Full Text of SB3322 98th General Assembly
SB3322eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Intergovernmental Cooperation Act is | 5 | | amended by changing Section 6 as follows:
| 6 | | (5 ILCS 220/6) (from Ch. 127, par. 746)
| 7 | | Sec. 6. Joint self-insurance. An intergovernmental | 8 | | contract may, among
other undertakings,
authorize public | 9 | | agencies to jointly self-insure and authorize each public
| 10 | | agency member of the contract to utilize its funds to pay to a | 11 | | joint
insurance pool its costs and reserves to protect, wholly | 12 | | or partially,
itself or any public agency member of the | 13 | | contract against liability or
loss in the designated insurable | 14 | | area. | 15 | | A joint insurance pool shall have an
annual audit performed | 16 | | by an independent certified public accountant and shall
file an | 17 | | annual audited financial report with the Director of Insurance | 18 | | no later
than 150 days after the end of the pool's immediately | 19 | | preceding fiscal year.
The
Director of Insurance shall issue | 20 | | rules necessary to implement this audit and
report requirement. | 21 | | The rule shall establish the due date for filing the
initial | 22 | | annual audited financial report. Within 30 days after January | 23 | | 1,
1991, and within 30 days after each January 1 thereafter, |
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| 1 | | public agencies
that are jointly self-insured to protect | 2 | | against liability under the
Workers' Compensation Act and the | 3 | | Workers' Occupational Diseases Act shall
file with the Illinois | 4 | | Workers' Compensation Commission a report indicating an | 5 | | election to
self-insure. | 6 | | The joint insurance pool shall also annually file with the | 7 | | Director a statement of actuarial opinion that conforms to the | 8 | | Actuarial Standards of Practice issued by the Actuarial | 9 | | Standards Board. All statements of actuarial opinion shall be | 10 | | issued by an independent actuary who is an associate or fellow | 11 | | of the Casualty Actuarial Society or of the Society of | 12 | | Actuaries. The statement of actuarial opinion shall include a | 13 | | statement in a casualty actuarial society that the pool's | 14 | | reserves are calculated in accordance with sound | 15 | | loss-reserving standards and adequate for the payment of | 16 | | claims. This opinion shall be filed no later than 150 days | 17 | | after the end of each fiscal year. The joint insurance pool | 18 | | shall be exempt from filing a statement of actuarial opinion by | 19 | | an independent actuary who is an associate or fellow of the | 20 | | Casualty Actuarial Society or of the Society of Actuaries in a | 21 | | casualty actuarial society that the joint insurance pool's | 22 | | reserves are in accordance with sound loss-reserving standards | 23 | | and payment of claims for the primary level of coverage if the | 24 | | joint insurance pool files with the Director, by the reporting | 25 | | deadline, a statement of actuarial opinion from the provider of | 26 | | the joint pool's aggregate coverage, reinsurance, or other |
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| 1 | | similar excess insurance coverage. Any statement of actuarial | 2 | | opinion must be prepared by an actuary who satisfies the | 3 | | qualification standards set forth by the American Academy of | 4 | | Actuaries to issue the opinion in the particular area of | 5 | | actuarial practice.
