|
| | HB2962 Engrossed | | LRB098 05470 RPM 35504 b |
|
|
| 1 | | AN ACT concerning regulation.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Illinois Insurance Code is amended by |
| 5 | | changing Section 154.8 as follows:
|
| 6 | | (215 ILCS 5/154.8) (from Ch. 73, par. 766.8)
|
| 7 | | Sec. 154.8.
Cease and Desist Order - Suspension of |
| 8 | | Certificate - Civil
penalty - Judicial
Review.) |
| 9 | | (1) If after a hearing pursuant to Section 154.7 the |
| 10 | | Director
finds that company has engaged in an improper claims |
| 11 | | practice, he shall
order such company to cease and desist from |
| 12 | | such practices and, in the
exercise of reasonable discretion, |
| 13 | | may suspend
the company's certificate of authority for a period |
| 14 | | not to exceed 6
months or impose a civil penalty of up to |
| 15 | | $375,000 $250,000, or both.
Pursuant to Section 401, the |
| 16 | | Director shall promulgate reasonable rules
and regulations |
| 17 | | establishing standards for the implementation of this Section.
|
| 18 | | (2) Any order of the Director pursuant to this Section is |
| 19 | | subject to
judicial review under Section 407 of this Code.
|
| 20 | | (Source: P.A. 86-846.)
|