(215 ILCS 5/400.1) (from Ch. 73, par. 1012.1)
Sec. 400.1. Group or master policy-certificate inland marine
insurance authorized. (1) Any insurance company authorized to write inland
marine insurance in this State may issue group or master policy-certificate inland
marine policies which may include coverages incidental or supplemental to the
inland marine policy, if the insurer is authorized to write the class of coverage
which is incidental or supplemental. No policy, certificate of insurance, memorandum
of insurance, application for insurance, endorsement or rider, may be issued
for delivery
in this State unless a copy of the form thereof shall have been filed with the Director
of Insurance and approved, or unless exempted from filing by such
rules and regulations as may be promulgated by the Director.
(2) The Director shall within 90 days after the filing of such forms disapprove
any such
form if the benefits provided therein are not reasonable in relation to
the premium charged, or
if it contains provisions that are unjust, unfair, inequitable, misleading,
deceptive, or
encourage misrepresentation of the coverage, or are contrary to any provision
of this
Code, or any rule or regulation promulgated thereunder. The Director may,
upon written notice
within such waiting period to the company which made the filing, extend
such waiting period for
an additional 30 days. A filing shall be deemed to meet the requirements
of this Section unless
disapproved by the Director within the waiting period or the extension thereof.
(3) If the Director notifies the insurer that the form is disapproved,
the insurer shall not
issue or use such form. In such notice the Director shall specify the reason
for his disapproval.
The company may request a hearing on such disapproval within 30 days after
receipt of such
disapproval. The Director shall grant a hearing subsequent to the receipt
of such request.
(4) The Director may, at any time after a hearing held not less than 20
days after written
notice to the insurer, withdraw his approval of any such form on any ground set forth in
subsection (2) above. The written notice of such hearing shall state the
reason for the proposed
withdrawal.
(5) It is not lawful for the insurer to issue such forms or use them after
the effective
date of such withdrawal.
(6) The Director may at any time require the filing of the schedules of premium rates
used or to be used in connection with the specific policy filings required.
(7) The Director shall promulgate such rules and regulations as he may
deem necessary to
provide for the filing and review of premium rates schedules, and for the
disapproval of those
he may deem to be inadequate, excessive or unfairly discriminatory.
(8) Any order or final determination of the Director under the provisions
of this Section
shall be subject to judicial review.
(Source: P.A. 100-863, eff. 8-14-18.)
|