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every
statement the admitted assets shall be shown at the |
actual values as of the
last day of the preceding year, in |
accordance with Section 126.7.
The statement
shall be verified |
by oaths of the president and secretary of the company or, in
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their absence, by 2 other principal officers. In addition, any |
company may be
required by the Director, when he considers that |
action to be necessary and
appropriate for the protection of |
policyholders, creditors, shareholders, or
claimants, to file, |
within 60 days after mailing to the company a notice that
such |
is required, a supplemental summary statement as of the last |
day of any
calendar month occurring during the 100 days next |
preceding the mailing of such
notice designated by him on forms |
prescribed and furnished by the Director. The
Director may |
require supplemental summary statements to be certified by an
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independent actuary deemed competent by the Director or by an |
independent
certified public accountant.
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(2) The statement of an alien company shall embrace only |
its
condition and transactions in the United States and shall |
be verified by
the oaths of its resident manager or principal |
representative in the
United States, except that in the case of |
any life company organized
under the laws of Canada or any |
province thereof, the statement may be
verified by the oaths of |
any of its principal officers designated for
that purpose by |
its board of directors.
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(3) For the information of the public generally the |
Director shall
cause an abstract of the information contained |
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in the annual statement
to be made available to the public as |
soon as practicable after filing
with the Department, by |
printing those abstracts in pamphlet tabular form
for free |
general distribution by the Department, or by such other
|
publication in the city of Springfield or in the city of |
Chicago as may
be reasonably necessary more fully to inform the |
public of the financial
condition of companies transacting |
business in this State.
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(4) Each domestic, foreign, and alien insurer authorized to
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do business in this State or accredited by this State shall |
participate
in the National Association of Insurance |
Commissioners' Insurance Regulatory
Information System, |
including the payment of all fees and charges of the
system. |
Each company shall, on or before March 1 of each year, file |
with the
National Association of Insurance Commissioners a copy |
of its annual financial
statement along with any additional |
filings prescribed by the Director for the
preceding year. The |
statement filed with the National Association of Insurance
|
Commissioners shall be in the same format and scope as that |
required by this
Code and shall include a signed jurat page and |
actuarial certification. Any
amendments and addendums to the |
annual statement shall also be filed with the
National |
Association of Insurance Commissioners. Each company shall |
also file
with the National Association of Insurance |
Commissioners annual and quarterly
financial statement |
information in computer readable format as required by the
|
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Insurance Regulatory Information System.
Failure of a company |
to file financial statement information in computer
readable |
format shall subject the company to the provisions of Section |
139.
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(5) All financial analysis ratios and examination synopsis |
concerning
insurance companies that are submitted to the |
Director by the National
Association of Insurance |
Commissioners' Insurance Regulatory Information
System are |
confidential and may not be disclosed by the Director.
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(6) Every property and casualty insurance company doing |
business in this State, unless otherwise exempted by the |
Director, shall annually submit the opinion of an appointed |
actuary entitled "Statement of Actuarial Opinion". This |
opinion shall be filed in accordance with the appropriate |
National Association of Insurance Commissioners Property and |
Casualty Annual Statement Instructions. |
(a) Every property and casualty insurance company |
domiciled in this State that is required to submit a |
Statement of Actuarial Opinion shall annually submit an |
Actuarial Opinion Summary, written by the company's |
appointed actuary. This Actuarial Opinion Summary shall be |
filed in accordance with the appropriate National |
Association of Insurance Commissioners Property and |
Casualty Annual Statement Instructions and shall be |
considered as a document supporting the Actuarial Opinion |
required in this subsection (6). Each foreign and alien |
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property and casualty company authorized to do business in |
this State shall provide the Actuarial Opinion Summary upon |
request. |
(b) An Actuarial Report and underlying workpapers as |
required by the appropriate National Association of |
Insurance Commissioners Property and Casualty Annual |
Statement Instructions shall be prepared to support each |
Actuarial Opinion. If the insurance company fails to |
provide a supporting Actuarial Report or workpapers at the |
request of the Director or the Director determines that the |
supporting Actuarial Report or workpapers provided by the |
insurance company is otherwise unacceptable to the |
Director, the Director may engage a qualified actuary at |
the expense of the company to review the opinion and the |
basis for the opinion and prepare the supporting Actuarial |
Report or workpapers. |
(c) The appointed actuary shall not be liable for |
damages to any person (other than the insurance company and |
the Director) for any act, error, omission, decision, or |
conduct with respect to the actuary's opinion, except in |
cases of fraud or willful misconduct on the part of the |
appointed actuary. |
(d) The Statement of Actuarial Opinion shall be |
provided with the Annual Statement in accordance with the |
appropriate National Association of Insurance |
Commissioners Property and Casualty Annual Statement |
|
Instructions and shall be treated as a public document. |
Documents, materials, or other information in the |
possession or control of the Director that are considered |
an Actuarial Report, workpapers, or Actuarial Opinion |
Summary provided in support of the opinion, and any other |
material provided by the company to the Director in |
connection with the Actuarial Report, workpapers or |
Actuarial Opinion Summary, must be given confidential |
treatment, are not subject to subpoena, and may not be made |
public by the Director or any other persons. This paragraph |
(d) shall not be construed to limit the Director's |
authority to release the documents to the Actuarial Board |
for Counseling and Discipline (ABCD), so long as the |
material is required for the purpose of professional |
disciplinary proceedings and that the ABCD establishes |
procedures satisfactory to the Director for preserving the |
confidentiality of the documents, nor shall this paragraph |
(d) be construed to limit the Director's authority to use |
the documents, materials or other information in |
furtherance of any regulatory or legal action brought as |
part of the Director's official duties. Neither the |
Director nor any person who received documents, materials, |
or other information while acting under the authority of |
the Director shall be permitted or required to testify in |
any private civil action concerning any confidential |
documents, materials, or information subject to this |
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subsection (6). Except where another provision of this Code |
expressly prohibits a disclosure of confidential |
information to the specific officials or organizations |
described in this subsection, the Director may: |
(i) share documents, materials, or other |
information, including the confidential and privileged |
documents, materials or information subject to this |
paragraph (d) with the insurance department of any |
other state or country or with law enforcement |
officials of this or any other state or agency of the |
federal government at any time, as long as the agency |
or office receiving the document, material, or other |
information agrees in writing to hold it confidential |
and in a manner consistent with this Code; |
(ii) receive documents, materials, or information, |
including otherwise confidential and privileged |
documents, materials, or information, from the |
National Association of Insurance Commissioners and |
its affiliates and subsidiaries, and from regulatory |
and law enforcement officials of other foreign or |
domestic jurisdictions, and shall maintain as |
confidential or privileged any document, material, or |
information received with notice or the understanding |
that it is confidential or privileged under the laws of |
the jurisdiction that is the source of the document, |
material, or information; and |
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(iii) enter into agreements governing sharing and |
use of information consistent with paragraph (d). |
(e) No waiver of any applicable privilege or claim of |
confidentiality in the documents, materials or information |
shall occur as a result of disclosure to the Director under |
this Section or as a result of sharing as authorized in |
subparagraphs (i), (ii), and (iii) of paragraph (d) of |
subsection (6) of this Section.
All 2008 Annual Statements, |
which are filed in 2009, and all subsequent Annual |
Statement filings shall be done in accordance with |
subsection (6) of this Section. |
(Source: P.A. 90-418, eff. 8-15-97.)
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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