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Table of Contents
-
List of Forms by Chapter - Chapter 1 — Types of Insurance Subject to Regulation — Licensing Issues
- I. [1.1] Introduction
- II. [1.2] The Illinois Department of Insurance Is the Sole Regulatory Body for Insurers
-
III. [1.3] Foreign, Domestic, or Alien Status - IV. Stock or Mutual Companies or Reciprocal
- V. [1.18] Admitted or Surplus Lines
- VI. Classes of Insurance
- [1.21] General
- [1.22] Class 1 — Life, Accident, and Health
- [1.23] Life Insurance
- [1.24] Accident and Health
- [1.25] Legal Expense Insurance
- [1.26] Class 2 — Casualty, Fidelity, and Surety
- [1.27] Accident and Health
- [1.28] Vehicle
- [1.29] Liability
- [1.30] Workers’ Compensation
- [1.31] Burglary and Forgery
- [1.32] Glass
- [1.33] Fidelity and Surety
- [1.34] Miscellaneous
- [1.35] Other Casualty Risks
- [1.36] Contingent Losses
- [1.37] Livestock and Domestic Animals
- [1.38] Legal Expense Insurance
- [1.39] Class 3 — Fire and Marine, Etc.
- [1.40] Fire
- [1.41] Elements
- [1.42] War, Riot, and Explosion
- [1.43] Marine and Transportation
- [1.44] Vehicle
- [1.45] Property Damage, Sprinkler Leakage, and Crop
- [1.46] Other Fire and Marine Risks
- [1.47] Contingent Losses
- [1.48] Legal Expense Insurance
- VII. Classes of Companies
- VIII. [1.52] Surplus Line Insurer Status
- IX. [1.53] Obtaining a Certificate of Authority/License in Illinois
- X. [1.61] What Does It Mean To Be an Insurance Company Subject to Illinois Regulation
- XI. [1.67] Conclusion
- XII. [1.68] Appendix — Checklist for Obtaining a License in Illinois
- Chapter 2 — Claims, Underwriting, Investments, and Marketing
- I. [2.1] Introduction
- II. Claims
- [2.2] Administration of Claims
- [2.3] Improper Claims Practices Generally
- [2.4] Claims Practices Specific to Property and Casualty Insurers
- [2.5] Total Loss Vehicle Claims
- [2.6] Replacement
- [2.7] Cash Settlements
- [2.8] Practices Concerning Travel, Loss of Use, Storage and Towing, Betterment, and Replacement Crash Parts
- [2.9] Unreasonable Travel
- [2.10] Loss of Use
- [2.11] Storage and Towing
- [2.12] Betterment Deductions
- [2.13] Replacement Crash Parts
- [2.14] Claims Practices Specific to Fire and Extended Coverage Claims
- [2.15] Claims Practices Specific to Life, Accident, and Health Insurers
- [2.16] Procedure for Violations
- III. [2.17] Investments
- General Investment Restrictions
- [2.18] Admitted Assets
- [2.19] Prohibited Investments
- [2.20] Loans to Officers and Directors
- [2.21] Allowable Assets That Are Not Admitted Assets
- Specific Investment Restrictions for Life and Health Insurers
- [2.22] General Diversification
- [2.23] Grade of Investment
- [2.24] Canadian Investments
- [2.25] Rated Credit Instruments
- [2.26] Investment Pools
- [2.27] Equity Interests
- [2.28] Tangible Personal Property Under Lease
- [2.29] Mortgage Loans and Real Estate
- [2.30] Securities Lending, Repurchase, Reverse Repurchase, and Dollar Roll Transactions
- [2.31] Foreign Investments and Foreign Currency Exposure
- [2.32] Derivative Transactions
- [2.33] Policy Loans
- [2.34] Additional Investment Authority
- Specific Investment Restrictions for Property and Casualty Insurers
- [2.35] Property and Casualty Reserve Requirements
- [2.36] Diversification for Property and Casualty Insurer
- [2.37] Grade of Investment
- [2.38] Canadian Investments
- [2.39] Rated Credit Instruments
- [2.40] Investment Pools
- [2.41] Equity Interests
- [2.42] Tangible Personal Property Under Lease
- [2.43] Mortgage Loans and Real Estate
- [2.44] Securities Lending, Repurchase, Reverse Repurchase, and Dollar Roll Transactions
- [2.45] Foreign Investments and Foreign Currency Exposure
