Illinois Compiled Statutes 215 Insurance: Article IV - Reciprocals

• Illinois Insurance Code. - 215 ILCS 5, Section 61
  Scope of Article. (1) This Article shall apply to all reciprocals transacting or being organized to transact any of the kinds of business specified...
• Illinois Insurance Code. - 215 ILCS 5, Section 62
  Authority to exchange contracts. Individuals, partnerships and corporations of this State are hereby authorized to exchange reciprocal or inter-insurance contracts with each other or...
• Illinois Insurance Code. - 215 ILCS 5, Section 63
  Name. The name or designation under which contracts are to be exchanged shall include the words "Reciprocal" or "Inter-Insurance Exchange" or be supplemented by...
• Illinois Insurance Code. - 215 ILCS 5, Section 64
  Principal office. The principal office of the attorney-in-fact of a domestic reciprocal shall be maintained in this State, at such place as may be...
• Illinois Insurance Code. - 215 ILCS 5, Section 65
  Authorized kinds of business. A reciprocal may be authorized to exchange contracts covering any or all of the kinds of insurance enumerated in Classes...
• Illinois Insurance Code. - 215 ILCS 5, Section 66
  Minimum surplus requirements. (1) No reciprocal may after December 31, 1985 receive a certificate of authority from the Director to exchange contracts under this...
• Illinois Insurance Code. - 215 ILCS 5, Section 67
  Power of attorney. The power of attorney or other authority of the attorney-in-fact under which contracts of insurance are to be exchanged pursuant to...
• Illinois Insurance Code. - 215 ILCS 5, Section 68
  Declaration of organization. The attorney-in-fact of subscribers who desire to form a reciprocal under this article shall sign and acknowledge, before an officer authorized...
• Illinois Insurance Code. - 215 ILCS 5, Section 69
  Documents to be delivered to director. Upon the execution of a declaration of organization, there shall be delivered to the Director (a) duplicate originals...
• Illinois Insurance Code. - 215 ILCS 5, Section 69.1
  Escrow agreements. The company shall designate a bank or trust company with whom it will enter into an escrow agreement, which agreement shall state...
• Illinois Insurance Code. - 215 ILCS 5, Section 70
  Organization bonds. The attorney-in-fact shall deliver to the Director two bonds in the same penalties and containing the same provisions, so far as applicable,...
• Illinois Insurance Code. - 215 ILCS 5, Section 71
  Approval of documents. The documents and papers so delivered to the Director may be approved or disapproved by the Director, and the attorney-in-fact is...
• Illinois Insurance Code. - 215 ILCS 5, Section 72
  Authority to solicit subscriptions to surplus. Upon the approval of the declaration of organization by the Director, he shall issue to the attorney-in-fact a...
• Illinois Insurance Code. - 215 ILCS 5, Section 73
  Issuance of certificate of authority. When the Director has been notified that the required surplus has been fully collected, he shall conduct an examination...
• Illinois Insurance Code. - 215 ILCS 5, Section 74
  Deposit. A domestic reciprocal subject to the provisions of this Article shall make and maintain with the Director, for the protection of all creditors,...
• Illinois Insurance Code. - 215 ILCS 5, Section 75
  Contingent liability policy provisions. (1) Except as provided in subsection (2) any contract of insurance exchanged under this Article shall provide for a cash...
• Illinois Insurance Code. - 215 ILCS 5, Section 76
  Guaranty fund or guaranty capital. Any domestic reciprocal may provide for a surplus by accumulating a guaranty fund or guaranty capital in the same...
• Illinois Insurance Code. - 215 ILCS 5, Section 77
  Director as attorney - Service of process. (1) The attorney-in-fact of every reciprocal transacting business in this State shall file with the Director a...
• Illinois Insurance Code. - 215 ILCS 5, Section 78
  Governmental subscribers accounts; dividends; other returns. (a) The attorney-in-fact of a governmental reciprocal, in addition to the books of account of the reciprocal, shall...
• Illinois Insurance Code. - 215 ILCS 5, Section 79
  Reserves. All reciprocals subject to this article shall maintain reserves calculated in the same manner and upon the same basis as stock and mutual...
• Illinois Insurance Code. - 215 ILCS 5, Section 80
  Amendments to power of attorney and other documents. (1) The attorney-in-fact of any reciprocal subject to the provisions of this article may amend the declaration...
• Illinois Insurance Code. - 215 ILCS 5, Section 81
  Governmental agencies and corporations may be subscribers. Any government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, estate,...
• Illinois Insurance Code. - 215 ILCS 5, Section 82
  Reinsurance. Any domestic reciprocal may enter into reinsurance contracts subject to the provisions of Article XI. (Source: Laws 1937, p. 696.)
• Illinois Insurance Code. - 215 ILCS 5, Section 83
  Procedure when insufficient assets are possessed by reciprocal. (1) Whenever the Director finds that the admitted assets in excess of all liabilities of a...
• Illinois Insurance Code. - 215 ILCS 5, Section 84
  Penalties. No person shall act as attorney-in-fact for a reciprocal except in accordance with the provisions of this article and any person, who violates...
• Illinois Insurance Code. - 215 ILCS 5, Section 85
  Application of other code provisions. Unless otherwise provided in this article every reciprocal shall be subject to other applicable provisions of this Code. (Source:...

Last modified: February 18, 2015