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(215 ILCS 5/1715) (This Section may contain text from a Public Act with a delayed effective date) Sec. 1715. Notice requirements. (a) Whenever notice is required to be given by an
applicant under this Article, except as otherwise permitted by a
court or the Director, the applicant shall within 15 days
after the event triggering the requirement transmit the
notice: (1) to the chief insurance regulator in each |
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(A) in which the applicant holds or has ever held
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| a certificate of authority; and
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(B) in which policies that are part of the
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| subject business were issued or policyholders currently reside;
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(2) to the National Conference of Insurance Guaranty
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| Funds, the National Organization of Life and Health Insurance Guaranty Associations, and all state insurance guaranty associations for the states:
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(A) in which the applicant holds or has ever held
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| a certificate of authority; and
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(B) in which policies that are part of the
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| subject business were issued or policyholders currently reside;
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(3) to reinsurers of the applicant pursuant to the
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| notice provisions of the reinsurance agreements applicable to the policies that are part of the subject business or, where an agreement has no provision for notice, by internationally recognized delivery service;
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(4) to all policyholders holding policies that are
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| part of the subject business at their last known address as indicated by the records of the applicant or to the address to which premium notices or other policy documents are sent. A notice of transfer shall also be sent to the transferring insurer's agents or brokers of record on the subject business; and
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(5) by publication in a newspaper of general
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| circulation in the state in which the applicant has its principal place of business and in such other publications that the Director requires.
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(b) If notice is given in accordance with this Section,
any orders under this Article shall be conclusive with respect to
all intended recipients of the notice whether or not they
receive actual notice.
(c) If this Article requires that the applicant provide notice
but the Director has been named receiver of the applicant pursuant to Article XIII, the
Director shall provide the required notice.
(d) Notice under this Section may take the form of
first-class mail, facsimile, or electronic notice. The court may order that notice take a specific form.
(Source: P.A. 103-75, eff. 1-1-25.)
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