(215 ILCS 5/143) (from Ch. 73, par. 755)
Sec. 143. Policy forms.
(1) Life, accident and health. No company
transacting the kind or kinds of business enumerated in Classes 1 (a), 1
(b) and 2 (a) of Section 4 shall issue or deliver in this State a policy
or certificate of insurance or evidence of coverage, attach an
endorsement or rider thereto,
incorporate by reference bylaws or other matter therein or use an
application blank in this State until the form and content of such
policy, certificate, evidence of coverage, endorsement, rider, bylaw or
other matter
incorporated by reference or application blank has been filed electronically
with the Director, either through the System for Electronic Rate and Form Filing (SERFF) or as otherwise prescribed by the Director, and
approved by the Director. Any such endorsement or rider
that unilaterally reduces benefits and is to be attached to a
policy subsequent to the date the policy is
issued must be filed with, reviewed, and formally approved by the
Director prior to the date it is attached to a policy issued or
delivered in this State. It shall be the duty of the Director to disapprove or withdraw
any such policy, certificate, endorsement, rider,
bylaw or other matter incorporated by reference or application blank
filed if it contains deficiencies, provisions which encourage
misrepresentation or are unjust, unfair, inequitable, ambiguous,
misleading, inconsistent, deceptive, contrary to law or to the public
policy of this State, or contains exceptions and conditions that
unreasonably or deceptively affect the risk purported to be assumed in
the general coverage of the policy. In all cases the Director shall
approve, withdraw, or disapprove any such form within 60 days after submission
unless the Director extends by not more than an additional 30 days the
period within which the form shall be approved, withdrawn, or disapproved by
giving written notice to the insurer of such extension before expiration
of the initial 60 days period. The Director shall withdraw approval
of a policy, certificate, evidence of coverage, endorsement, rider,
bylaw, or other matter incorporated
by reference or application blank if it is subsequently determined that such
policy, certificate, evidence of coverage, endorsement, rider, bylaw,
other matter, or application
blank is misrepresentative, unjust, unfair, inequitable, ambiguous, misleading,
inconsistent, deceptive, contrary to law or public policy of this State,
or contains exceptions or conditions which unreasonably or deceptively affect
the risk purported to be assumed in the general coverage of the policy or
evidence of coverage.
If a previously approved policy, certificate, evidence of
coverage, endorsement, rider, bylaw
or other matter incorporated by reference or application blank is withdrawn
for use, the Director shall serve upon the company an order of withdrawal
of use, either personally or by mail, and if by mail, such service shall
be completed if such notice be deposited in the post office, postage prepaid,
addressed to the company's last known address specified in the records
of the Department of Insurance. The order of withdrawal of use shall take
effect 30 days from the date of mailing but shall be stayed if within the
30-day period a written request for hearing is filed with the Director.
Such hearing shall be held at such time and place as designated in the order
given by the Director. The hearing may be held either in the City of Springfield,
the City of Chicago or in the county where the principal business address
of the company is located.
The action of the Director in
disapproving or withdrawing such form shall be subject to judicial review under
the
Administrative Review Law.
This subsection shall not apply to riders or endorsements issued or
made at the request of the individual policyholder relating to the
manner of distribution of benefits or to the reservation of rights and
benefits under his life insurance policy.
(2) Casualty, fire, and marine. The Director shall require the
filing of all policy forms issued or delivered by any company transacting
the kind or
kinds of business enumerated in Classes 2 (except Class 2 (a)) and 3 of
Section 4 in an electronic format either through the System for Electronic Rate and Form Filing (SERFF) or as otherwise prescribed and approved by the Director. In addition, he may require the filing of any
generally used riders, endorsements, certificates, application blanks, and
other matter
incorporated by reference in any such policy or contract of insurance.
Companies that are members of an organization, bureau, or association may
have the same filed for them by the organization, bureau, or association. If
the Director shall find from an examination of any such policy form,
rider, endorsement, certificate, application blank, or other matter
incorporated by
reference in any such policy so filed that it (i) violates any provision of
this Code, (ii) contains inconsistent, ambiguous, or misleading clauses, or
(iii) contains exceptions and conditions that will unreasonably or deceptively
affect the risks that are purported to be assumed by the policy, he
shall order the company or companies issuing these forms to discontinue
their use. Nothing in this subsection shall require a company
transacting the kind or kinds of business enumerated in Classes 2
(except Class 2 (a)) and 3 of Section 4 to obtain approval of these forms
before they are issued nor in any way affect the legality of any
policy that has been issued and found to be in conflict with this
subsection, but such policies shall be subject to the provisions of
Section 442.
(3) This Section shall not apply (i) to surety contracts or fidelity
bonds, (ii) to policies issued to an industrial insured as defined in Section
121-2.08 except for workers' compensation policies, nor (iii) to riders
or
endorsements prepared to meet special, unusual,
peculiar, or extraordinary conditions applying to an individual risk.
(Source: P.A. 102-775, eff. 5-13-22.)
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