Section 652.30  Registration of Insurers – Form of Statement Filing

a)         An insurer required to file a statement pursuant to Section 131.13 of the Code shall furnish the required information in the format and as specified in the instructions contained in Form B, which is Illustration B to this Part.  The insurer is to identify whether the filing is an initial, annual or amendment to the Form B.

b)         An annual filing shall be made on or before each May 1 in the format of Form B containing current information for the preceding calendar year.

c)         Amendments

1)         An amendment to Form B shall be filed within 15 days after the end of any month in which the following occurs:

A)        there is a change in the control of the registrant, in which case the entire Form B shall be made current;

B)        there is a material change in the information given in Item 5 or Item 6 of Form B.

2)         Each amendment shall include the Form B cover page and the transactions that are the subject of the amendment.  A current signature and certification shall be given in regard to the information in the amendment.

d)         Alternative and Consolidated Registration

1)         Any authorized insurer may file a registration statement on behalf of any affiliated insurer or insurers required to register under Section 131.13 of the Code.  Two or more affiliated insurers required to file may file a consolidated registration statement unless required otherwise by the Director. The Director shall request separate registration statements when the consolidated registration statement does not provide adequate information regarding the domestic insurer pursuant to Section 131.14 of the Code.  A registration statement may include information regarding any insurer in the insurance holding company system even if such insurer is not authorized to do business in this State.  In lieu of filing a registration statement in the format designated on Form B, the authorized insurer may file a copy of the registration statement or similar report the authorized insurer is required to file in its state of domicile provided:

A)        the statement or report contains substantially similar information required to be furnished on Form B. The report or statement shall be deemed substantially similar when a Department analyst can reasonably make the same determinations regarding the information contained in the report or statement as the analyst does for Form B filings made by domestic insurers; and

B)        the filing insurer demonstrates that the insurer is the principal insurance company in the insurance holding company system.  The principal insurer shall be the insurer that:

i)          has the most admitted assets; or

ii)         has the most insurance in force; or

iii)        has the most premium volume on an annualized basis; or

iv)        is the insurer that controls all other insurers.

2)         The question of whether the filing insurer is the principal insurance company in the insurance holding company system as defined in Section 131.1(c) of the Code is a question of fact and an insurer filing a registration statement or report in lieu of Form B on behalf of an affiliated insurer shall, when required by the Director, set forth a brief statement of facts that will substantiate the filing insurer's claim that it, in fact, is the principal insurer in the insurance holding company system.

3)         With the prior approval of the Director, an unauthorized insurer that is the principal insurer may follow any of the procedures which could be done by an authorized insurer under subsection (d)(1).

e)         Exemptions

1)         A foreign or alien insurer otherwise subject to this Section shall not be required to register pursuant to Section 131.13 of the Code if it is admitted in the domiciliary state of the principal insurer (as the term is defined in subsection (d)(2) of this Section) and in that State is subject to disclosure requirements and standards adopted by statute or regulation that are substantially similar to those contained in Sections 131.13 through 131.19 of the Code.  The Director may require a copy of the registration statement or other information filed with the domiciliary state. 

2)         The state of entry of an alien insurer shall be deemed to be its domiciliary state for the purpose of this Part.

f)         Disclaimers and Termination of Registration

1)         A disclaimer or a request for termination of registration claiming that a person does not or will not, upon the taking of some proposed action, control any other person (i.e., the "subject") shall contain the following information:

A)        the number of authorized, issued and outstanding voting securities of the subject;

B)        with respect to the person whose control is denied and all affiliates of that person:

i)          the number and percentage of shares of the subject's voting securities that are held of record or known to be beneficially owned and the number of shares for which there is a right to acquire, directly or indirectly;

ii)         information as to all transactions in any voting securities of the subject that were effected during the past six months by that person;

C)        all relationships and bases for affiliation between the subject and the person whose control is denied and all affiliates of that person;

D)        a statement explaining why the person whose control is denied would not be considered to control the subject.

2)         A request for termination of registration shall be deemed to have been granted unless the Director, within 30 days after receiving the request, notifies the registrant otherwise. The request will be granted if the request is in compliance with the requirements of Article VIII½ of the Code and this Part.

(Source:  Amended at 31 Ill. Reg. 4031, effective February 23, 2007)