(215 ILCS 5/9) (from Ch. 73, par. 621)
(Section scheduled to be repealed on January 1, 2027)
Sec. 9.
Authorized kinds of business.
(1) Companies may be organized under this Article either for the purpose
of transacting any of the kind or kinds of business enumerated in Class 1
of Section 4, or for the purpose of transacting any of the kind or kinds of
business enumerated in Classes 2 and 3 of that Section, except that those
companies offering mortgage pool or mortgage guaranty insurance may provide
no other types of insurance.
(2) A domestic company may, notwithstanding limitations otherwise
applicable, and provided it maintains books and records which account for
such business, engage directly in any of the following businesses: (a)
rendering investment advice; (b) rendering services related to the
functions involved in the operation of its insurance business including,
but not limited to, actuarial, loss prevention, safety engineering, data
processing, accounting, claims, appraisal and collection services; (c)
acting as administrative agent for a government instrumentality which is
performing an insurance function for a health or welfare program; (d)
reinsuring the business of title insurance companies, provided such
domestic company if organized as a stock company shall have capital and
surplus of not less than $5,000,000 and if organized as a domestic
mutual or reciprocal company have surplus of not less than $5,000,000; (e) any
other business activity reasonably complementary or supplementary to its
insurance business; either to the extent necessarily or properly incidental
to the insurance business the company is authorized to do in this State or
to the extent approved by the Director and subject to any limitations he
may prescribe for the protection of the interests of the policyholders of
the company taking into account the effect of such business on the
company's existing insurance business and its surplus, the proposed
allocation of the estimated cost of such business and the risks inherent in
such business as well as the relative advantages to the company and its
policyholders of conducting such business directly instead of through a
subsidiary.
(Source: P.A. 86-1156.)
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