The Illinois Department of Insurance has issued a notice of proposed amendments to the Insurance Data Reporting Requirements Regulation (50 Ill. Adm. Code 4203).
The proposed amendments update data collection procedures dealing with mailing reports to the Department to conform to the current electronic submission methods. The definition of several…
Read More Illinois Department of Insurance Proposes Amendments to the Insurance Data Reporting Requirements Regulation
The Unclaimed Life Insurance Benefits Act, which requires insurers to periodically match their policies, annuity contracts, and retained asset accounts against the United States Social Security Administration’s Death Master File was signed into law on August 26, 2016 and became effective January 1, 2017. In January of 2017, Illinois…
Read More Changes to Illinois Unclaimed Life Insurance Benefits Act Become Law
The Illinois Department of Insurance has issued a notice of proposed rule to add a new rule (50 Ill. Adm. Code 206) regarding domestic insurance companies service of process requirements.
The rulemaking will provide the method and procedure to designate either a registered agent with an Illinois address and/or any…
Read More Illinois Department of Insurance Proposes New Rule on Domestic Insurers Service of Process Requirements
Please join Locke Lord for a complimentary CLE seminar on Wednesday, October 11th from 2:00-5:00 p.m.
Program Highlights
Locke Lord’s Insurance Practices will present an informative afternoon CLE and Ethics program featuring a keynote from Jennifer Hammer, Director of the Illinois Department of Insurance. Locke Lord lawyers will present an…
Read More Please Join Us for a Complimentary CLE Seminar, “What’s Happening in Springfield? Illinois Insurance Department, Industry & Legislative Updates – Regulatory and Political Hot Topics for Insurers”
The Illinois Department of Insurance (“DOI”) has issued a notice of withdrawal of its proposed amendments to the Illinois Insurance Department Consumer Complaints Rule (50 Ill. Adm. Code 926) that were described in our January 9, 2017 blog post.
The stated reason for withdrawal is that the “[DOI] is considering…
Read More Notice of Withdrawal of Proposed Amendments to the Illinois Insurance Department Consumer Complaints Rule
The Illinois Department of Insurance recently adopted amendments to three parts of the insurance holding company systems regulations (50 Ill. Adm. Code 651, 653, 655).
Changes to Part 651 pertain to acquisitions of Illinois domestic insurance companies. Article VIII ½ of the Illinois Insurance Code (Insurance Holding Company Systems) was…
Read More Illinois Department of Insurance Adopts Amendments to Insurance Holding Company Systems Regulations
The Illinois Department of Insurance has issued a Notice of Proposed Repealer of the Reinsurance Ceded Contracts regulation (50 Ill. Adm. Code Part 1101). The regulation requires all insurance companies to submit a certified copy of a reinsurance ceded contract upon written request of the Director of Insurance. According to…
Read More Illinois Department of Insurance Proposes Repeal of Reinsurance Ceded Contracts Regulation
Several insurance related bills are currently pending in the Illinois General Assembly. A Senate passage deadline has been extended to May 5, 2017 for a bill requiring diversity reporting by insurers (Senate Bill 809) and a bill banning the use of credit information to calculate personal automobile insurance premiums (Senate…
Read More Insurance Related Legislation Pending in the Illinois General Assembly
An amendment to Illinois Senate Bill 809 proposes to add a new section to the Illinois Insurance Code (215 Ill. Comp. Stat. 5/155.46) requiring insurance companies to submit supplier diversity reports. SB 809 is assigned to the Senate Insurance Committee. A Senate Insurance Committee hearing is scheduled for April 26…
Read More Illinois Proposed Senate Bill Amendment on Supplier Diversity Reporting
The Illinois Department of Insurance (“DOI”) has issued a notice of proposed amendments to the Insurance Department Consumer Complaints Rule ( 50 Ill. Adm. Code 926). The amendments will permit the DOI to share information related to a complaint against an entity licensed or registered under the Insurance Chapter (215)…
Read More Illinois Department of Insurance Proposes Amendments to Insurance Department Consumer Complaints Rule
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