- [2.46] Derivative Transactions
- [2.47] Additional Investment Authority
- IV. Underwriting
- Prohibited Acts and Practices
- [2.48] Insurers and Advisory Organizations Acting in Concert
- [2.49] Redlining
- [2.50] Rebates
- [2.51] Insurance Declination Based on Arbitration Agreement (Medical Malpractice)
- [2.52] Policy Forms
- [2.53] Rates
- [2.54] Policy Cancellation and Nonrenewal
- [2.55] Cancellation
- [2.56] Automobile Policies
- [2.57] Fire and Marine Policies
- [2.58] Fire and Extended Coverage Policies and Casualty Policies
- [2.59] Nonrenewal
- [2.60] Automobile Policies
- [2.61] Fire and Extended Coverage Policies
- [2.62] Automobile Insurance Sales Requirements
- [2.63] Use of Credit Information
- [2.64] Accident and Health: Content and Format Requirements
- V. [2.65] Advertisement and Marketing
- [2.66] Misrepresentation and Defamation
- [2.67] Contents of Advertisements as to Financial Condition
- [2.68] Accident and Health Advertising Restrictions
- [2.69] Exaggeration of Benefits
- [2.70] Description of Benefits and Limitations
- [2.71] Confinement Benefit
- [2.72] Specified Disease
- [2.73] Direct Response
- [2.74] Waiting Periods
- [2.75] Preexisting Conditions
- [2.76] Advertisement Beyond Licensed State
- [2.77] Governmental Endorsement
- [2.78] Financial Condition and Ratings
- [2.79] Choice of Contract
- [2.80] Enforcement
- [2.81] Certificate of Compliance
- [2.82] Unfair Competition
- Chapter 3 — Financial Condition Examinations
- I. [3.1] Introduction
- II. [3.2] Determination of Which Insurance Companies Will Be Examined in a Given Year
- III. [3.3] Starting and Estimated Completion Dates and Assignment of Personnel
- IV. [3.4] Initial Actions
- V. [3.5] Notification of the Examination
- VI. [3.6] Notification of the Insurance Company and Initial Requests for Information
- VII. [3.7] Selection of the Insurance Company’s Contact Person
- VIII. [3.8] Scope of the Examination
- IX. [3.9] Examination Budget, Staff Assignments, and Estimated Completion Date for Field Work
- X. [3.10] National Association of Insurance Commissioners Resources
- XI. [3.11] Completion of the Examination and Preparation of the Draft Report and Other Documents
- XII. [3.12] The Exit Meeting
- XIII. [3.13] Preparation of the Final Report of Examination
- XIV. [3.14] Confidentiality of Examination Documents and Information
- XV. [3.15] Forwarding the Examination Results
- Chapter 4 — Compliance — Privacy, Sarbanes-Oxley, Antifraud
- I. [4.1] Introduction
- II. [4.2] The Framework for Compliance
- III. [4.7] Identification of Categories of Compliance
- IV. [4.8] Putting Together the Compliance Program
- V. [4.9] Elements of a Compliance Program for Insurance Organizations
- VI. [4.10] The McCarran-Ferguson Act
- VII. [4.11] The Office of Foreign Assets Control
- VIII. [4.12] Antifraud
- IX. [4.13] Uniform Deceptive Trade Practices Act and Consumer Fraud and Deceptive Business Practices Act
- X. [4.14] The Gramm-Leach-Bliley Act and Privacy Obligations
- XI. [4.15] Health Insurance Portability and Accountability Act and Health Information Technology for Economic and Clinical Health Act
- XII. [4.16] Violent Crime Control and Law Enforcement Act of 1994
- XIII. [4.17] Conclusion
- XIV. [4.18] Appendix —Compliance Program Checklist
- Chapter 5 — Insurer Insolvency and Guaranty Fund Issues
- I. [5.1] Introduction
- II. Conservation, Rehabilitation, and Liquidation of Insurers
- [5.2] In General
- [5.3] Grounds for Rehabilitation or Liquidation
- [5.4] Conservation of Assets
- [5.5] Injunctions
- [5.6] Property Transfer
- [5.7] Rehabilitation
- [5.8] Liquidation
- [5.9] Rights and Liabilities of Creditors Fixed
- [5.10] Order of Dissolution
