(215 ILCS 5/144.1) (from Ch. 73, par. 756.1)
Sec. 144.1.
Insurance Sales by Insolvent or Impaired Companies
Prohibited.) (1) Unless allowed by the Director, no foreign or alien
company officer, director, trustee,
agent, or employee of such company may renew, issue or deliver or cause
to be renewed, issued or delivered, any policy, contract or certificate
of insurance in this State, nor may any domestic company, officer,
director, trustee, agent or employee of such company renew, issue or
deliver or cause to be renewed, issued or delivered, any policy,
contract or certificate of insurance, for which a premium is charged or
collected, when the company writing such insurance is insolvent or
impaired and the fact of such insolvency or impairment is known to the
company officer, director, trustee, agent or employee of such company. A
company is impaired when its assets are less than its capital, minimum
required surplus and all liabilities.
However, the existence of an impairment does not prevent the issuance
or renewal of a policy when an insured or owner exercises an option
granted to him under an existing policy to obtain new, renewed or
converted insurance coverage.
(2) Any company officer, director, trustee, agent, or employee of
such company violating this Section shall be guilty of a Class A
misdemeanor.
(Source: P.A. 82-498.)
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