| 6 | | The Director may assess penalties against a joint insurance | 7 | | pool that fails to comply with the auditing, statement of | 8 | | actuarial opinion, and examination requirements of this | 9 | | Section in an amount equal to $500 per day for each violation, | 10 | | up to a maximum of $10,000 for each violation. The Director (or | 11 | | his or her staff) or a Director-selected independent auditor | 12 | | (or actuarial firm) that is not owned or affiliated with an | 13 | | insurance brokerage firm, insurance company, or other | 14 | | insurance industry affiliated entity may examine, as often as | 15 | | the Director deems advisable, the affairs, transactions, | 16 | | accounts, records, and assets and liabilities of each joint | 17 | | insurance pool that fails to comply with this Section. The | 18 | | joint insurance pool shall cooperate fully with the Director's | 19 | | representatives in all evaluations and audits of the joint | 20 | | insurance pool and resolve issues raised in those evaluations | 21 | | and audits. The failure to resolve those issues may constitute | 22 | | a violation of this Section, and may, after notice and an | 23 | | opportunity to be heard, result in the imposition of penalties | 24 | | pursuant to this Section. No sanctions under this Section may | 25 | | become effective until 30 days after the date that a notice of | 26 | | sanctions is delivered by registered or certified mail to the |
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| 1 | | joint insurance pool. The Director shall have the authority to | 2 | | extend the time for filing any statement by any joint insurance | 3 | | pool for reasons that he or she considers good and sufficient. | 4 | | If a joint insurance pool requires a member to submit | 5 | | written notice in order for the member to withdraw from a | 6 | | qualified pool, then the period in which the member must | 7 | | provide the written notice cannot be greater than 120 days, | 8 | | except that this requirement applies only to joint insurance | 9 | | pool agreements entered into, modified, or renewed on or after | 10 | | the effective date of this amendatory Act of the 98th General | 11 | | Assembly. | 12 | | For purposes of this Section, "public agency member" means | 13 | | any public
agency
defined or created under this Act, any local | 14 | | public entity as defined in
Section 1-206 of
the Local | 15 | | Governmental and Governmental Employees Tort Immunity Act, and | 16 | | any
public agency, authority, instrumentality, council, board, | 17 | | service region,
district,
unit, bureau,
or, commission, or any | 18 | | municipal corporation, college, or university, whether
| 19 | | corporate or
otherwise,
and any other local governmental body | 20 | | or similar entity that is presently
existing or
created after | 21 | | the effective date of this amendatory Act of the 92nd General
| 22 | | Assembly,
whether or not specified in this Section.
Only public | 23 | | agency members with tax receipts, tax revenues, taxing
| 24 | | authority, or other
resources sufficient to pay costs and to | 25 | | service debt related to
intergovernmental activities
described | 26 | | in this Section, or public agency members created by or as part |
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| 1 | | of a
public
agency with these powers, may enter into contracts | 2 | | or otherwise associate among
themselves as permitted in this | 3 | | Section.
| 4 | | No joint insurance pool or other intergovernmental | 5 | | cooperative offering health insurance shall interfere with the | 6 | | statutory obligation of any public agency member to bargain | 7 | | over or to reach agreement with a labor organization over a | 8 | | mandatory subject of collective bargaining as those terms are | 9 | | used in the Illinois Public Labor Relations Act. No | 10 | | intergovernmental contract of insurance offering health | 11 | | insurance shall limit the rights or obligations of public | 12 | | agency members to engage in collective bargaining, and it shall | 13 | | be unlawful for a joint insurance pool or other | 14 | | intergovernmental cooperative offering health insurance to | 15 | | discriminate against public agency members or otherwise | 16 | | retaliate against such members for limiting their | 17 | | participation in a joint insurance pool as a result of a | 18 | | collective bargaining agreement.
| 19 | | It shall not be considered a violation of this Section for | 20 | | an intergovernmental contract of insurance relating to health | 21 | | insurance coverage, life insurance coverage, or both to permit | 22 | | the pool or cooperative, if a member withdraws employees or | 23 | | officers into a union-sponsored program, to re-price the costs | 24 | | of benefits provided to the continuing employees or officers | 25 | | based upon the same underwriting criteria used by that pool or | 26 | | cooperative in the normal course of its business, but no member |
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| 1 | | shall be expelled from a pool or cooperative if the continuing | 2 | | employees or officers meet the general criteria required of | 3 | | other members.
| 4 | | (Source: P.A. 98-504, eff. 1-1-14.)