- [5.11] Change of Venue
- [5.12] Examinations
- [5.13] Appointment of Receiver
- [5.14] Appointment of Assistants
- [5.15] Advisory Committee
- [5.16] Voidable Transfers
- [5.17] Priority of Distributions
- [5.18] Policyholder Collateral and Deductibles
- [5.19] Setoffs
- [5.20] Netting Agreements
- [5.21] Contingent Liability Policies
- [5.22] Filing of Claims
- [5.23] The Claims Process
- [5.24] Distribution of Assets
- [5.25] Closing of the Estate
- [5.26] Ancillary Receivership Proceedings
- III. [5.27] The Illinois Insurance Guaranty Fund
- [5.28] Purpose of the Fund
- [5.29] Policies/Claims Covered by the Fund
- [5.30] Directors of the Fund
- [5.31] Accounts Administered by the Fund
- [5.32] Member Companies of the Fund
- [5.33] Insolvent Companies
- [5.34] Funding
- [5.35] Failure by a Member Company To Pay Assessments
- [5.36] Obligations of the Insolvent Insurer Assumed by the Fund
- [5.37] Access to Company Records of the Insolvent Insurer
- [5.38] The Fund’s Plan of Operation
- [5.39] Delegation of the Fund’s Powers or Duties
- [5.40] Duties and Obligations of the Director and Liquidator
- [5.41] Covered Claims
- [5.42] Covered Claims of High Net Worth Insureds
- [5.43] Exhaustion of Other Insurance
- [5.44] Recovery from Other Guaranty Funds
- [5.45] Stay of Claims Following an Order of Liquidation
- [5.46] Handling of Litigation and Policyholder Claims During a Liquidation
- [5.47] Effect of Paid Claims
- [5.48] Preventing Future Insolvencies
- [5.49] Tax Exemption
- [5.50] Immunity
- [5.51] Interpretation
- Chapter 6 — Taxation Issues
- I. [6.1] Introduction
- II. Insurance Code Taxes, Surcharges, and Assessments
- [6.2] Annual Privilege Tax
- [6.3] Tax Rate
- [6.4] Tax Basis
- [6.5] Credits
- [6.6] Miscellaneous
- [6.7] Retaliatory Tax
- [6.8] Surplus Line Tax
- [6.9] Industrial Commission Operations Fund Surcharge
- [6.10] Guaranty Funds
- [6.11] Illinois Insurance Guaranty Fund Assessment
- [6.12] Illinois Life and Health Insurance Guaranty Association Assessment
- [6.13] Illinois Health Maintenance Organization Guaranty Association Assessment
- [6.14] Insurance Cost Containment Fee
- [6.15] Annual Fees and Financial Regulation Fee
- [6.16] Annual Statement Fee
- [6.17] Certificate of Authority Fee
- [6.18] Financial Regulation Fee
- III. Illinois Department of Revenue Taxes
- IV. Workers’ Compensation Act Taxes, Surcharges, and Assessments
- V. Miscellaneous Taxes, Surcharges, and Assessments
- VI. [6.26] Quick Reference Guide
- Chapter 7 — Surplus Lines
- Chapter 8 — Risk Retention Groups and Purchasing Groups
- Chapter 9 — Regulation of Producers, Agents, and Brokers
- Chapter 10 — Reinsurance
- I. [10.1] Introduction and Overview
- II. Direct Regulation of Reinsurance
- [10.2] Domestic Companies
- Foreign or Alien Reinsurers
- [10.3] Authorized Foreign or Alien Reinsurers
- [10.4] Bulk Transfer Restrictions
- [10.5] Port of Entry Requirements
- [10.6] Unauthorized Foreign or Alien Reinsurers
- [10.7] Substitute Service of Process
- [10.8] Prejudgment Security
- [10.9] Attorneys’ Fees and Interest
- III. [10.10] Indirect Regulation of Reinsurance
- [10.11] Credit for Reinsurance
- [10.12] Licensed Reinsurers
- [10.13] Accredited Reinsurers
- [10.14] Unlicensed or Unaccredited Reinsurers Maintaining Multiple Beneficiary Trusts
- [10.15] Unauthorized Reinsurers Providing Collateral
- [10.16] Credit for Funds Withheld
- [10.17] Required Terms
- [10.18] Insolvency Clause
- [10.19] Service of Suit Clause
- [10.20] Agreements Must Be Reduced to Writing
- [10.21] Life Reinsurance
- [10.22] Property/Casualty Reinsurance
- IV. [10.23] Reporting/Approval Requirements
- V. Prohibited Reinsurance Transactions
- VI. [10.32] Captive Insurance
