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215 ILCS 5/155.57
(215 ILCS 5/155.57) (from Ch. 73, par. 767.57)
Sec. 155.57. Filing, approval, and withdrawal of forms. (a) All policies,
certificates of insurance, notices of proposed insurance, applications for
insurance, endorsements, and riders delivered or issued for delivery in this
State and the schedules of premium rates pertaining thereto shall be filed
with the Director.
(b) The Director shall within a reasonable time after the filing of any
such policies, certificates of insurance, notices of proposed insurance,
applications for insurance, endorsements, and riders, disapprove any such
form if the benefits provided therein are not reasonable in relation to
the premium charge, or if it contains provisions which are unjust, unfair,
inequitable, misleading, deceptive, or encourage misrepresentation of the
coverage, or are contrary to any provision of this Code or of any
rule or regulation promulgated thereunder.
(c) If the Director notifies the insurer that the form is disapproved,
it is unlawful thereafter for such insurer to issue or use such form. In
such notice, the Director shall specify the reason for his disapproval and
state that a hearing will be granted within 20 days after request in writing
by the insurer. No such policy, certificate of insurance, notice of proposed
insurance, nor any application, endorsement of rider, shall be issued or
used until after it has been so filed and the Director has given his prior
written approval thereto.
(d) The Director may at any time, after giving not less than 20 days prior
written notice to the insurer, withdraw his approval of any such form on
any ground set forth in subsection (b) above. The written notice of withdrawal
shall state the reason for the action. The insurer may request a hearing
within 10 days after receipt of the notice of withdrawal by giving the Director
written notice of such request, together with a statement of its objections.
The Director must then conduct a hearing in accordance
with Sections 402 and 403. The withdrawal shall be stayed pending the issuance
of the Director's orders following the hearing.
However, if it appears to the Director that the continued use of any such
policy, certificate of insurance, notice of proposed insurance, application
for insurance, endorsement, or rider by an insurer is hazardous to its policyholders
or the public, the Director may take such action as is prescribed by Section 401.1.
(e) It is not lawful for the insurer to issue such forms or use them after
the effective date of such withdrawal.
(f) If a group policy of credit life insurance or credit accident and
health insurance has been or is delivered in another state before or after October 1, 1975 (the effective date of Public Act 79-930), the insurer shall be
required to file only the group certificate and notice of proposed insurance
delivered or issued for delivery in this State as specified in subsections
(b) and (d) of Section 155.57 of this Article and such forms shall be approved
by the Director if they conform with the requirements so specified in said
subsections and if the schedules of premium rates applicable to the insurance
evidenced by such certificate or notice are not in excess of the insurer's
schedules of premium rates filed with the Director; provided, however, the
premium rate in effect on existing group policies may be continued until
the first policy anniversary date following October 1, 1975 (the effective date of Public Act 79-930).
(g) 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.)
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