| 5 | | Section 10. The Illinois Insurance Code is amended by | 6 | | changing Sections 26, 53, 174, and 245.1 as follows:
| 7 | | (215 ILCS 5/26) (from Ch. 73, par. 638)
| 8 | | (Section scheduled to be repealed on January 1, 2017)
| 9 | | Sec. 26. Deposit. | 10 | | (a) A company subject to the provisions of this
Article | 11 | | shall make and
maintain with the Director for the protection of | 12 | | all creditors,
policyholders and policy obligations of the | 13 | | company, a deposit of
securities which are authorized | 14 | | investments under Section 126.11A(1),
126.11A(2), 126.24A(1), | 15 | | or 126.24A(2) having a
fair market value equal to the minimum | 16 | | capital and surplus required to be
maintained under Section 13.
| 17 | | The Director may release the required deposit of securities | 18 | | upon receipt of
an order of a court having proper jurisdiction | 19 | | or upon: (i)
certification by the company that it has no | 20 | | outstanding creditors,
policyholders, or policy obligations in | 21 | | effect and no plans to engage in the
business of insurance; | 22 | | (ii) receipt of a lawful resolution of the company's
board of | 23 | | directors effecting the surrender of its articles of | 24 | | incorporation for
administrative dissolution by the Director; |
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| 1 | | and (iii) receipt of the name and
forwarding address for each | 2 | | of the final officers and directors of the company,
together | 3 | | with a plan of dissolution approved by the Director.
| 4 | | (b) All deposits by insurers subject to this Article must | 5 | | be limited to the following types: | 6 | | (1) United States government bonds, notes, and bills | 7 | | for which the full faith and credit of the government of | 8 | | the United States is pledged for the payment of principal | 9 | | and interest. | 10 | | (2) United States public bonds and notes of any state | 11 | | or of the District of Columbia, or Canadian public bonds | 12 | | and notes of any province thereof, for which the full faith | 13 | | and credit of the issuer has been pledged for the payment | 14 | | of principal and interest. | 15 | | (3) United States and Canadian county, provincial, | 16 | | municipal, and district bonds and notes for which the | 17 | | issuer has lawful authority to levy taxes or make | 18 | | assessments for the payment of principal and interest. | 19 | | (4) Bonds and notes of any federal agency that are | 20 | | guaranteed as to payment of principal and interest by the | 21 | | United States. | 22 | | (5) International development bank bonds, bonds issued | 23 | | by the State of Israel and sold through the Development | 24 | | Corporation for Israel or its successor entities, and notes | 25 | | issued, assumed, and guaranteed by the International Bank | 26 | | for Reconstruction and Development, the Inter-American |
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| 1 | | Development Bank, the Asian Development Bank, the African | 2 | | Development Bank, or the International Finance | 3 | | Corporation. | 4 | | (6) Corporate bonds and notes of any private | 5 | | corporations that are not affiliates or subsidiaries of the | 6 | | insurer, which corporations are organized under the laws of | 7 | | the United States, Canada, any state, the District of | 8 | | Columbia, any territory or possession of the United States, | 9 | | or any province of Canada. | 10 | | (7) Certificates of deposit. | 11 | | (c) To be eligible for deposit under subsection (b), any | 12 | | bond or note must have the following characteristics: | 13 | | (1) The bond or note must be interest-bearing or | 14 | | interest-accruing, and the insurer must be the exclusive | 15 | | owner of the interest accruing thereon and entitled to | 16 | | receive the interest for its account. | 17 | | (2) The issuer must be in a solvent financial condition | 18 | | and the bond or note must not be in default. | 19 | | (3) The bond, note, or debt of the issuing country must | 20 | | be rated in one of the 4 highest classifications by an | 21 | | established, nationally recognized investment rating | 22 | | service or must have been given a rating of 1 by the | 23 | | Securities Valuation Office of the National Association of | 24 | | Insurance Commissioners. | 25 | | (4) The market value of the bond or note must be | 26 | | readily ascertainable or the value of the bond or note must |
