State of Illinois
92nd General Assembly
Legislation

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92_HB3012

 
                                               LRB9201508JScs

 1        AN ACT concerning insurance rating organizations.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois Insurance  Code  is  amended  by
 5    changing Section 465 as follows:

 6        (215 ILCS 5/465) (from Ch. 73, par. 1065.12)
 7        Sec.  465. Examinations. The Director may shall, at least
 8    once in five years, make, or cause to be made, an examination
 9    of  each  rating  organization  licensed  in  this  State  as
10    provided in Section 459 and he may, as often as he  may  deem
11    it expedient, make or cause to be made an examination of each
12    advisory  organization referred to in Section 463 and of each
13    group, association  or  other  organization  referred  to  in
14    Section  464.  The  reasonable  costs of any such examination
15    shall  be  paid  by   the   rating   organization,   advisory
16    organization,  or  group,  association  or other organization
17    examined upon presentation to it of  a  detailed  account  of
18    such  costs.  The  officers, manager, agents and employees of
19    such rating organization,  advisory  organization  or  group,
20    association or other organization may be examined at any time
21    under  oath  and  shall exhibit all books, records, accounts,
22    documents, or agreements governing its method  of  operation.
23    In  lieu  of any such examination the Director may accept the
24    report of an examination made by  the  insurance  supervisory
25    official  of  another  state,  pursuant  to  the laws of such
26    state. The provisions of Sections 132 through 132.7, 402, and
27    403 shall be applicable to the examinations hereunder.
28    (Source: P.A. 89-97, eff. 7-7-95.)

29        Section 99.  Effective date.  This Act takes effect  upon
30    becoming law.

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