215 ILCS 107/1
Short title
Short title. This Act may be cited as the Producer Controlled Insurer Act. (Source: P.A. 87-1090.)
Illinois Compiled Statutes 215 ILCS 107 — Producer Controlled Insurer Act.
Illinois · statute · 215 ILCS 107 · 16 active provisions
215 ILCS 107/5
Definitions
Definitions. As used in this Act, the terms defined in the Sections that follow this Section and precede Section 6 have the meanings set forth in those Sections. (Source: P.A. 87-1090.)
215 ILCS 107/5.05
Accredited state
Accredited state. "Accredited state" means a state in which the insurance regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners. (Source: P.A. 87-1090.)
215 ILCS 107/5.10
Captive Insurer
Captive Insurer. "Captive insurer" is defined as in Section 123C-1 of the Illinois Insurance Code. (Source: P.A. 87-1090.)
215 ILCS 107/5.15
Control or controlled
Control or controlled. "Control" or "controlled" has the meaning ascribed thereto in Article VIII 1/2 of the Illinois Insurance Code. (Source: P.A. 87-1090.)
215 ILCS 107/5.20
Controlled insurer
Controlled insurer. "Controlled insurer" means a licensed insurer that is controlled directly or indirectly by a producer. (Source: P.A. 87-1090.)
215 ILCS 107/5.25
Controlling producer
Controlling producer. "Controlling producer" means a producer that directly or indirectly controls an insurer. (Source: P.A. 87-1090.)
215 ILCS 107/5.30
Licensed insurer or insurer
Licensed insurer or insurer. "Licensed insurer" or "insurer" means any person, firm, association, or corporation duly licensed to transact a property or casualty insurance business in this State except that, for the purposes of this Act, the following entities are not licensed insurers: (1) All risk retention groups as…
215 ILCS 107/5.35
Producer
Producer. "Producer" means any person, firm, association, or corporation that for compensation, commission, or other thing of value acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of another. (Source: P.A. 87-1090.)
215 ILCS 107/5.40
Director
Director. "Director" means the Director of the Department of Insurance. (Source: P.A. 87-1090.)
215 ILCS 107/10
Applicability
Applicability. This Act applies to licensed insurers domiciled in this State or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of Article VIII 1/2 of the Illinois Insurance Code, to the extent not superseded by this Act, shall apply to all parties withi…
215 ILCS 107/15
Minimum standards
Minimum standards. (a) Controlled insurers and controlling producers must comply with the provisions of this Section no later than 60 days after the effective date of this Act. (b) Except as provided in subsection (c), this Section shall apply if, in any calendar year, the aggregate of gross written premium on business…
215 ILCS 107/20
Disclosure
Disclosure. The producer shall deliver written notice to the prospective insured before the effective date of any policy disclosing the relationship between the producer and the controlled insurer; except that if the business is placed through a subproducer who is not a controlling producer, the controlling producer sh…
215 ILCS 107/25
Penalties
Penalties. (a) If the Director believes that the controlling producer or any other person 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 the controlling producer to cease placing business with the controlled in…
215 ILCS 107/30
Administration of Act
Administration of Act. The Department of Insurance shall administer this Act and may promulgate reasonable and necessary rules for that purpose. (Source: P.A. 87-1090.)
215 ILCS 107/99
This Act takes effect upon becoming law
This Act takes effect upon becoming law. (Source: P.A. 87-1090.)