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| 1 | | be obtainable by the insurer or its custodian from the | 2 | | issuer's fiscal agent. | 3 | | (5) The bond or note must be the direct obligation of | 4 | | the issuer. | 5 | | (6) The bond or note must be stated in United States | 6 | | dollar denominations. | 7 | | (7) The bond or note must be eligible for book-entry | 8 | | form on the books of the Federal Reserve's book-entry | 9 | | system or in a depository trust clearing system or on the | 10 | | books of the issuer's transfer agent or evidenced by a | 11 | | certificate delivered to the insurer or its custodian. | 12 | | (d) To be eligible for deposit under item (7) of subsection | 13 | | (b), a certificate of deposit must have the following | 14 | | characteristics: | 15 | | (1) The certificate of deposit must be issued by a | 16 | | bank, savings bank, or savings association that is | 17 | | organized under the laws of the United States, of this | 18 | | State, or of any other state and that has a principal | 19 | | office or branch office in this State that is authorized to | 20 | | receive deposits in this State. | 21 | | (2) The certificate of deposit must be | 22 | | interest-bearing and may not be issued in discounted form. | 23 | | (3) The certificate of deposit must be issued for a | 24 | | period of not less than one year. | 25 | | (4) The issuing bank, savings bank, or savings | 26 | | association must agree to the terms and conditions of the |
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| 1 | | Director regarding the rights to the certificate of deposit | 2 | | and must have executed a written certificate of deposit | 3 | | agreement with the Director. The terms and conditions of | 4 | | the agreement shall include, but need not be limited to: | 5 | | (A) Exclusive authorized signature authority for | 6 | | the chief financial officer. | 7 | | (B) An agreement to pay, without protest, the | 8 | | proceeds of its certificate of deposit to the Director | 9 | | within 30 business days after presentation. | 10 | | (C) A prohibition against levies, setoffs, | 11 | | survivorship, or other conditions that might hinder | 12 | | the Director's ability to recover the full face value | 13 | | of a certificate of deposit. | 14 | | (D) Instructions regarding interest payments, | 15 | | renewals, taxpayer identification, and early | 16 | | withdrawal penalties. | 17 | | (E) An agreement to be subject to the jurisdiction | 18 | | of the courts of this State, or those of the United | 19 | | States that are located in this State, for the purposes | 20 | | of any litigation arising out of this Section. | 21 | | (F) Such other conditions as the Director | 22 | | requires. | 23 | | (e) The Director may refuse to accept certain securities or | 24 | | refuse to accept the reported market value of certain | 25 | | securities offered pursuant to this Section in order to ensure | 26 | | that sufficient cash and securities are on hand to meet the |
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| 1 | | purposes of the deposit. In making a refusal under this | 2 | | subsection (e), the guidelines for use of the Director may | 3 | | include, but need not be limited to, whether the market value | 4 | | of the securities cannot be readily ascertained and the lack of | 5 | | liquidity of the securities. Securities refused under this | 6 | | subsection (e) are not acceptable as deposits. | 7 | | (f) All deposits required of a domestic insurer pursuant to | 8 | | the laws of another state, province, or country must be | 9 | | comprised of securities of the kinds required under subsection | 10 | | (b), having the characteristics required under subsections (c) | 11 | | and (d), and permitted by the laws of the other state, | 12 | | province, or country, except common stocks, mortgages or loans | 13 | | of any kind, real estate investment trust funds or programs, | 14 | | commercial paper, and letters of credit. | 15 | | (Source: P.A. 98-110, eff. 1-1-14.)
| 16 | | (215 ILCS 5/53) (from Ch. 73, par. 665)
| 17 | | (Section scheduled to be repealed on January 1, 2017)
| 18 | | Sec. 53. Deposit. | 19 | | (a) A company subject to the provisions of this Article | 20 | | shall make and
maintain with the Director for the protection of | 21 | | all creditors,
policyholders and policy obligations of the | 22 | | company, a deposit of
securities which are authorized | 23 | | investments under Section 126.11A(1),
126.11A(2), 126.24A(1), | 24 | | or 126.24A(2) having a
fair market value equal to the minimum | 25 | | surplus required to be maintained
under Section 43.
