(215 ILCS 5/173.5) (from Ch. 73, par. 785.5)
Sec. 173.5.
Crediting of commissions from cancellable reinsurance.
Where the parties to a reinsurance contract cancel such contract within
90 days of its effective date without providing for a runoff of the
reinsurance in force at the date of cancellation, credit for commission
shall be allowed on the financial statement of the ceding company only for
that amount of such commission as is actually earned. In the case of any
cancellation of reinsurance contracts involving more than 20% of the ceding
company's premiums in force, the ceding company shall notify the Director
thereof in writing, stating the estimated amount of gross unearned premiums
and return commissions involved.
(Source: Laws 1965, p. 1077 .)
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(215 ILCS 5/174) (from Ch. 73, par. 786)
Sec. 174. Kinds of
agreements requiring approval.
(1) The following kinds of reinsurance agreements shall not be entered into
by any domestic company unless such agreements are approved in writing by
the Director:
(a) Agreements of reinsurance of any such company | ||
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(b) Any agreement or agreements of reinsurance | ||
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(c) (Blank).
(2) An agreement which is not disapproved by the Director within thirty
days after its submission shall be deemed approved.
(Source: P.A. 98-969, eff. 1-1-15 .)
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(215 ILCS 5/174.1) (from Ch. 73, par. 786.1)
Sec. 174.1.
Kinds of Agreements Prohibited.
No domestic stock company with
less than $5,000,000 capital and surplus nor domestic mutual or reciprocal company
with less than $5,000,000 surplus may assume as reinsurance any of the kind or
kinds of businesses enumerated in Class 2 or Class 3 of Section 4 of this
Code, except Class 2(a), and except for facultative reinsurance of specific
risks and assumption of risks from companies subject to "An Act
relating to local, mutual district, county and township insurance
companies", approved March 13, 1936, as amended. If approval of the
Director is obtained prior to the reinsurance
assumption, this prohibition shall not apply to any company organized and
authorized to do business in Illinois between July 1, 1981, and June 30,
1983, until January 1, 1989.
(Source: P.A. 84-671.)
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