- VII. [10.33] Insolvency
- [10.34] Administrative Supervision
- [10.35] Rehabilitation
- [10.36] Liquidation
- [10.37] Powers and Duties of the Liquidator
- [10.38] Insolvency Clause Revisited
- [10.39] Cut-Through Provisions
- [10.40] Reinsurer’s Interposition Rights
- [10.41] Disposition of Security Provided by Insolvent Alien Reinsurer
- [10.42] Priority of Reinsurance Claims
- [10.43] Setoffs
- [10.44] Reinsurer’s Liability for Estimated Claims
- [10.45] Guaranty Funds and Associations
- [10.46] Illinois Life and Health Guaranty Association
- [10.47] Illinois Insurance Guaranty Fund
- [10.48] Illinois Health Maintenance Organization Guaranty Association
- VIII. [10.49] Reinsurance Intermediaries
- IX. [10.52] Special Purpose Reinsurance Vehicles
- Chapter 11 — Regulatory Modernization — Building a Better Regulatory System for Consumers
- I. [11.1] Introduction
- II. [11.2] Scope
- III. [11.3] Context
- IV. [11.4] History of State vs. Federal Insurance Regulation
- V. [11.9] Insurance Regulation Reform Debate in the 21st Century
- VI. Dodd-Frank Wall Street Reform and Consumer Protection Act
- VII. [11.22] The Future of Insurance Regulation
- [11.23] Survey of Proposed Regulatory Options — Models for Reform
- [11.24] Status Quo of State Regulation
- [11.25] Interstate Compact
- [11.26] State Modernization and Regulatory Transparency (SMART) Act
- [11.27] The Single-License or Passport Approach
- [11.28] National Charter/Optional Federal Charter
- [11.29] Issues To Be Addressed by Insurance Regulatory Reform
- [11.30] Financial Stability
- [11.31] Solvency Regulation
- [11.32] Systemic Risk
- [11.33] Guaranty Fund System
- [11.34] Consumer Protection
- [11.35] Regulatory Efficiency — Eliminating Redundancies and Waste
- [11.36] Cost of Regulation
- [11.37] Regulatory expense
- [11.38] Cost of compliance
- [11.39] Chilling effect on innovation
- [11.40] Licensing
- [11.41] Companies
- [11.42] Agents
- [11.43] Competitive Markets
- [11.44] Rate Regulation
- [11.45] Product Innovation
- [11.46] Globalization of the Insurance Marketplace
- [11.47] National Advocate
- [11.48] Solvency II
- VIII. [11.49] Conclusion
- Chapter 12 — Illinois Insurance Holding Company Act and Mergers and Acquisitions of Insurers
Authors
- Bruce E. Baty
Bruce E. Baty
No bio available.
- Corinne P. Carr
Corinne P. Carr
No bio available.
- Edward T. Collins
Edward T. Collins
No bio available.
- Daniel A. Cotter
Daniel A. Cotter
Daniel A. Cotter is an attorney and counselor with Howard & Howard Attorneys PPLC in Chicago, where he focuses his practice on corporate and business law. Mr. Cotter is a member of the American Bar Association’s House of Delegates, a member and Past President of the Chicago Bar Association, and Chair of the Metropolitan Bar Caucus Committee of the National Conference of Bar Presidents. He received his B.A. from Monmouth College and his J.D. summa cum laude from The UIC John Marshall Law School. He has also successfully completed the Certified Public Accountant Exam.
- Peter J. Eckardt
Peter J. Eckardt
No bio available.
- Carl Fasig
Carl Fasig
No bio available.
- Bruce W. Foudree
Bruce W. Foudree
No bio available.
- Mark R. Goodman
Mark R. Goodman
No bio available.
- Jodi M. Hoss
Jodi M. Hoss
No bio available.
- Dennis G. LaGory
Dennis G. LaGory
No bio available.
- Christopher T. Longeway
Christopher T. Longeway
No bio available.
- Patricia A. Ryan
Patricia A. Ryan
No bio available.
- Bella Shirin
Bella Shirin
No bio available.
- Ken Skiera
Ken Skiera
No bio available.
- Scott A. Taber
Scott A. Taber
No bio available.
Insurance Industry (Illinois): Laws and Regulations (ARCHIVED 2010 EDITION)
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