Section 915.5  Authority (Repealed)

 

(Source:  Repealed at 7 Ill. Reg. 6939, effective May 18, 1983)

 

Section 915.10  Authority (Repealed)

 

(Source:  Repealed at 46 Ill. Reg. 12035, effective June 30, 2022)

 

Section 915.20  Purpose and Scope

 

The purpose of this Part is to set forth requirements that the Director deems necessary to carry out the provisions of Section 155.04 of the Illinois Insurance Code.  The information called for by this Part is hereby declared to be necessary and appropriate in the public interest and for the protection of policyholders.  This Part shall apply to all domestic, foreign and alien companies licensed to transact an insurance business in Illinois and to:

 

a)         all persons proposing to form a domestic insurance company under the laws of the State of Illinois;

 

b)         all persons involved in the control, management or serving as an executive officer of a foreign or alien insurance company applying for a Certificate of Authority to do business in the State of Illinois; and

 

c)         all persons upon being newly elected or appointed to be an executive officer of any domestic, foreign or alien company licensed to transact an insurance business in this State.

 

(Source:  Amended at 46 Ill. Reg. 12035, effective June 30, 2022)

 

Section 915.30  Definitions

 

"Code" means the Illinois Insurance Code [215 ILCS 5].

 

"Department" means the Illinois Department of Insurance.

 

"Director" means the Director of the Illinois Department of Insurance.

 

"Domestic, foreign or alien company" means the same as defined in Section 2 of the Code.

 

"Executive officer" means any person charged with active management and control in an executive capacity (including a president, vice president, treasurer, secretary, controller, chief actuary, general counsel, director, trustee, and any other person performing functions corresponding to those performed by these officers) of a company, whether incorporated or unincorporated.

 

"Person" means natural person.

 

(Source:  Amended at 46 Ill. Reg. 12035, effective June 30, 2022)

 

Section 915.40  Biographical Affidavits

 

a)         Biographical affidavits must be furnished to the Director by all companies and persons subject to this Part pursuant to Section 915.20.  Affidavits of persons specified in Section 915.20(a) and (b) must be filed along with the other papers and documents required for purposes of formation of a domestic company or issuance of a Certificate of Authority to a foreign or alien company.  Affidavits of persons specified in Section 915.20(c) must be filed within 30 days after that person's election or appointment.  The domestic, foreign or alien company has ultimate responsibility for timely filing of such affidavits.

 

b)         The biographical affidavits shall include, but not be limited to, the following information:  affiant's identifying and contact information; affiant's educational, residential and employment history; affiant's professional, business and technical licenses and memberships; a complete history of affiant's fidelity bonding; affiant's criminal charges and convictions; civil, regulatory, administrative and disciplinary actions in affiant's individual or corporate capacity; a complete history of affiant's bankruptcy, insolvency, liens and foreclosures in an individual or corporate capacity; affiant's consent to release background reports to the Department and consent for third parties to cooperate in the gathering of background information; and affiant's and affiant's immediate family's equity holdings in any entity subject to insurance regulation. The Department will accept the biographical affidavit, and any supplement to that affidavit, that is obtained from the website of the National Association of Insurance Commissioners (NAIC) or the Department.

 

(Source:  Amended at 46 Ill. Reg. 12035, effective June 30, 2022)

 

Section 915.50  Change in Status

 

Domestic companies must file with the Director notice of any change in executive officer status of any person required to file a biographical affidavit under Section 915.40 of this Rule.  Notice must be filed within 30 days of such change.

 

(Source:  Former Section 915.50 repealed, new Section 915.50 adopted at 7 Ill. Reg. 6939, effective May 18, 1983)

 

Section 915.60   Additional Information

 

The Director may request additional information such as depositions, transcripts, reinsurance agreements, examination reports, management and service contracts, or financial statements as necessary to carry out the purposes of Section 155.04 of the Illinois Insurance Code.

 

(Source:  Former Section 915.60 repealed, new Section 915.60 adopted at 7 Ill. Reg. 6939, effective May 18, 1983)

 

Section 915.70   Severability Provision

 

If any section or portion of a section of this rule, or the applicability thereof to any person or circumstance is held invalid by a court, the remainder of the rule, or the applicability to other persons or circumstances, shall not be affected thereby.

 

(Source:  Former Section 915.70 repealed, new Section 915.70 adopted at 7 Ill. Reg. 6939, effective May 18, 1983)

Section 915.EXHIBIT A   Company Officer Appointment Form (Repealed)

 

(Source:  Repealed at 7 Ill. Reg. 6939, effective May 18, 1983)