Section 752.10  License

 

a)         All advisory organizations conducting activities defined in Article VIIA and in the regulations issued to effect Article VIIA must apply to and be licensed by the Department of Insurance.

 

b)         Every application for a license must include:

 

1)         Copies certified by the custodian of the originals of the following:

 

A)        Constitution;

 

B)        The Articles of Incorporation;

 

C)        Articles of Agreement;

 

D)        Articles of Associations; and

 

E)        The by-laws, plan of operations, rules or regulations that govern eligibility for membership and the activities of members relative to their membership.

 

2)         A list of members and subscribers.

 

3)         The name and address of a resident of the State upon whom Notices or Orders of the Director or process may be served.

 

4)         A list of the officers and principal managers.

 

5)         A $50 fee payable to the Illinois Director of Insurance.

 

c)         Notification of substantive changes in subsections (b)(1), (3) and (4) must be made within 60 days after the change.  The list of members and subscribers should be submitted annually, but additions to or deletions from the list should be submitted monthly.

 

d)         Licenses must be renewed annually prior to January 1, but application for renewal need include only an update of existing documents and information previously submitted to the Department.

 

(Source:  Amended at 42 Ill. Reg. 20093, effective October 29, 2018)

 

Section 752.20  Documents-Joint Underwriting and Joint Reinsurance (Repealed)

 

(Source:  Repealed at 42 Ill. Reg. 20093, effective October 29, 2018)

 

Section 752.30  Submission of Application

 

All applications, information documents and fees required under Section 752.10 must be received by:

 

Illinois Department of Insurance

Corporate Regulatory Section

320 West Washington St.

Springfield, Illinois 62767

 

(Source:  Amended at 42 Ill. Reg. 20093, effective October 29, 2018)

 

Section 752.40  Examinations

 

a)         Every advisory organization and its members, subscribers and service purchasers; and every formal group, association or organization of admitted companies engaging in joint underwriting and joint reinsurance and their member companies shall maintain reasonable records, of the type and kind reasonably adopted to its method of operation, of its experience, or the experience of its members and of the data, statistics, or information collected or used by it in connection with the activities authorized by the laws and regulations under Article VII-A so that such records will be available at all reasonable times to enable the Director to determine if these entities are complying with the provisions of Article VII-A and Part 751 Rules.

 

b)         The maintenance of these records in the offices of the advisory organization will be sufficient compliance for members, subscribers and service purchasers.

 

c)         These records must be made available for examination or inspection by the Director at any time upon reasonable notice.

 

d)         To assist the Director in gathering information, the Director may designate one or more advisory organizations to gather, compile and file information. This information may be made available, subject to rules adopted by the Director, to companies, advisory organizations, and others.

 

e)         The examination, hearing, violation, suspense or revocation, and penalty provisions of Article VII-A which include Sections 123A-12, 123A-13, 123A-14, and 123A-15 apply to companies as constituting groups, associations or organizations authorized to conduct joint underwriting and joint reinsurance activities and to the formal groups, associations, or organizations themselves.