215 ILCS 100/1
Short title
Short title. This Act may be cited as the Reinsurance Intermediary Act. (Source: P.A. 87-108.)
Illinois Compiled Statutes 215 ILCS 100 — Reinsurance Intermediary Act.
Illinois · statute · 215 ILCS 100 · 13 active provisions
215 ILCS 100/5
Definitions
Definitions. "Actuary" means a person who is a member in good standing of the American Academy of Actuaries. "Controlling person" means any person, firm, association, or corporation that directly or indirectly has the power to direct or cause to be directed the management, control, or activities of the reinsurance inte…
215 ILCS 100/10
Licensure
Licensure. (a) No person, firm, association, or corporation that maintains an office, officer, director, agent, or employee, directly or indirectly, in this State shall act as an intermediary broker unless licensed as an insurance producer in this State. No person, firm, association, or corporation that does not mainta…
215 ILCS 100/15
Required contract provisions; reinsurance intermediary brokers
Required contract provisions; reinsurance intermediary brokers. Transactions between an intermediary broker and the insurer it represents in that capacity shall be entered into only under a written contract, specifying the responsibilities of each party. The contract shall, at a minimum, contain provisions that: (1) Th…
215 ILCS 100/20
Books and records; reinsurance intermediary brokers
Books and records; reinsurance intermediary brokers. (a) For at least 10 years after expiration of each contract of reinsurance transacted by it, the intermediary broker shall keep a complete record for each transaction showing: (1) The type of contract, limits, underwriting restrictions, classes or risks, and territor…
215 ILCS 100/25
Duties of insurers utilizing the services of a reinsurance intermediary broker
Duties of insurers utilizing the services of a reinsurance intermediary broker. (a) An insurer shall not engage the services of any person, firm, association, or corporation to act as an intermediary broker on its behalf unless the person is licensed as required by Section 10 of this Act. (b) An insurer may not employ…
215 ILCS 100/30
Required contract provisions; reinsurance intermediary managers
Required contract provisions; reinsurance intermediary managers. Transactions between an intermediary manager and the reinsurer it represents in that capacity shall only be entered into under a written contract specifying the responsibilities of each party that shall be approved by the reinsurer's board of directors. A…
215 ILCS 100/35
Books and records; reinsurance intermediary managers
Books and records; reinsurance intermediary managers. (a) For at least 10 years after expiration of each contract of reinsurance transacted by it, the intermediary manager shall keep a complete record for each transaction showing: (1) The type of contract, limits, underwriting restrictions, classes or risks, and territ…
215 ILCS 100/40
Prohibited acts
Prohibited acts. An intermediary manager shall not: (1) Cede retrocessions on behalf of the reinsurer, except that it may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for those retrocessions. The guidelines s…
215 ILCS 100/45
Duties of reinsurers utilizing the services of a reinsurance intermediary manager
Duties of reinsurers utilizing the services of a reinsurance intermediary manager. (a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as an intermediary manager on its behalf unless the person is licensed as required by Section 10. (b) The reinsurer shall annually obta…
215 ILCS 100/50
Examination authority
Examination authority. (a) A reinsurance intermediary shall be subject to examination by the Director. The Director shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the Director. (b) An intermediary manager may be examined as if it were the reinsurer. (Sourc…
215 ILCS 100/55
Penalties and liabilities
Penalties and liabilities. (a) If the Director determines that a reinsurance intermediary has not materially complied with this Act or any regulation or Order promulgated hereunder, after notice and opportunity to be heard, the Director may order a penalty in an amount not exceeding $100,000 for each separate violation…
215 ILCS 100/60
Rules and regulations
Rules and regulations. The Director may adopt reasonable rules and regulations for the implementation and administration of the provisions of this Act. (Source: P.A. 87-108.)