The |
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| 1 | | Director may release the required deposit of securities
upon | 2 | | receipt of
an order of a court having proper jurisdiction or
| 3 | | upon: (i)
certification by the company that it has no | 4 | | outstanding creditors,
policyholders, or policy obligations in | 5 | | effect and no plans to engage in the
business of insurance; | 6 | | (ii) receipt of a lawful resolution of the company's
board of | 7 | | directors effecting the surrender of its articles of | 8 | | incorporation for
administrative dissolution by the Director; | 9 | | and (iii) receipt of the name and
forwarding address for each | 10 | | of the final officers and directors of the company,
together | 11 | | with a plan of dissolution approved by the Director.
| 12 | | (b) All deposits by insurers subject to this Article must | 13 | | be limited to the following types: | 14 | | (1) United States government bonds, notes, and bills | 15 | | for which the full faith and credit of the government of | 16 | | the United States is pledged for the payment of principal | 17 | | and interest. | 18 | | (2) United States public bonds and notes of any state | 19 | | or of the District of Columbia, or Canadian public bonds | 20 | | and notes of any province thereof, for which the full faith | 21 | | and credit of the issuer has been pledged for the payment | 22 | | of principal and interest. | 23 | | (3) United States and Canadian county, provincial, | 24 | | municipal, and district bonds and notes for which the | 25 | | issuer has lawful authority to levy taxes or make | 26 | | assessments for the payment of principal and interest. |
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| 1 | | (4) Bonds and notes of any federal agency that are | 2 | | guaranteed as to payment of principal and interest by the | 3 | | United States. | 4 | | (5) International development bank bonds, bonds issued | 5 | | by the State of Israel and sold through the Development | 6 | | Corporation for Israel or its successor entities, and notes | 7 | | issued, assumed, and guaranteed by the International Bank | 8 | | for Reconstruction and Development, the Inter-American | 9 | | Development Bank, the Asian Development Bank, the African | 10 | | Development Bank, or the International Finance | 11 | | Corporation. | 12 | | (6) Corporate bonds and notes of any private | 13 | | corporations that are not affiliates or subsidiaries of the | 14 | | insurer, which corporations are organized under the laws of | 15 | | the United States, Canada, any state, the District of | 16 | | Columbia, any territory or possession of the United States, | 17 | | or any province of Canada. | 18 | | (7) Certificates of deposit. | 19 | | (c) To be eligible for deposit under subsection (b), any | 20 | | bond or note must have the following characteristics: | 21 | | (1) The bond or note must be interest-bearing or | 22 | | interest-accruing, and the insurer must be the exclusive | 23 | | owner of the interest accruing thereon and entitled to | 24 | | receive the interest for its account. | 25 | | (2) The issuer must be in a solvent financial condition | 26 | | and the bond or note must not be in default. |
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| 1 | | (3) The bond, note, or debt of the issuing country must | 2 | | be rated in one of the 4 highest classifications by an | 3 | | established, nationally recognized investment rating | 4 | | service or must have been given a rating of 1 by the | 5 | | Securities Valuation Office of the National Association of | 6 | | Insurance Commissioners. | 7 | | (4) The market value of the bond or note must be | 8 | | readily ascertainable or the value of the bond or note must | 9 | | be obtainable by the insurer or its custodian from the | 10 | | issuer's fiscal agent. | 11 | | (5) The bond or note must be the direct obligation of | 12 | | the issuer. | 13 | | (6) The bond or note must be stated in United States | 14 | | dollar denominations. | 15 | | (7) The bond or note must be eligible for book-entry | 16 | | form on the books of the Federal Reserve's book-entry | 17 | | system or in a depository trust clearing system or on the | 18 | | books of the issuer's transfer agent or evidenced by a | 19 | | certificate delivered to the insurer or its custodian. | 20 | | (d) To be eligible for deposit under item (7) of subsection | 21 | | (b), a certificate of deposit must have the following | 22 | | characteristics: | 23 | | (1) The certificate of deposit must be issued by a | 24 | | bank, savings bank, or savings association that is | 25 | | organized under the laws of the United States, of this | 26 | | State, or of any other state and that has a principal |
