215 ILCS 5/ Illinois Insurance Code.

(215 ILCS 5/175) (from Ch. 73, par. 787)

Sec. 175. Conditions for approval.

Any reinsurance agreement requiring the written approval of the Director under section 174 shall be approved by him if the terms thereof do not injuriously affect the rights of policyholders of any of the companies which are parties thereto. If the Director refuses to approve any such agreement, he shall grant the company a hearing upon request.

(Source: Laws 1965, p. 1077.)

(215 ILCS 5/176) (from Ch. 73, par. 788)

Sec. 176. Pending actions.

Whenever a company agrees to assume and carry out directly with the policyholder any of the policy obligations of the ceding company under a reinsurance agreement, any claim existing or action or proceeding pending arising out of such policy, by or against the ceding company with respect to such obligations may be prosecuted to judgment as if such reinsurance agreement had not been made, or the assuming company may be substituted in place of the ceding company.

(Source: Laws 1937, p. 696.)

(215 ILCS 5/177) (from Ch. 73, par. 789)

Sec. 177. Transfer of deposits.

The provisions of section 170 applicable to the transfer of deposits of legal reserves on policies of merged or consolidated companies shall apply to the transfer of deposits of such reserves of a ceding company in the case of a reinsurance agreement, and for the purposes of determining the conditions and requirements for such transfer the assuming company shall be regarded as a surviving or new company and the ceding company shall be regarded as a company that has been merged or consolidated.

(Source: Laws 1937, p. 696.)

(215 ILCS 5/178)

Sec. 178. (Repealed).

(Source: Laws 1937, p. 696. Repealed by P.A. 98-692, eff. 7-1-14; 98-969, eff. 1-1-15.)

(215 ILCS 5/179) (from Ch. 73, par. 791)

Sec. 179. Payment of fees to officer or director prohibited.

(1) No director or officer of any company, party to a reinsurance agreement, except as fully expressed in the reinsurance agreement, shall receive any fee, commission, other compensation or valuable consideration whatever, directly or indirectly, for in any manner aiding, promoting or assisting in the negotiation of such reinsurance agreement.

(2) Any person violating the provisions of this section shall be guilty of a Class A misdemeanor.

(Source: P.A. 77-2699.)

(215 ILCS 5/179a)

Sec. 179a. Managing general agent prohibition.

(a) No managing general agent, as defined in Section 141a, shall receive any compensation or remuneration for, or in any manner profit from, obtaining or arranging reinsurance for a domestic company with respect to business underwritten by that managing general agent.

(b) Any person violating the provisions of this Section is guilty of a Class A misdemeanor.

(Source: P.A. 88-364.)

(215 ILCS 5/179b)

Sec. 179b. Reinsurance committee. Each domestic company that cedes any reinsurance must establish and maintain a reinsurance committee with not fewer than 3 members, at least one of which must be a member of the company's board of directors. The committee shall review and approve all treaty reinsurance placements and review and approve guidelines for facultative placements for the company, with the exception of a reinsurance agreement in which the aggregate premium ceded in any one year is less than 1% of the company's annual gross written premium. The committee shall give special attention to reinsurers' financial strength and performance record.

(Source: P.A. 88-364.)

(215 ILCS 5/Art. XI.5 heading) ARTICLE XI 1/2. PROTECTED CELL COMPANIES

(215 ILCS 5/179A-1)

Sec. 179A-1. Short title. This Article may be cited as the Protected Cell Company Law.

(Source: P.A. 91-278, eff. 7-23-99.)