(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.)
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(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.)
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(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.)
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(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 (Repealed).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 Repealed by P.A. 98-692, eff. 7-1-14; 98-969, eff. 1-1-15.)
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(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.)
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(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.)
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(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.)
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(215 ILCS 5/Art. XI.5 heading) ARTICLE XI 1/2.
PROTECTED CELL COMPANIES
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(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.)
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