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| 1 | | office or branch office in this State that is authorized to | 2 | | receive deposits in this State. | 3 | | (2) The certificate of deposit must be | 4 | | interest-bearing and may not be issued in discounted form. | 5 | | (3) The certificate of deposit must be issued for a | 6 | | period of not less than one year. | 7 | | (4) The issuing bank, savings bank, or savings | 8 | | association must agree to the terms and conditions of the | 9 | | Director regarding the rights to the certificate of deposit | 10 | | and must have executed a written certificate of deposit | 11 | | agreement with the Director. The terms and conditions of | 12 | | the agreement shall include, but need not be limited to: | 13 | | (A) Exclusive authorized signature authority for | 14 | | the chief financial officer. | 15 | | (B) An agreement to pay, without protest, the | 16 | | proceeds of its certificate of deposit to the Director | 17 | | within 30 business days after presentation. | 18 | | (C) A prohibition against levies, setoffs, | 19 | | survivorship, or other conditions that might hinder | 20 | | the Director's ability to recover the full face value | 21 | | of a certificate of deposit. | 22 | | (D) Instructions regarding interest payments, | 23 | | renewals, taxpayer identification, and early | 24 | | withdrawal penalties. | 25 | | (E) An agreement to be subject to the jurisdiction | 26 | | of the courts of this State, or those of the United |
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| 1 | | States that are located in this State, for the purposes | 2 | | of any litigation arising out of this Section. | 3 | | (F) Such other conditions as the Director | 4 | | requires. | 5 | | (e) The Director may refuse to accept certain securities or | 6 | | refuse to accept the reported market value of certain | 7 | | securities offered pursuant to this Section in order to ensure | 8 | | that sufficient cash and securities are on hand to meet the | 9 | | purposes of the deposit. In making a refusal under this | 10 | | subsection (e), the guidelines for use of the Director may | 11 | | include, but need not be limited to, whether the market value | 12 | | of the securities cannot be readily ascertained and the lack of | 13 | | liquidity of the securities. Securities refused under this | 14 | | subsection (e) are not acceptable as deposits. | 15 | | (f) All deposits required of a domestic insurer pursuant to | 16 | | the laws of another state, province, or country must be | 17 | | comprised of securities of the kinds required under subsection | 18 | | (b), having the characteristics required under subsections (c) | 19 | | and (d), and permitted by the laws of the other state, | 20 | | province, or country, except common stocks, mortgages or loans | 21 | | of any kind, real estate investment trust funds or programs, | 22 | | commercial paper, and letters of credit. | 23 | | (Source: P.A. 98-110, eff. 1-1-14.)
| 24 | | (215 ILCS 5/174) (from Ch. 73, par. 786)
| 25 | | Sec. 174.
Kinds of
agreements requiring approval.
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| 1 | | (1) The following kinds of reinsurance agreements shall not | 2 | | be entered into
by any domestic company unless such agreements | 3 | | are approved in writing by
the Director:
| 4 | | (a) Agreements of reinsurance of any such company | 5 | | transacting the kind
or kinds of business enumerated in Class 1 | 6 | | of Section 4, or as a Fraternal
Benefit Society under Article | 7 | | XVII, a Mutual Benefit Association under Article
XVIII, a | 8 | | Burial Society under Article XIX or an Assessment Accident and
| 9 | | Assessment Accident and Health Company under Article XXI, cedes | 10 | | previously
issued and outstanding risks to any company, or | 11 | | cedes any risks to a company
not authorized to transact | 12 | | business in this State, or assumes any outstanding
risks on | 13 | | which the aggregate reserves and claim
liabilities exceed 20 | 14 | | percent of the aggregate reserves and claim liabilities
of the | 15 | | assuming company, as reported in the preceding annual | 16 | | statement,
for the business of either life or accident and | 17 | | health insurance.
| 18 | | (b) Any agreement or agreements of reinsurance whereby any | 19 | | company
transacting the kind or kinds of business enumerated in | 20 | | either Class 2 or
Class 3 of Section 4 cedes to any company or
| 21 | | companies at one time, or during a period of six consecutive | 22 | | months more
than twenty per centum of the total amount of its | 23 | | previously retained
unearned premium reserve liability.
