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215 ILCS 5/469
(215 ILCS 5/469) (from Ch. 73, par. 1065.16)
Sec. 469. Rebates prohibited. No broker or agent shall knowingly charge, demand, or receive a premium
for any policy of insurance except in accordance with the provisions of
this Article. No company or employee thereof, and no broker or agent shall
pay, allow, or give, or offer to pay, allow, or give, directly or indirectly,
as an inducement to insurance, or after insurance has been effected, any
rebates, discount, abatement, credit, or reduction of the premium named in a
policy of insurance, or any special favor or advantage in the dividends or
other benefits to accrue thereon, or any valuable consideration or
inducement whatever, not specified in the policy of insurance, except to
the extent provided for in an applicable filing. No insured named in a
policy of insurance, nor any employee of such insured shall knowingly
receive or accept, directly or indirectly, any such rebate, discount,
abatement, credit, or reduction of premium, or any such special favor or
advantage or valuable consideration or inducement. Nothing in this Section
shall be construed as prohibiting the payment of commissions or other
compensation to duly licensed agents and brokers, nor as prohibiting any
company from allowing or returning to its participating policyholders,
members, or subscribers, dividends, savings, or unabsorbed premium deposits.
Sections 151 and 152 of this Code shall not apply to any kind
of insurance subject to this Article.
(Source: P.A. 100-863, eff. 8-14-18.)
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