contingency reserve if the insurer transacts
			 any insurance in addition to municipal bond insurance.
Illinois Administrative Code › Title 50 - INSURANCE › Part 205 - MUNICIPAL BOND INSURANCE › Section 205.70 - Reinsurance

Current through Register Vol. 48, No. 28, July 12, 2024
a) An insurer
			 qualified to write municipal bond insurance may, by contract, reinsure any such
			 insurance it transacts, provided that credit in accounting and financial
			 statements for reinsurance ceded shall be allowed only if the reinsurer is
			 either:
1) An insurer, authorized in Illinois
			 to write the kinds of business defined in Class 2(g) and 2(h) of Section 4 of
			 the Illinois Insurance Code (Ill. Rev. Stat. 1985, ch. 73, par. 616), which has
			 policyholders' surplus of not less than twenty-five million dollars
			 ($25,000,000), or
2) An insurer
			 that meets the surplus requirements of subsection
			 205.70(a)(1)
			 hereof, but is not licensed in Illinois; however, such credit shall be allowed
			 only to the extent and under the conditions specified in Section 173.1(2) of
			 the Illinois Insurance Code (Ill Rev. Stat. 1985, ch. 73, par.
			 785.1(2)
			 ). The security requirements of such sections shall also cover any contingency
			 reserve established by such reinsurer.
Illinois Administrative Code › Title 50 - INSURANCE › Part 205 - MUNICIPAL BOND INSURANCE › Section 205.80 - Collateral Security

Current through Register Vol. 48, No. 28, July 12, 2024
An insurer transacting municipal bond insurance as defined in
				Section
				205.30
				insurer may, for the purposes of Section
				205.50,
				treat the amount of a clean, irrevocable letter of credit or other assets which
				would qualify under Section 173.1(2) of the Illinois Insurance Code (Ill. Rev.
				Stat. 1985, ch.73, par.
				171.1(2)
				) deposited with it or held in trust to secure payment of the insured principal
				and interest, as a reduction in the amount of exposure
				insured.
Illinois Administrative Code › Title 50 - INSURANCE › Part 205 - MUNICIPAL BOND INSURANCE › Section 205.90 - Applicability of Other Laws

Current through Register Vol. 48, No. 28, July 12, 2024
a) All
			 the applicable provisions of the Illinois Insurance Code and the Illinois
			 Insurance Regulations of the Department of Insurance and of other statutes and
			 regulations of this State, except as the same may be in conflict herewith,
			 shall apply to the operation and conduct of business described herein as
			 municipal bond insurance.
b) This
			 Part does not prohibit any surety or municipal bond insurer from directly
			 obtaining or receiving any form of collateral as security for its
			 protection.
Illinois Administrative Code › Title 50 - INSURANCE › Part 206 - DOMESTIC INSURANCE COMPANIES SERVICE OF PROCESS REQUIREMENTS › Section 206.10 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
Part 206 is promulgated by the Director of Insurance pursuant
				to Sections
				14.1, 29, 44, 57, 68, 80
				and 401 of the Illinois Insurance Code, which empower the Director
to
				make reasonable rules and regulations as may be necessary for making
				effective
the insurance laws of the State.
Illinois Administrative Code › Title 50 - INSURANCE › Part 206 - DOMESTIC INSURANCE COMPANIES SERVICE OF PROCESS REQUIREMENTS › Section 206.20 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
This Part sets forth the method and procedure by which domestic
				insurance companies designate either a registered agent with a registered
				Illinois address and/or any officer or director of the insurance company to
				accept service of process in Illinois.
Illinois Administrative Code › Title 50 - INSURANCE › Part 206 - DOMESTIC INSURANCE COMPANIES SERVICE OF PROCESS REQUIREMENTS › Section 206.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For the purposes of this Part, the following definitions
				apply:
"Articles of Incorporation" means the basic instrument of an
				incorporated company and all amendments to that instrument and includes
				"Charter", "Articles of Organization", "Articles of Reorganization", "Articles
				of Association", "Deed of Settlement", and "Declaration of
				Organization".
"Code" means the Illinois Insurance Code [ 215 ILCS 5 ].
"Department" means the Illinois Department of Insurance.
"Director" means the Director of the Department of Insurance of
				the State of Illinois or anyone to whom the Director's responsibilities and
				authority are lawfully delegated.
"Director of the Insurance Company" means an individual who
				leads or supervises a particular area of the insurance company.
"Domestic Insurance Company" means a company incorporated or
				organized under the laws of this State.
"Officer of the Insurance Company", when used to refer to an
				officer of a company, includes an attorney-in-fact for a reciprocal or
				Lloyds.
"Service of Process" means any lawful process in any action or
				legal proceeding against the domestic insurance company.
"Registered Agent" means either a natural person or a domestic
				(licensed to transact business in this State) artificial legal entity
				(corporation, LLC, LP or LLP).
Illinois Administrative Code › Title 50 - INSURANCE › Part 206 - DOMESTIC INSURANCE COMPANIES SERVICE OF PROCESS REQUIREMENTS › Section 206.40 - Service of Process Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Every
			 domestic insurance company desiring to transact business in Illinois may
			 designate a registered agent to accept all lawful service of process in
			 Illinois by:
1) Specific designations within
			 the company's initial filing of its Articles of Incorporation with the
			 Department; or
2) Amending the
			 domestic insurance company's Articles of Incorporation pursuant to Section 29,
			 57 or 80 of the Code.
Illinois Administrative Code › Title 50 - INSURANCE › Part 301 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 301.10 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is promulgated by the Director of the Department of
				Financial and Professional Regulation-Division of Insurance (Director) under
				Section 401(a) 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 Part to implement
				Section 56 of the Illinois Insurance Code.
Illinois Administrative Code › Title 50 - INSURANCE › Part 301 - ACCUMULATION OF GUARANTY FUND OR GUARANTY CAPITAL - REPORTING AND ACCOUNTING OF SUCH INDEBTEDNESS › Section 301.20 - Application and Effective Date

Current through Register Vol. 48, No. 28, July 12, 2024
This Part applies to all companies organized under Article III
				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.