Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/123.3

(215 ILCS 5/123.3) (from Ch. 73, par. 735.3)

Sec. 123.3.

Insurance Sales by Companies in Hazardous Financial
Condition Prohibited. Notwithstanding any other provision of this Code, no
unauthorized foreign or alien company officer, director, trustee, agent or
employee of such company may renew, issue, or deliver or cause to be
renewed, issued or delivered any policy, contract, or certificate of
insurance for which a premium is charged or collected if the Director of
Insurance has found that such company is in a hazardous financial condition
and such officer, director, trustee, agent or employee is aware of such finding.

If upon request of the Director, such company officer, director, trustee
or employee is unable or unwilling to submit to the Director a copy of such
unauthorized company's most recent financial statement, such unwillingness
or inability shall be deemed prima facie evidence of a hazardous financial condition.

However, a finding of hazardous financial condition does not prevent the
issuance or renewal of a policy when an insured or owner exercises an
option granted to him under an existing policy to obtain new, renewed or
converted insurance coverage.

Any company officer, director, trustee, agent, or employee of such
company violating this Section shall be guilty of a Class A misdemeanor.

(Source: P.A. 85-1139.)