TITLE 50: INSURANCE
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AUTHORITY: Implementing and authorized by Article XLII of the Illinois Insurance Cost Containment Act [215 ILCS 5/1200 through 1206].
SOURCE: Adopted at 11 Ill. Reg. 9622, effective May 1, 1987; recodified from Part 6601 to Part 4201 at 20 Ill. Reg. 6592; amended at 22 Ill. Reg. 18974, effective October 1, 1998.
Section 4201.10 Purpose and Scope
The purpose of this Part is to implement Article XLII of Illinois Insurance Code by establishing a schedule of reasonable fees to cover the total cost of the Department incident to, or associated with, the administration and enforcement of this Article, including the collection, analysis and distribution of insurance cost data, the conversion of hard copy reports to diskette and the compilation and analysis of basic reports.
(Source: Amended at 22 Ill. Reg. 18974, effective October 1, 1998)
Section 4201.20 Annual Fee
a) Each insurance company licensed to write property and casualty insurance business in this State shall, on or before June 1 of each year, pay to the Director of Insurance an annual fee in accordance with the following schedule of Illinois premium:
|
PREMIUM VOLUME |
FEE |
|
Premium equal to $0 of less than $1 million |
$ 288 |
|
Premium equal to or greater than $1 million but less than $5 million |
$ 1150 |
|
Premium equal to or greater than $5 million but less than $25 million |
$ 5750 |
|
Premium equal to or greater than $25 million but less than $50 million |
$ 8625 |
|
Premium equal to or greater than $50 million |
$11,500 |
b) The premium volume to be used in determining a company's annual fee shall be the sum of the company's previous year's direct written premium as set forth on lines 5.2, 11, 17, 18, 19.1, 19.2, 19.3, 19.4, 21.1 and 21.2 of the Exhibit of Premiums and Losses of the company's Illinois Annual Statement filed with the Department pursuant to Section 136 of the Illinois Insurance Code [215 ILCS 5/136].
c) The Department shall notify by mail each company licensed to write property and casualty insurance business in this State of the amount of its annual fee calculated pursuant to subsection (b) of this Section.
d) All annual fees payable pursuant to this Part shall be due on or before June 1 for the preceding calendar year. Such annual fee shall be made payable to the Director of Insurance/SSRF.
(Source: Amended at 22 Ill. Reg. 18974, effective October 1, 1998)