| 24 | | (c) (Blank). Any agreement or agreements of reinsurance | 25 | | whereby any company
transacting the kind or kinds of business | 26 | | enumerated in either Class 2 or 3
of section 4 except Class |
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| 1 | | 2(a) cedes any outstanding risks to a stock company
with less | 2 | | than
$2,000,000 in capital and surplus or to a mutual or | 3 | | reciprocal company with
less than $2,000,000 in surplus.
| 4 | | (2) An agreement which is not disapproved by the Director | 5 | | within thirty
days after its submission shall be deemed | 6 | | approved.
| 7 | | (Source: P.A. 82-626.)
| 8 | | (215 ILCS 5/245.1) (from Ch. 73, par. 857.1)
| 9 | | Sec. 245.1. Assignability of Life Insurance.
| 10 | | No provision of the Illinois Insurance Code, or any other | 11 | | law prohibits
an insured under any policy of life insurance, or | 12 | | any other person who may
be the owner of any rights under such | 13 | | policy, from making an assignment of
all or any part of his | 14 | | rights and privileges under the policy including but
not | 15 | | limited to the right to designate a beneficiary thereunder and | 16 | | to have
an individual policy issued in accordance with | 17 | | paragraphs (G), (H), and (K) of Section 231.1 (d) and (g) of
| 18 | | Section 231 of the Illinois Insurance Code. Subject to the | 19 | | terms of the
policy or any contract relating thereto, an | 20 | | assignment by an insured or by
any other owner of rights under | 21 | | the policy, made before or after the
effective date of this | 22 | | amendatory Act of 1969 is valid for the purpose of
vesting in | 23 | | the assignee, in accordance with any provisions included | 24 | | therein
as to the time at which it is effective, all rights and | 25 | | privileges so
assigned. However, such assignment is without |
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| 1 | | prejudice to the company on
account of any payment it makes or | 2 | | individual policy it issues in
accordance with paragraphs (d) | 3 | | and (g) of Section 231 before receipt of
notice of the | 4 | | assignment. This amendatory Act of 1969 acknowledges,
declares | 5 | | and codifies the existing right of assignment of interests | 6 | | under
life insurance policies.
| 7 | | (Source: P.A. 76-1443.)
| 8 | | (215 ILCS 5/Art. V.5 rep.) | 9 | | (215 ILCS 5/Art. XVI rep.) | 10 | | (215 ILCS 5/Art. XVIII rep.) | 11 | | (215 ILCS 5/Art. XIXB rep.) | 12 | | (215 ILCS 5/178 rep.) | 13 | | (215 ILCS 5/359b rep.) | 14 | | (215 ILCS 5/359c rep.) | 15 | | Section 15. The Illinois Insurance Code is amended by | 16 | | repealing Articles V 1/2, XVI, XVIII, and XIXB and Sections | 17 | | 178, 359b, and 359c.
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| 1 | |
INDEX
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Statutes amended in order of appearance
| | 3 | | 5 ILCS 220/6 | from Ch. 127, par. 746 | | 4 | | 215 ILCS 5/26 | from Ch. 73, par. 638 | | 5 | | 215 ILCS 5/53 | from Ch. 73, par. 665 | | 6 | | 215 ILCS 5/174 | from Ch. 73, par. 786 | | 7 | | 215 ILCS 5/245.1 | from Ch. 73, par. 857.1 | | 8 | | 215 ILCS 5/Art. V.5 rep. | | | 9 | | 215 ILCS 5/Art. XVI rep. | | | 10 | | 215 ILCS 5/Art. XVIII rep. | | | 11 | | 215 ILCS 5/Art. XIXB rep. | | | 12 | | 215 ILCS 5/155.39 rep. | | | 13 | | 215 ILCS 5/178 rep. | | | 14 | | 215 ILCS 5/359b rep. | | | 15 | | 215 ILCS 5/359c rep. | |
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